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Borrowings
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Borrowings
8. Borrowings

Borrowings consist of the following:
 March 31, 2023December 31, 2022
Short-term:
Commercial paper$513,900 $734,936 
Other667 836 
Short-term borrowings$514,567 $735,772 

During the three months ended March 31, 2023, commercial paper borrowings decreased $221,036. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 5.19% and 4.61% as of March 31, 2023 and December 31, 2022, respectively.
 
Carrying amount (1)
PrincipalMarch 31, 2023December 31, 2022
Long-term
3.15% 10-year notes due November 15, 2025
$400,000 $398,232 $398,063 
1.25% 10-year notes due November 9, 2026 (euro-denominated)
€600,000 641,754 631,522 
0.750% 8-year notes due November 4, 2027 (euro-denominated)
€500,000 534,164 525,654 
6.65% 30-year debentures due June 1, 2028
$200,000 199,481 199,456 
2.950% 10-year notes due November 4, 2029
$300,000 297,502 297,408 
5.375% 30-year debentures due October 15, 2035
$300,000 296,871 296,808 
6.60% 30-year notes due March 15, 2038
$250,000 248,307 248,279 
5.375% 30-year notes due March 1, 2041
$350,000 345,051 344,982 
Other— 341 
Total long-term debt$2,961,362 $2,942,513 
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $12.3 million and $12.7 million as of March 31, 2023 and December 31, 2022, respectively. Total deferred debt issuance costs were $10.3 million and $10.7 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the Credit Agreement.

On April 6, 2023, the Company entered into a new $1 billion five-year unsecured revolving credit facility, which has substantially similar terms to the existing Credit Agreement, and a $500 million 364-day unsecured revolving credit facility. The new five-year credit facility replaced the existing Credit Agreement. See Note 18 — Subsequent Events for additional details.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at March 31, 2023 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 14.6 to 1.
Letters of Credit and other Guarantees

As of March 31, 2023, the Company had approximately $184.6 million outstanding in letters of credit, surety bonds, and performance and other guarantees 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, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which is believed to be remote.