10. Borrowings and Lines of Credit

Borrowings consist of the following:



	December 31, 2017		December 31, 2016
Short-term:
Current portion of long-term and short-term borrowings	$	350,402	$	6,950
Commercial paper	230,700		407,600
Notes payable and current maturities of long-term debt	$	581,102	$	414,550



			Carrying amount ⁽¹⁾
	Principal		December 31, 2017			December 31, 2016
Long-term:
5.45% 10-year notes due March 15, 2018	$	350,000	$	349,918		$	349,502
2.125% 7-year notes due December 1, 2020 (euro-denominated)	€	300,000	354,349			311,851
4.30% 10-year notes due March 1, 2021	$	450,000	448,831			448,458
3.150% 10-year notes due November 15, 2025	$	400,000	394,695			394,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	701,058			616,893
6.65% 30-year debentures due June 1, 2028	$	200,000	198,954			198,830
5.375% 30-year debentures due October 15, 2035	$	300,000	295,561			295,316
6.60% 30-year notes due March 15, 2038	$	250,000	247,713			247,593
5.375% 30-year notes due March 1, 2041	$	350,000	343,600			343,323
Other			2,034			1,969
Total long-term debt			3,336,713			3,207,777
Less long-term debt current portion			(350,011		)	(1,140		)
Net long-term debt			$	2,986,702		$	3,206,637


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

$17.6 million and $18.8 million as of December 31, 2017, and December 31, 2016, respectively. Total deferred debt issuance costs were $14.9 million and $16.5 million as of December 31, 2017, and December 31, 2016, respectively.

The discounts are being amortized to interest expense using the effective interest method over the life of the issuances.

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 December 31, 2017.

On November 9, 2016, the Company issued €600 million of 1.25% euro-denominated notes due 2026. The proceeds of $656.4 million from the sale of the notes, net of discounts and issuance costs, were used for payment of a portion of the purchase price of the acquisition of Wayne.

The Company maintains a $1.0 billion five-year unsecured committed revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on November 10, 2020. At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. 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 consolidated EBITDA to consolidated net interest expense of greater than or equal to 3.0 to 1. The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at December 31, 2017 and had a coverage ratio of 11.4 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 the repurchases of its common stock.

Letters of Credit

As of December 31, 2017, the Company had approximately $135.4 million outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in 2018 through 2039. These letters of credit are primarily maintained as security for insurance, warranty and other performance obligations. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which is believed to be remote.

As of December 31, 2017, the future maturities of long-term debt were as follows:



	Future Maturities
2018	$	350,011
2019	1,943
2020	354,349
2021	448,831
2022	—
2023 and thereafter	2,181,579
Total	$	3,336,713