9. Borrowings

Borrowings consist of the following:



	September 30, 2013		December 31, 2012
Short-term
Current portion of long-term debt	$	3,235	$	3,266
Commercial paper	668,900		607,500
	$	672,135	$	610,766



	September 30, 2013			December 31, 2012
Long-term
4.875% 10-year notes due October 15, 2015	$	299,589		$	299,441
5.45% 10-year notes due March 15, 2018	348,515			348,268
4.30% 10-year notes due March 1, 2021	449,806			449,787
6.60% 30-year notes due March 15, 2038	247,837			247,771
5.375% 30-year notes due March 1, 2041	345,631			345,511
6.65% 30-year debentures due June 1, 2028	199,474			199,448
5.375% 30-year debentures due October 15, 2035	296,486			296,367
Other	6,053			6,023
Total long-term debt	2,193,391			2,192,616
Less current installments	(3,235		)	(3,266		)
	$	2,190,156		$	2,189,350

The Company maintains a $1 billion unsecured revolving credit facility which expires on November 10, 2016. The Company primarily uses this facility as liquidity back-up for its commercial paper program and has not drawn down any loans under the $1 billion facility and does not anticipate doing so. The Company generally uses commercial paper borrowings for general corporate purposes, funding of acquisitions and the repurchases of its common stock. Under the credit facility, the Company is required to maintain an interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company was in compliance with this covenant and its other long-term debt covenants at September 30, 2013, and it expects to remain in compliance with all of its debt covenants.

Interest expense and interest income for the three and nine months ended September 30, 2013 and 2012 were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Interest expense	$	31,004		$	31,099		$	92,917		$	94,210
Interest income	(767		)	(700		)	(2,156		)	(4,065		)
Interest expense, net	$	30,237		$	30,399		$	90,761		$	90,145

Letters of Credit

As of September 30, 2013, the Company had approximately $121,102 outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in the last quarter of 2013 through 2018. These letters of credit are primarily maintained as security for insurance, warranty, and other performance obligations.