8. Borrowings

Borrowings consist of the following:



	March 31, 2016		December 31, 2015
Short-term
Current portion of long-term debt	$	4,558	$	122
Commercial paper	401,300		151,000
	$	405,858	$	151,122



	March 31, 2016			December 31, 2015
Long-term
5.45% 10-year notes due March 15, 2018	349,340			349,258
2.125% 7-year notes due December 1, 2020 (Euro-denominated)	334,783			328,592
4.30% 10-year notes due March 1, 2021	449,872			449,865
3.150% 10-year notes due November 15, 2025	397,028			396,951
6.65% 30-year debentures due June 1, 2028	199,560			199,552
5.375% 30-year debentures due October 15, 2035	296,884			296,844
6.60% 30-year notes due March 15, 2038	248,058			248,036
5.375% 30-year notes due March 1, 2041	346,029			345,989
Other, less current installments	2,233			2,255
Total long-term debt	2,623,787			2,617,342
Unamortized debt issuance costs	(13,145		)	(13,687		)
Long-term debt, net of debt issuance costs	$	2,610,642		$	2,603,655

The Company adopted new accounting guidance effective January 1, 2016 which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction of the carrying amount of the related debt. Upon adoption, the Company reclassified $13,687 from assets to long-term debt to reflect this guidance in the comparable balance as of December 31, 2015.

The Company maintains a $1.0 billion five-year unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement") which expires on November 10, 2020. The Company was in compliance with its revolving credit and other long-term debt covenants at March 31, 2016 and had a coverage ratio of 12.3 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 three months ended March 31, 2016 and 2015 were as follows:



	Three Months Ended March 31,
	2016			2015
Interest expense	$	33,318		$	33,005
Interest income	(1,604		)	(968		)
Interest expense, net	$	31,714		$	32,037

Letters of Credit

As of March 31, 2016, the Company had approximately $91,840 outstanding in letters of credit and guarantees with financial institutions which expire at various dates within 2016 through 2020. These letters of credit are primarily maintained as security for insurance, warranty, and other performance obligations.