Borrowings

9 Months Ended

Sep. 30, 2019

11. Borrowings

Borrowings consisted of the following:


	September 30, 2019		December 31, 2018
Short-term

Commercial paper	$	182,700	$	220,318
Notes payable	$	182,700	$	220,318


			Carrying amount ⁽¹⁾
	Principal		September 30, 2019		December 31, 2018
Long-term
2.125% 7-year notes due December 1, 2020 (euro-denominated)	€	300,000	$	327,726	$	339,657
4.30% 10-year notes due March 1, 2021	$	450,000	449,477		449,200
3.150% 10-year notes due November 15, 2025	$	400,000	395,874		395,368
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	648,551		672,103
6.65% 30-year debentures due June 1, 2028	$	200,000	199,130		199,054
5.375% 30-year debentures due October 15, 2035	$	300,000	295,998		295,811
6.60% 30-year notes due March 15, 2038	$	250,000	247,911		247,827
5.375% 30-year notes due March 1, 2041	$	350,000	344,062		343,877
Other			—		763


Total long-term debt			$	2,908,729	$	2,943,660

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

$14.5 million and $15.8 million as of September 30, 2019 and December 31, 2018, respectively. Total deferred debt issuance costs were $11.6 million and $13.0 million as of September 30, 2019 and December 31, 2018, respectively.

As of September 30, 2019, the Company maintained 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, 2019 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 10.5 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. On October 4, 2019, the Company entered into a new credit facility and terminated the Credit Agreement, as discussed in Note 22 — Subsequent Events.

As of September 30, 2019, the Company had approximately $145.5 million outstanding in letters of credit, surety bonds, and performance and other guarantees which expire on various dates through 2028. These letters of credit and bonds are primarily issued 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.