8. Borrowings

Borrowings consisted of the following:



	March 31, 2017		December 31, 2016
Short-term
Current portion of long-term debt and short-term borrowings	$	357,126	$	6,950
Commercial paper	391,300		407,600
Notes payable and current maturities of long-term debt	$	748,426	$	414,550



			Carrying amount ⁽¹⁾
	Principal		March 31, 2017			December 31, 2016
Long-term
5.45% 10-year notes due March 15, 2018	$	350,000	$	349,623		$	349,502
2.125% 7-year notes due December 1, 2020 (euro-denominated)	323,957		322,207			311,851
4.30% 10-year notes due March 1, 2021	450,000		448,554			448,458
3.150% 10-year notes due November 15, 2025	400,000		394,189			394,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	647,913		637,200			616,893
6.65% 30-year debentures due June 1, 2028	200,000		198,879			198,830
5.375% 30-year debentures due October 15, 2035	300,000		295,374			295,316
6.60% 30-year notes due March 15, 2038	250,000		247,628			247,593
5.375% 30-year notes due March 1, 2041	350,000		343,393			343,323
Other			1,716			1,969
Total debt			3,238,763			3,207,777
Less long-term debt current portion			(350,801		)	(1,140		)
Net long-term debt			$	2,887,962		$	3,206,637

⁽¹⁾ Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $18.2 million and $18.8 million as of March 31, 2017 and December 31, 2016, respectively. Total deferred debt issuance costs were $16.3 million and $16.5 million as of March 31, 2017 and December 31, 2016, respectively.

On March 15, 2018, the outstanding 5.45% notes with a principal value of $350.0 million will mature. These notes have been classified as a current maturity of long-term debt as of March 31, 2017.

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 all covenants in the Credit Agreement and other long-term debt covenants at March 31, 2017 and had a coverage ratio of 10.1 to 1.0. The Company primarily uses the Credit Agreement 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.

As of March 31, 2017, the Company had approximately $136,523 outstanding in letters of credit and performance and other guarantees which expire on various dates in 2017 through 2039. 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.