10. Borrowings and Lines of Credit

Borrowings consist of the following:



	December 31, 2014		December 31, 2013
Short-term:
Current portion of long-term debt	$	299,956	$	2,778
Commercial paper	478,000		226,500
	$	777,956	$	229,278



	December 31, 2014			December 31, 2013
Long-term:
4.875% 10-year notes due October 15, 2015	$	299,836		$	299,638
5.45% 10-year notes due March 15, 2018	348,928			348,598
2.125% 7-year notes due December 1, 2020 (euro-denominated)	363,970			411,500
4.30% 10-year notes due March 1, 2021	449,839			449,813
6.65% 30-year debentures due June 1, 2028	199,517			199,483
5.375% 30-year debentures due October 15, 2035	296,685			296,526
6.60% 30-year notes due March 15, 2038	247,948			247,859
5.375% 30-year notes due March 1, 2041	345,830			345,671
Other	444			2,891
Total long-term debt	2,552,997			2,601,979
Less current portion	(299,956		)	(2,778		)
	$	2,253,041		$	2,599,201

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.

On October 15, 2015, the outstanding 4.875% notes with a face value of $300.0 million will mature. These notes have been classified as current maturities of long-term debt as of December 31, 2014. Depending on capital requirements for 2015, the Company may finance the repayment of these notes through either the issuance of additional commercial paper or new debt instruments.

The long-term note borrowings presented above are net of unamortized discounts of $8,213 and $9,196 at December 31, 2014 and 2013, respectively. The debentures presented above include unamortized discounts of $3,798 and $3,991 at December 31, 2014 and 2013, 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.

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, 2014 and had a coverage ratio of 12.7 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.

Interest expense and interest income for the years ended December 31, 2014, 2013 and 2012 were as follows:



	Years Ended December 31,
	2014			2013			2012
Interest expense	$	131,689		$	124,535		$	125,992
Interest income	(4,510		)	(3,881		)	(4,723		)
Interest expense, net	$	127,179		$	120,654		$	121,269

The weighted average interest rate for short-term commercial paper borrowings was 0.1% for 2014 and 0.1% for 2013.

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



2015	$	299,956
2016	114
2017	117
2018	348,958
2019	—
2020 and thereafter	1,903,852
	$	2,552,997

As of December 31, 2014, the Company had approximately $135,452 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in 2015 through 2020. These letters of credit are primarily maintained as security for insurance, warranty and other performance obligations.