8. Borrowings

Borrowings consisted of the following:



	September 30, 2017		December 31, 2016
Short-term
Current portion of long-term debt and short-term borrowings	$	351,588	$	6,950
Commercial paper	132,500		407,600
Notes payable and current maturities of long-term debt	$	484,088	$	414,550



			Carrying amount ⁽¹⁾
	Principal		September 30, 2017			December 31, 2016
Long-term
5.45% 10-year notes due March 15, 2018	$	350,000	$	349,820		$	349,502
2.125% 7-year notes due December 1, 2020 (euro-denominated)	€	300,000	353,891			311,851
4.30% 10-year notes due March 1, 2021	$	450,000	448,739			448,458
3.150% 10-year notes due November 15, 2025	$	400,000	394,526			394,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	700,094			616,893
6.65% 30-year debentures due June 1, 2028	$	200,000	198,929			198,830
5.375% 30-year debentures due October 15, 2035	$	300,000	295,499			295,316
6.60% 30-year notes due March 15, 2038	$	250,000	247,685			247,593
5.375% 30-year notes due March 1, 2041	$	350,000	343,531			343,323
Other			2,777			1,969
Total debt			3,335,491			3,207,777
Less long-term debt current portion			(350,443		)	(1,140		)
Net long-term debt			$	2,985,048		$	3,206,637

⁽¹⁾ Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were

$18.0 million and $18.8 million as of September 30, 2017 and December 31, 2016, respectively. Total deferred debt issuance costs were $15.4 million and $16.5 million as of September 30, 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 September 30, 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 September 30, 2017 and had a coverage ratio of 10.8 to 1.0. The Company 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 September 30, 2017, the Company had approximately $138,355 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.