Borrowings

6 Months Ended

Jun. 30, 2021

10. Borrowings

Borrowings consisted of the following:


			Carrying amount (1)
	Principal		June 30, 2021		December 31, 2020
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	397,053	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	709,887		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	591,052		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,305		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	296,839		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,434		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,109		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,567		344,429



Total long-term debt			$	3,083,246	$	3,108,829

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

$16.4 million and $17.6 million as of June 30, 2021 and December 31, 2020, respectively. Total deferred debt issuance costs were $13.5 million and $14.4 million as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 2021, 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. 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 EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company uses the Credit Agreement principally as liquidity back-up for its commercial paper program and for general corporate purposes.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at June 30, 2021 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 13.9 to 1.

As of June 30, 2021, the Company had approximately $153.2 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.