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Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings
12. Borrowings

Borrowings consist of the following:
 December 31, 2022December 31, 2021
Short-term:
Commercial paper$734,936 $105,000 
Other836 702 
Short-term borrowings$735,772 $105,702 

During the year ended December 31, 2022, commercial paper borrowings increased $629,936. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 2.29% and 0.38% as of December 31, 2022 and December 31, 2021, respectively.
Carrying amount (1)
 PrincipalDecember 31, 2022December 31, 2021
Long-term:
3.15% 10-year notes due November 15, 2025
$400,000 $398,063 $397,389 
1.25% 10-year notes due November 9, 2026 (euro-denominated)
€600,000 631,522 674,217 
0.750% 8-year notes due November 4, 2027 (euro denominated)
€500,000 525,654 561,293 
6.65% 30-year debentures due June 1, 2028
$200,000 199,456 199,356 
2.950% 10-year notes due November 4, 2029
$300,000 297,408 297,029 
5.375% 30-year debentures due October 15, 2035
$300,000 296,808 296,559 
6.60% 30-year notes due March 15, 2038
$250,000 248,279 248,166 
5.375% 30-year notes due March 1, 2041
$350,000 344,982 344,705 
Other341 — 
Total long-term debt$2,942,513 $3,018,714 
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $12.7 million and $15.1 million as of December 31, 2022 and 2021, respectively. Total deferred debt issuance costs were $10.7 million and $12.5 million as of December 31, 2022 and 2021, respectively.

The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt, as this approximates the effective interest method.

As of December 31, 2022, the Company maintained a $1 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 Dover's 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 December 31, 2022, there were no outstanding borrowings under the Credit Agreement.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at December 31, 2022 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 15.3 to 1.
As of December 31, 2022, the future maturities of long-term debt were as follows:
Future Maturities
2024$118 
2025400,103 
2026635,915 
2027529,829 
2028 and thereafter1,400,000 
Total$2,965,965 

Letters of Credit and other Guarantees
As of December 31, 2022, the Company had approximately $180.3 million outstanding in letters of credit, surety bonds, and performance and other guarantees with financial institutions, which primarily 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, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which is believed to be remote.