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Borrowings
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Borrowings
12. Borrowings

Borrowings consist of the following:
 December 31, 2021December 31, 2020
Short-term:
Short-term borrowings$702 $— 
Commercial paper105,000 — 
Notes payable$105,702 $— 
Carrying amount (1)
 PrincipalDecember 31, 2021December 31, 2020
Long-term:
3.15% 10-year notes due November 15, 2025
$400,000 $397,389 $396,716 
1.25% 10-year notes due November 9, 2026 (euro-denominated)
€600,000 674,217 724,310 
0.750% 8-year notes due November 4, 2027 (euro denominated)
€500,000 561,293 603,107 
6.65% 30-year debentures due June 1, 2028
$200,000 199,356 199,255 
2.950% 10-year notes due November 4, 2029
$300,000 297,029 296,650 
5.375% 30-year debentures due October 15, 2035
$300,000 296,559 296,309 
6.60% 30-year notes due March 15, 2038
$250,000 248,166 248,053 
5.375% 30-year notes due March 1, 2041
$350,000 344,705 344,429 
Total long-term debt$3,018,714 $3,108,829 
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $15.1 million and $17.6 million as of December 31, 2021 and 2020, respectively. Total deferred debt issuance costs were $12.5 million and $14.4 million as of December 31, 2021 and 2020, 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, 2021, 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.  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 primarily uses this facility as liquidity back-up for its commercial paper program and for general corporate purposes. As of December 31, 2021, 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, 2021 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 17.6 to 1.

As of December 31, 2021, the future maturities of long-term debt were as follows:
Future Maturities
2022$— 
2023— 
2024— 
2025400,000 
2026679,810 
2027 and thereafter1,966,508 
Total$3,046,318 
Letters of Credit and other GuaranteesAs of December 31, 2021, the Company had approximately $155.9 million outstanding in letters of credit, surety bonds, and performance and other guarantees with financial institutions, 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, 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.