Borrowings

3 Months Ended

Mar. 31, 2019

11. Borrowings

Borrowings consisted of the following:


	March 31, 2019		December 31, 2018
Short-term
Current portion of long-term debt and short-term borrowings	$	1,355	$	—
Commercial paper	344,900		220,318
Notes payable and current maturities of long-term debt	$	346,255	$	220,318


			Carrying amount ⁽¹⁾
	Principal		March 31, 2019		December 31, 2018
Long-term
2.125% 7-year notes due December 1, 2020 (euro-denominated)	€	300,000	338,583		339,657
4.30% 10-year notes due March 1, 2021	$	450,000	449,293		449,200
3.150% 10-year notes due November 15, 2025	$	400,000	395,537		395,368
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	670,021		672,103
6.65% 30-year debentures due June 1, 2028	$	200,000	199,080		199,054
5.375% 30-year debentures due October 15, 2035	$	300,000	295,873		295,811
6.60% 30-year notes due March 15, 2038	$	250,000	247,855		247,827
5.375% 30-year notes due March 1, 2041	$	350,000	343,946		343,877
Other			779		763
Total long-term debt			2,940,967		2,943,660
Less long-term debt current portion			—		—
Net long-term debt			$	2,940,967	$	2,943,660

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

$15.4 million and $15.8 million as of March 31, 2019 and December 31, 2018, respectively. Total deferred debt issuance costs were $12.6 million and $13.0 million as of March 31, 2019 and December 31, 2018, respectively.

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, 2019 and had a coverage ratio of 9.7 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 Credit Agreement 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, 2019, the Company had approximately $142.4 million outstanding in letters of credit and performance and other guarantees which expire on various dates through 2028. 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.