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Debt | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
DEBT | DEBT A summary of long-term debt, including the current portion, follows:
| 2015 |  | 2014
5.45% debentures due 2015 | $ | — |  |  | $ | 300 |
4.65% notes due 2015 | — |  |  | 100 |
0.95% senior notes due 2015 | — |  |  | 600 |
2.375% debentures due 2016 | 240 |  |  | 240 |
5.30% notes due 2017 ($150 converted to floating rate by interest rate swap) | 250 |  |  | 250 |
6.10% debentures due 2017 | 289 |  |  | 289 |
1.50% senior notes due 2017 ($750 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 | 83 |  |  | 84 |
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 |  |  | 239 |
3.47% notes due 2021 ($275 converted to floating rate by interest rate swap) | 300 |  |  | 300 |
8.10% debentures due 2022 | 100 |  |  | 100 |
2.75% senior notes due 2022 ($1,350 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 |
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 |  |  | 136 |
5.80% notes due 2037 | 240 |  |  | 240 |
4.15% senior notes due 2042 | 1,000 |  |  | 1,000 |
5.25% to 8.875% notes (maturities ranging from 2018 to 2035, including $50 converted to floating rate by interest rate swap) | 239 |  |  | 239 |
Other | 212 |  |  | 220 |
Total long-term debt | 8,023 |  |  | 9,032 |
Less current portion of long-term debt | (242 | ) |  | (1,008 | )
Long-term debt less current portion | $ | 7,781 |  |  | $ | 8,024 |
O n October 3, 2014, Eaton refinanced a $500, five-year revolving credit facility and a $750, three-year revolving credit facility with a $500, four-year revolving credit facility that will expire October 3, 2018 and a $750, five-year revolving credit facility that will expire October 3, 2019, respectively. Eaton also maintains a $750, five-year revolving credit facility that will expire June 14, 2017. These refinancings maintain long-term revolving credit facilities at a total of $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 on an unsubordinated, unsecured basis. There were no borrowings outstanding under Eaton's revolving credit facilities at December 31, 2015 or 2014. The Company had available lines of credit of $850 from various banks for the issuance of letters of credit, of which there was $351 issued at December 31, 2015. Borrowings outside the United States are generally denominated in local currencies. The Company repaid the 5.45% debentures on April 1, 2015 for $300, the 4.65% notes on June 15, 2015 for $100 and the 0.95% senior notes for $600 on November 2, 2015. On March 20, 2014 and June 16, 2014, the Company repaid the $250, 5.95% notes due 2014 and the $300, floating rate notes due 2014, respectively. Short-term debt of $426 at December 31, 2015 included $400 short-term commercial paper in the United States, which had a weighted average interest rate of 0.78%, $8 of other short-term debt in the United States, and $18 of short-term debt outside the United States. The senior notes registered by Eaton Corporation under the Securities Act of 1933 (the Senior Notes) are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. Substantially all of the other debt instruments issued by the Company or any of its subsidiaries is similarly guaranteed on an unsubordinated, unsecured basis by the identical group of guaranteeing entities. See Note 16 for additional information about the Senior Notes. 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 follow:
2016 | $ | 242 |
2017 | 1,544 |
2018 | 576 |
2019 | 340 |
2020 | 241 |
Interest paid on debt follows:
2015 | $ | 271 |
2014 | 296 |
2013 | 294 |

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