Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings

9. Borrowings

Borrowings consisted of the following:

	September 30, 2022		December 31, 2021
Short-term:
Commercial paper	$	788,034	$	105,000
Other	826		702
Short-term borrowings	$	788,860	$	105,702

			Carrying amount (1)
	Principal		September 30, 2022		December 31, 2021
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	397,895	$	397,389
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	577,288		674,217
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	480,484		561,293
6.65% 30-year debentures due June 1, 2028	$	200,000	199,431		199,356
2.950% 10-year notes due November 4, 2029	$	300,000	297,313		297,029
5.375% 30-year debentures due October 15, 2035	$	300,000	296,746		296,559
6.60% 30-year notes due March 15, 2038	$	250,000	248,251		248,166
5.375% 30-year notes due March 1, 2041	$	350,000	344,913		344,705
Other			341		—
Total long-term debt			$	2,842,662	$	3,018,714

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

$12.8 million and $15.1 million as of September 30, 2022 and December 31, 2021, respectively. Total deferred debt issuance costs were $11.2 million and $12.5 million as of September 30, 2022 and December 31, 2021, respectively.

During the nine months ended September 30, 2022, commercial paper borrowings increased $683,034. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 3.34% and 0.38% as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, 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 and for general corporate purposes. At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. The 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 consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of September 30, 2022 and December 31, 2021, there were no borrowings under the Credit Agreement.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at September 30, 2022 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 17.5 to 1.

Letters of Credit and other Guarantees

As of September 30, 2022, the Company had approximately $168 million outstanding in letters of credit, surety bonds, and performance and other guarantees which expire on various dates through 2039. 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.