9. Borrowings

Borrowings consist of the following:



	March 31, 2015		December 31, 2014
Short-term
Current portion of long-term debt	$	300,002	$	299,956
Commercial paper	325,500		478,000
	$	625,502	$	777,956



	March 31, 2015			December 31, 2014
Long-term
4.875% 10-year notes due October 15, 2015	$	299,885		$	299,836
5.45% 10-year notes due March 15, 2018	349,010			348,928
2.125% 7-year notes due December 1, 2020 (Euro-denominated)	328,632			363,970
4.30% 10-year notes due March 1, 2021	449,846			449,839
6.65% 30-year debentures due June 1, 2028	199,526			199,517
5.375% 30-year debentures due October 15, 2035	296,725			296,685
6.60% 30-year notes due March 15, 2038	247,970			247,948
5.375% 30-year notes due March 1, 2041	345,870			345,830
Other	412			444
Total long-term debt	2,517,876			2,552,997
Less current installments	(300,002		)	(299,956		)
	$	2,217,874		$	2,253,041

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 March 31, 2015, and it expects to remain in compliance with all of its debt covenants.

Interest expense and interest income for the three months ended March 31, 2015 and 2014 were as follows:



	Three Months Ended March 31,
	2015			2014
Interest expense	$	33,005		$	33,691
Interest income	(968		)	(1,036		)
Interest expense, net	$	32,037		$	32,655

Letters of Credit

As of March 31, 2015, the Company had approximately $136,114 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in the last quarter of 2015 through 2023. These letters of credit are primarily maintained as security for insurance, warranty, and other performance obligations.