8. Borrowings

Borrowings consist of the following:



	September 30, 2016		December 31, 2015
Short-term
Current portion of long-term debt	$	6,880	$	122
Commercial paper	507,100		151,000
Total short-term borrowings	$	513,980	$	151,122



	September 30, 2016			December 31, 2015
Long-term
5.45% 10-year notes due March 15, 2018	$	349,505		$	349,258
2.125% 7-year notes due December 1, 2020 (euro-denominated)	336,389			328,592
4.30% 10-year notes due March 1, 2021	449,885			449,865
3.150% 10-year notes due November 15, 2025	397,182			396,951
6.65% 30-year debentures due June 1, 2028	199,578			199,552
5.375% 30-year debentures due October 15, 2035	296,963			296,844
6.60% 30-year notes due March 15, 2038	248,102			248,036
5.375% 30-year notes due March 1, 2041	346,109			345,989
Other, less current installments	2,465			2,255
Total long-term debt	2,626,178			2,617,342
Unamortized debt issuance costs	(12,417		)	(13,687		)
Total long-term debt, net of debt issuance costs	$	2,613,761		$	2,603,655

The Company adopted new accounting guidance effective January 1, 2016 which requires debt issuance costs related to a recognized debt liability to 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 other assets and deferred charges 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 (the "Credit Agreement") with a syndicate of banks which expires on November 10, 2020. The Company was in compliance with its revolving credit and other long-term debt covenants at September 30, 2016 and had a coverage ratio of 9.2 to 1.0. 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 repurchases of its common stock.

On September 16, 2016, the Company entered into a $500 million unsecured term loan facility (the “Term Loan Agreement”) with a syndicate of banks. Any borrowings under the Term Loan Agreement will mature on the one year anniversary of the drawing of the term loans. The Company has not drawn down on the Term Loan Agreement as of September 30, 2016.

Interest expense and interest income for the three and nine months ended September 30, 2016 and 2015 were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Interest expense	$	33,789		$	33,098		$	100,886		$	99,156
Interest income	(795		)	(1,115		)	(4,021		)	(3,148		)
Interest expense, net	$	32,994		$	31,983		$	96,865		$	96,008

Letters of Credit

As of September 30, 2016, the Company had approximately $101,241 outstanding in letters of credit and guarantees with financial institutions which expire at various dates within 2016 through 2024. These letters of credit are primarily maintained as security for insurance, warranty, and other performance obligations.