9. Borrowings

Borrowings consist of the following:



	June 30, 2014		December 31, 2013
Short-term
Current portion of long-term debt	$	2,749	$	2,778
Commercial paper	48,000		226,500
	$	50,749	$	229,278



	June 30, 2014			December 31, 2013
Long-term
4.875% 10-year notes due October 15, 2015	$	299,737		$	299,638
5.45% 10-year notes due March 15, 2018	348,763			348,598
2.125% 7-year notes due December 1, 2020 (euro-denominated)	408,191			411,500
4.30% 10-year notes due March 1, 2021	449,826			449,813
6.65% 30-year debentures due June 1, 2028	199,500			199,483
5.375% 30-year debentures due October 15, 2035	296,605			296,526
6.60% 30-year notes due March 15, 2038	247,903			247,859
5.375% 30-year notes due March 1, 2041	345,750			345,671
Other	2,818			2,891
Total long-term debt	2,599,093			2,601,979
Less current installments	(2,749		)	(2,778		)
	$	2,596,344		$	2,599,201

The Company maintains a $1.0 billion unsecured revolving credit facility that expires on November 10, 2016. 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. Under the credit facility, the Company is required 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 June 30, 2014, and it expects to remain in compliance with all of its debt covenants.

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.

Interest expense and interest income for the three and six months ended June 30, 2014 and 2013 were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Interest expense	$	32,940		$	30,986		$	66,641		$	61,858
Interest income	(973		)	(754		)	(2,009		)	(1,342		)
Interest expense, net	$	31,967		$	30,232		$	64,632		$	60,516

Letters of Credit

As of June 30, 2014, the Company had approximately $160,967 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in the last quarter of 2014 through 2020. These letters of credit are primarily maintained as security for insurance, warranty, and other performance obligations.