10. Borrowings and Lines of Credit

Borrowings consist of the following:



	December 31, 2013		December 31, 2012
Short-term:
Current portion of long-term debt	$	2,778	$	3,266
Commercial paper	226,500		607,500
	$	229,278	$	610,766



	December 31, 2013			December 31, 2012
Long-term:
4.875% 10-year notes due October 15, 2015	$	299,638		$	299,441
5.45% 10-year notes due March 15, 2018	348,598			348,268
2.125% 7-year notes due December 1, 2020 (euro-denominated)	411,500			—
4.30% 10-year notes due March 1, 2021	449,813			449,787
6.65% 30-year debentures due June 1, 2028	199,483			199,448
5.375% 30-year debentures due October 15, 2035	296,526			296,367
6.60% 30-year notes due March 15, 2038	247,859			247,771
5.375% 30-year notes due March 1, 2041	345,671			345,511
Other	2,891			6,023
Total long-term debt	2,601,979			2,192,616
Less current portion	(2,778		)	(3,266		)
	$	2,599,201		$	2,189,350

The Company maintains a $1.0 billion unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement") which expires on November 10, 2016. At the Company's election, loans under the Credit Agreement will bear interest at a Eurodollar or Sterling rate based on LIBOR, plus an applicable margin ranging from 0.565% to 1.225% (subject to adjustment based on the credit rating accorded the Company's senior unsecured debt by S&P and Moody's), or at a base rate pursuant to a formula defined in the Credit Agreement. In addition, the Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, the requirement for the Company to maintain an interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company was in compliance with this covenant and its other long-term debt covenants at December 31, 2013 and had a coverage ratio of 13.2 to 1. The Company primarily uses this facility as liquidity back-up for its commercial paper program and has not drawn down any loans under the $1.0 billion facility and does not anticipate doing so. The Company generally uses commercial paper borrowings for general corporate purposes, funding of acquisitions, and the repurchases of its common stock.

On December 4, 2013, the Company issued €300.0 million of 2.125% euro-denominated notes due 2020. The proceeds of $403,776 from the sale of the notes, net of discounts and issuance costs, were used to repay commercial paper.

In the fourth quarter of 2012, the Company issued commercial paper in the amount of $607,500, used principally to fund the Anthony acquisition.

On February 22, 2011, the Company issued $450.0 million of 4.30% Notes due 2021 and $350.0 million of 5.375% Notes due 2041. The proceeds of $788,971 from the sale of the notes, net of discounts and issuance costs, were used to repay commercial paper, including commercial paper issued to repay the Company’s $400.0 million of 6.50% notes, which matured February 15, 2011, and for other general corporate purposes, including the acquisition of Harbison-Fischer.

The long-term note borrowings presented above are net of unamortized discounts of $9,196 and $9,222 at December 31, 2013 and 2012, respectively. The debentures presented above include unamortized discounts of $3,991 and $4,185 at December 31, 2013 and 2012, respectively. The discounts are being amortized to interest expense using the effective interest rate method over the life of the issuances. The notes and debentures are redeemable at the option of Dover in whole or in part at any time at a redemption price that includes a make-whole premium, with accrued interest to the redemption date.

Interest expense and interest income for the years ended December 31, 2013, 2012 and 2011 were as follows:



	Years Ended December 31,
	2013			2012			2011
Interest expense	$	124,647		$	125,995		$	124,783
Interest income	(3,905		)	(4,854		)	(9,258		)
Interest expense, net	$	120,742		$	121,141		$	115,525

The weighted average interest rate for short-term commercial paper borrowings was 0.1% for 2013 and 0.2% for 2012.

Scheduled maturities of long-term debt for the years ending December 31 are as follows:



2014	$	2,778
2015	299,638
2016	—
2017	—
2018	348,598
2019 and thereafter	1,950,965
	$	2,601,979

As of December 31, 2013, the Company had approximately $137,671 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in 2014 through 2018. These letters of credit are primarily maintained as security for insurance, warranty and other performance obligations.