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Borrowings | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Borrowings | 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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