9. Borrowings and Lines of Credit

Borrowings consist of the following:



	December 31, 2015		December 31, 2014
Short-term:
Current portion of long-term debt	$	122	$	299,956
Commercial paper	151,000		478,000
	$	151,122	$	777,956



	December 31, 2015			December 31, 2014
Long-term:
4.875% 10-year notes due October 15, 2015	$	—		$	299,836
5.45% 10-year notes due March 15, 2018	349,258			348,928
2.125% 7-year notes due December 1, 2020 (euro-denominated)	328,592			363,970
4.30% 10-year notes due March 1, 2021	449,865			449,839
3.150% 10-year notes due November 15, 2025	396,951			—
6.65% 30-year debentures due June 1, 2028	199,552			199,517
5.375% 30-year debentures due October 15, 2035	296,844			296,685
6.60% 30-year notes due March 15, 2038	248,036			247,948
5.375% 30-year notes due March 1, 2041	345,989			345,830
Other	2,377			444
Total long-term debt	2,617,464			2,552,997
Less current portion	(122		)	(299,956		)
	$	2,617,342		$	2,253,041

The Company repaid its October 15, 2015, $300.0 million, 4.875% notes upon maturity through the use of commercial paper borrowings. On November 15, 2015, the Company issued $400.0 million, 3.150% notes due 2025 realizing proceeds of $394,300, net of discounts and issuance costs. The Company used the proceeds of this issuance to repay its incremental commercial paper.

The long-term borrowings presented above are net of unamortized discounts of $13,951 and $12,011 at December 31, 2015 and 2014, 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.

On November 10, 2015, the Company entered into a $1.0 billion five-year unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement") that replaced a facility with similar terms that was set to expire in November 2016. This current facility expires on November 10, 2020. At the Company's election, loans under the Credit Agreement will bear interest at a Canadian Dollar, Eurodollar, Swedish Kronor, or Sterling rate based on CDOR, EURIBOR, LIBOR or STIBOR, plus an applicable margin ranging from 0.580% to 1.000% (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, 2015 and had a coverage ratio of 13.3 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 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, 2015, 2014 and 2013 were as follows:



	Years Ended December 31,
	2015			2014			2013
Interest expense	$	131,676		$	131,689		$	124,535
Interest income	(4,419		)	(4,510		)	(3,881		)
Interest expense, net	$	127,257		$	127,179		$	120,654

The weighted average interest rate for short-term commercial paper borrowings was 0.2%, 0.1%, and 0.1% for 2015, 2014, and 2013, respectively.

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



2016	$	122
2017	122
2018	349,290
2019	—
2020	328,592
2021 and thereafter	1,939,338
	$	2,617,464

As of December 31, 2015, the Company had approximately $116,210 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in 2016 through 2020. These letters of credit are primarily maintained as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which we believe is remote.