DEBT

Short-term debt of $86 at December 31, 2011 included $75 of short-term commercial paper in the United States which had a weighted-average interest rate of 0.45%, $10 of other short-term debt in the United States, and $1 of short-term debt outside the United States. Short-term debt of $72 at December 31, 2010 included $50 of short-term commercial paper in the United States which had a weighted-average interest rate of 0.45%, $15 of other short-term debt in the United States, and $7 of short-term debt outside the United States. Borrowings outside the United States are generally denominated in local currencies. Operations outside the United States had available short-term lines of credit of $1,181 from various banks worldwide at December 31, 2011.

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



	2011			2010
7.58% notes due 2012	$	12		$	12
5.75% notes due 2012	300			300
4.90% notes due 2013 ($200 converted to floating rate by interest rate swap)	300			300
5.95% notes due 2014 ($100 converted to floating rate by interest rate swap)	250			250
Floating rate notes due 2014 ($300 converted to fixed rate by interest rate swap)	300			—
4.65% notes due 2015	100			100
5.30% notes due 2017	250			250
6.875% to 7.09% notes due 2018	36			36
5.60% notes due 2018 ($215 converted to floating rate by interest rate swap)	450			450
4.215% Japanese Yen notes due 2018	129			123
6.95% notes due 2019 ($300 converted to floating rate by interest rate swap)	300			300
8.875% debentures due 2019 ($25 converted to floating rate by interest rate swap)	38			38
8.10% debentures due 2022	100			100
7.625% debentures due 2024 ($25 converted to floating rate by interest rate swap)	66			66
6.50% debentures due 2025	145			145
7.875% debentures due 2026	72			72
7.65% debentures due 2029 ($50 converted to floating rate by interest rate swap)	200			200
5.45% debentures due 2034 ($25 converted to floating rate by interest rate swap)	140			140
5.25% notes due 2035	27			42
5.80% notes due 2037	240			240
Other	232			222
Total long-term debt	3,687			3,386
Less current portion of long-term debt	(321		)	(4		)
Long-term debt less current portion	$	3,366		$	3,382

On June 16, 2011, Eaton issued $300 floating rate senior unsecured Notes due June 16, 2014 (the Notes). The Notes bear interest annually at a floating rate, reset quarterly, equal to the three-month LIBOR rate for U.S. dollars plus 0.33%. Interest is payable quarterly in arrears. The Notes contain a provision which requires the Company 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 if certain change of control events occur. The Notes are subject to customary non-financial covenants.

Eaton refinanced a $500, five-year revolving credit facility in June 2011 (the Facility). The Facility will expire June 16, 2016, replacing a $500 facility that had been set to expire on September 1, 2011. This refinancing maintains long-term revolving credit facilities at a total of $1,500, of which $500 expires in 2012, 2013 and 2016, respectively. These facilities support Eaton's commercial paper borrowings. There were no borrowings outstanding under these revolving credit facilities at December 31, 2011 or 2010.

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

Mandatory maturities of long-term debt for each of the next five years follow:



2012	$	321
2013	310
2014	570
2015	103
2016	1

Interest paid on debt follows:



2011	$	174
2010	170
2009	180