9. Borrowings and Lines of Credit

Borrowings consist of the following:



	December 31, 2016		December 31, 2015
Short-term:
Current portion of long-term debt	$	6,950	$	122
Commercial paper	407,600		151,000
Total short-term debt	$	414,550	$	151,122



	December 31, 2016			December 31, 2015
Long-term:
5.45% 10-year notes due March 15, 2018	$	349,588		$	349,258
2.125% 7-year notes due December 1, 2020 (euro-denominated)	313,370			328,592
4.30% 10-year notes due March 1, 2021	449,891			449,865
3.150% 10-year notes due November 15, 2025	397,259			396,951
1.25% 10-year notes due November 9, 2026 (euro-denominated)	621,326			—
6.65% 30-year debentures due June 1, 2028	199,586			199,552
5.375% 30-year debentures due October 15, 2035	297,003			296,844
6.60% 30-year notes due March 15, 2038	248,124			248,036
5.375% 30-year notes due March 1, 2041	346,147			345,989
Other	829			2,255
Total long-term debt	3,223,123			2,617,342
Unamortized debt issuance costs	(16,486		)	(13,687		)
Total long-term debt, net of debt issuance costs	$	3,206,637		$	2,603,655

The long-term borrowings presented above are net of unamortized discounts of $18,832 and $13,951 at December 31, 2016 and 2015, respectively. The discounts are being amortized to interest expense using the effective interest rate method over the life of the issuances. The notes and debentures are redeemable at the option of the Company in whole or in part at any time at a redemption price that includes a make-whole premium, with accrued interest to the redemption date.

The Company adopted ASU 2015-03 Interest - Imputation of Interest (Subtopic 835-30) effective January 1, 2016, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct reduction of the carrying amount of the related debt. Upon adoption, the Company reclassified $13,687 from Prepaid and other current assets and Other assets and deferred charges to Long-term debt in the Consolidated Balance Sheet to reflect this guidance in the comparable balance as of December 31, 2015.

On November 9, 2016, the Company issued €600,000 of 1.25% euro-denominated notes due 2026. The proceeds of $656,399 from the sale of the notes, net of discounts and issuance costs, were used for payment of a portion of the purchase price of the acquisition of Wayne.

The Company maintains a $1.0 billion five-year unsecured committed revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on November 10, 2020. At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. In addition, the Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, the requirement for the Company to maintain an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company was in compliance with this covenant and other long-term debt covenants at December 31, 2016 and had a coverage ratio of 9.4 to 1. The Company primarily uses this facility as liquidity back-up for its commercial paper program and has not drawn down any loans under the 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.

On September 16, 2016, the Company entered into a $500 million unsecured term loan facility (the “Term Loan Agreement”) with a syndicate of banks. The Company did not draw down on the Term Loan Agreement, and on November 14, 2016, voluntarily terminated the Term Loan Agreement.

As of December 31, 2016, the Company had approximately $140.9 million outstanding in letters of credit and guarantees with financial institutions, which expire at various dates in 2017 through 2021. These letters of credit are primarily maintained 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 we believe is remote.

Interest expense and income for the years ended December 31, 2016, 2015 and 2014 were as follows:



	Years Ended December 31,
	2016			2015			2014
Interest expense	$	136,401		$	131,676		$	131,689
Interest income	(6,759		)	(4,419		)	(4,510		)
Interest expense, net	$	129,642		$	127,257		$	127,179

The weighted average interest rate for short-term commercial paper borrowings was 0.6%, 0.2% and 0.1% for 2016, 2015 and 2014, respectively.

As of December 31, 2016, the future maturities of long-term debt were as follows:



	Future Maturities
2017	$	6,950
2018	350,357
2019	—
2020	313,370
2021	449,891
2022 and thereafter	2,109,505
Total	$	3,230,073