Borrowings

3 Months Ended

Mar. 31, 2020

10. Borrowings

Borrowings consisted of the following:


	March 31, 2020		December 31, 2019
Short-term
Short-term borrowings	$	500,000	$	—
Commercial paper	—		84,700
Notes payable	$	500,000	$	84,700


			Carrying amount ⁽¹⁾
	Principal		March 31, 2020		December 31, 2019
Long-term
3.150% 10-year notes due November 15, 2025	$	400,000	$	396,210	$	396,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	645,487		658,089
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	537,463		548,008
6.65% 30-year debentures due June 1, 2028	$	200,000	199,180		199,155
2.950% 10-year notes due November 4, 2029	$	300,000	296,366		296,270
5.375% 30-year debentures due October 15, 2035	$	300,000	296,122		296,060
6.60% 30-year notes due March 15, 2038	$	250,000	247,968		247,939
5.375% 30-year notes due March 1, 2041	$	350,000	344,222		344,153



Total long-term debt			$	2,963,018	$	2,985,716

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

$18.3 million and $18.9 million as of March 31, 2020 and December 31, 2019, respectively. Total deferred debt issuance costs were $15.7 million and $16.2 million as of March 31, 2020 and December 31, 2019, respectively.

As of March 31, 2020, the Company maintained a $1.0 billion five-year unsecured revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on October 4, 2024. The Company uses the Credit Agreement as liquidity back-up for its commercial paper program. On March 16, 2020, the Company borrowed $500 million due May 19, 2020 under the Credit Agreement. Proceeds from the borrowing were used to repay all of the Company's outstanding commercial paper and for general corporate purposes. The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at March 31, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 11.2 to 1.

As of March 31, 2020, the Company had approximately $143.5 million outstanding in letters of credit, surety bonds, and performance and other guarantees which expire on various dates through 2029. 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.