Borrowings

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Borrowings consisted of the following:

	September 30, 2020		December 31, 2019
Short-term
Commercial paper	$	90,500	$	84,700
Notes payable	$	90,500	$	84,700

			Carrying amount (1)
	Principal		September 30, 2020		December 31, 2019
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	396,548	$	396,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	690,939		658,089
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	575,313		548,008
6.65% 30-year debentures due June 1, 2028	$	200,000	199,230		199,155
2.950% 10-year notes due November 4, 2029	$	300,000	296,555		296,270
5.375% 30-year debentures due October 15, 2035	$	300,000	296,247		296,060
6.60% 30-year notes due March 15, 2038	$	250,000	248,024		247,939
5.375% 30-year notes due March 1, 2041	$	350,000	344,360		344,153
Total long-term debt			$	3,047,216	$	2,985,716

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

$17.8 million and $18.9 million as of September 30, 2020 and December 31, 2019, respectively. Total deferred debt issuance costs were $14.8 million and $16.2 million as of September 30, 2020 and December 31, 2019, respectively.

As of September 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, which was subsequently repaid in full during the second quarter with proceeds from resumed commercial paper borrowings. Proceeds from the Credit Agreement borrowing were used to repay all of the Company's outstanding commercial paper and for general corporate purposes.

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 September 30, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 11.0 to 1.

As of September 30, 2020, the Company had approximately $157.6 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.