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Borrowings
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Borrowings and Lines of Credit [Text Block]
11. Borrowings and Lines of Credit

Borrowings consist of the following:
  December 31, 2018December 31, 2017
Short-term:
Current portion of long-term and short-term borrowings$— $350,402 
Commercial paper220,318 230,700 
Notes payable and current maturities of long-term debt$220,318 $581,102 

Carrying amount (1)
  PrincipalDecember 31, 2018December 31, 2017
Long-term:
5.45% 10-year notes due March 15, 2018 $350,000 $— $349,918 
2.125% 7-year notes due December 1, 2020 (euro-denominated)€300,000 339,657 354,349 
4.30% 10-year notes due March 1, 2021 $450,000 449,200 448,831 
3.150% 10-year notes due November 15, 2025$400,000 395,368 394,695 
1.25% 10-year notes due November 9, 2026 (euro-denominated)€600,000 672,103 701,058 
6.65% 30-year debentures due June 1, 2028 $200,000 199,054 198,954 
5.375% 30-year debentures due October 15, 2035 $300,000 295,811 295,561 
6.60% 30-year notes due March 15, 2038 $250,000 247,827 247,713 
5.375% 30-year notes due March 1, 2041 $350,000 343,877 343,600 
Other763 2,034 
Total long-term debt2,943,660 3,336,713 
Less long-term debt current portion— (350,011)
Net long-term debt$2,943,660 $2,986,702 
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $15.8 million and $17.6 million as of December 31, 2018, and December 31, 2017, respectively. Total deferred debt issuance costs were $13.0 million and $14.9 million as of December 31, 2018, and December 31, 2017, 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 matured. The repayment of debt was funded by the Company's commercial paper program and existing cash balances.

The Company maintains a $1 billion five-year unsecured committed revolving credit facility 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, 2018 and had a coverage ratio of 9.6 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.

As of December 31, 2018, the future maturities of long-term debt were as follows:
Future Maturities 
2019$— 
2020340,369 
2021449,200 
2022— 
2023— 
2024 and thereafter2,154,091 
Total$2,943,660 

Letters of Credit
As of December 31, 2018, the Company had approximately $144.5 million outstanding in letters of credit and guarantees with financial institutions, which expire on various dates in 2019 through 2028. 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.