Borrowings

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Borrowings consisted of the following:

	June 30, 2020		December 31, 2019
Short-term
Commercial paper	$	505,000	$	84,700
Notes payable	$	505,000	$	84,700

			Carrying amount (1)
	Principal		June 30, 2020		December 31, 2019
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	396,379	$	396,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	665,896		658,089
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	554,458		548,008
6.65% 30-year debentures due June 1, 2028	$	200,000	199,205		199,155
2.950% 10-year notes due November 4, 2029	$	300,000	296,460		296,270
5.375% 30-year debentures due October 15, 2035	$	300,000	296,185		296,060
6.60% 30-year notes due March 15, 2038	$	250,000	247,996		247,939
5.375% 30-year notes due March 1, 2041	$	350,000	344,291		344,153
Total long-term debt			$	3,000,870	$	2,985,716

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

$18.0 million and $18.9 million as of June 30, 2020 and December 31, 2019, respectively. Total deferred debt issuance costs were $15.3 million and $16.2 million as of June 30, 2020 and December 31, 2019, respectively.

As of June 30, 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 principally as liquidity back-up for its commercial paper program. On March 16, 2020, the Company borrowed $500 million 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. As of June 30, 2020, the Company repaid the $500 million borrowed under the Credit Agreement by resumed commercial paper borrowings.

On May 6, 2020, the Company entered into a $450.0 million 364-day revolving credit facility (the "Short-term Credit Agreement") with a syndicate of banks which expires on May 5, 2021. The Short-term Credit Agreement is intended to be used primarily for working capital and general corporate purposes. The Company may elect to have loans under the Short-term Credit Agreement which bear interest at a base rate plus a specified applicable margin. The Short-term Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company has not undertaken any borrowings under this facility.

The Company was in compliance with all covenants in the Credit Agreement, the Short-term Credit Agreement, and other long-term debt covenants at June 30, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 10.7 to 1.

As of June 30, 2020, the Company had approximately $174.7 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.