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Debt | 12 Months Ended
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Dec. 31, 2013
Debt Disclosure [Abstract] |
Long-term Debt | DEBT A summary of long-term debt, including the current portion, follows:
| 2013 |  | 2012
4.90% notes due 2013 | $ | — |  |  | $ | 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 |  |  | 300 |
5.45% debentures due 2015 | 300 |  |  | 300 |
4.65% notes due 2015 | 100 |  |  | 100 |
0.95% senior notes due 2015 | 600 |  |  | 600 |
2.375% debentures due 2016 | 240 |  |  | 250 |
5.30% notes due 2017 ($150 converted to floating rate by interest rate swap) | 250 |  |  | 250 |
6.10% debentures due 2017 | 289 |  |  | 300 |
1.50% senior notes due 2017 ($450 converted to floating rate by interest rate swap) | 1,000 |  |  | 1,000 |
5.60% notes due 2018 ($415 converted to floating rate by interest rate swap) | 450 |  |  | 450 |
4.215% Japanese Yen notes due 2018 | 95 |  |  | 116 |
6.95% notes due 2019 ($300 converted to floating rate by interest rate swap) | 300 |  |  | 300 |
3.875% debentures due 2020 ($150 converted to floating rate by interest rate swap) | 239 |  |  | 250 |
3.47% notes due 2021 ($150 converted to floating rate by interest rate swap) | 300 |  |  | 300 |
8.10% debentures due 2022 | 100 |  |  | 100 |
2.75% senior notes due 2022 ($1,100 converted to floating rate by interest rate swap) | 1,600 |  |  | 1,600 |
3.68% notes due 2023 ($150 converted to floating rate by interest rate swap) | 300 |  |  | 300 |
6.50% debentures due 2025 | 145 |  |  | 145 |
7.65% debentures due 2029 ($50 converted to floating rate by interest rate swap) | 200 |  |  | 200 |
4.00% senior notes due 2032 | 700 |  |  | 700 |
5.45% debentures due 2034 ($25 converted to floating rate by interest rate swap) | 136 |  |  | 140 |
5.80% notes due 2037 | 240 |  |  | 240 |
4.15% senior notes due 2042 | 1,000 |  |  | 1,000 |
5.25% to 12.5% notes (maturities ranging from 2013 to 2035, including $50 converted to floating rate by interest rate swap) | 249 |  |  | 255 |
Other | 153 |  |  | 333 |
Total long-term debt | 9,536 |  |  | 10,079 |
Less current portion of long-term debt | (567 | ) |  | (314 | )
Long-term debt less current portion | $ | 8,969 |  |  | $ | 9,765 |
At December 31, 2013, short-term debt of $13 was comprised entirely of short-term debt outside the United States. Short-term debt of $757 at December 31, 2012 included an outstanding borrowing of $669 on a $6.75 billion, 364-day bridge facility, as described below, $75 of short-term commercial paper in the United States which had a weighted-average interest rate of 0.50%, $9 of other short-term debt in the United States, and $4 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 $2,069 from various banks worldwide at December 31, 2013. On November 30, 2012, the closing date of the acquisition of Cooper, Eaton borrowed $1,669 on a $6.75 billion, 364-day bridge facility (the Facility) which was obtained on May 21, 2012. The Facility was obtained to finance a portion of the cash paid to acquire Cooper and was available in a single draw on the closing date of the acquisition. Related deferred financing fees totaled $69, of which $68 were amortized in Interest expense - net as of December 31, 2012. On February 1, 2013, Eaton repaid the outstanding balance on the Facility. On November 20, 2012, Eaton issued senior notes (the Senior Notes) totaling $4,900 to finance the cash portion of the acquisition of Cooper. The Senior Notes are comprised of five tranches which mature in 2015, 2017, 2022, 2032 and 2042, with interest payable semi-annually at a respective rate of 0.95%, 1.50%, 2.75%, 4.00% and 4.15%. Eaton received proceeds totaling $4,853 from the issuance, net of financing costs and nominal discounts. The Senior Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The Senior Notes contain an optional redemption provision by which the Company may make an offer to purchase all or any part of the Senior Notes at a purchase price of the greater of (a) 100% of the principal amount of the respective Senior Notes being redeemed, or (b) the sum of the present values of the respective remaining scheduled payments of principal and interest, discounted to the redemption date on a semi-annual basis, plus basis points ranging from 10 to 25 based on the respective Senior Note tranche. The Senior Notes also contain a change of control provision which requires the Company to make an offer to purchase all or any part of the Senior Notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest. At December 31, 2012, capitalized deferred financing fees totaled $40. The capitalized deferred financing fees and nominal discounts are amortized in Interest expense - net over the respective terms of the Senior Notes. The Senior Notes are subject to customary non-financial covenants. On November 14, 2013, the Senior Notes were exchanged for Senior Notes registered under the Securities Act of 1933. See Note 15 for additional information about the Senior Notes. On June 28, 2012, Eaton received proceeds totaling $600 from the private issuance of $300, 3.47% notes due June 28, 2021 and $300, 3.68% notes due June 28, 2023 (collectively, the Notes). Interest is payable semi-annually. The Notes contain a change of control provision which requires the Company to make an offer to purchase all or any part of the Notes at a purchase price of 100% of the principal amount plus accrued and unpaid interest. The Notes are subject to certain customary covenants and are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. On June 14, 2012, Eaton refinanced a $500, three-year revolving credit facility and a $500, five-year revolving credit facility with a $750 three-year revolving credit facility that will expire June 14, 2015 and a $750, five-year revolving credit facility that will expire June 14, 2017, respectively. Eaton also maintains a $500, five-year revolving credit facility that expires in 2016. The 2012 refinancings increased long-term revolving credit facilities from $1,500 to $2,000. The revolving credit facilities are used to support commercial paper borrowings and are fully and unconditionally guaranteed by Eaton and certain of its direct and indirect subsidiaries, including Cooper on an unsubordinated, unsecured basis. There were no borrowings outstanding under Eaton's revolving credit facilities at December 31, 2013 or 2012. Eaton is in compliance with each of its debt covenants for all periods presented. Eaton Corporation and Cooper each issued guarantees on November 30, 2012 and January 8, 2013, respectively, on all material outstanding debt of the other. Mandatory maturities of long-term debt for each of the next five years follow:
2014 | $ | 567 |
2015 | 1,005 |
2016 | 250 |
2017 | 1,540 |
2018 | 582 |
Interest paid on debt follows:
2013 | $ | 294 |
2012 | 237 |
2011 | 174 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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