10. Borrowings

Borrowings consisted of the following:



	June 30, 2018		December 31, 2017
Short-term
Current portion of long-term debt and short-term borrowings	$	1,330	$	350,402
Commercial paper	283,300		230,700
Notes payable and current maturities of long-term debt	$	284,630	$	581,102



			Carrying amount ⁽¹⁾
	Principal		June 30, 2018		December 31, 2017
Long-term
5.45% 10-year notes due March 15, 2018	$	350,000	$	—	$	349,918
2.125% 7-year notes due December 1, 2020 (euro-denominated)	€	351,103	349,932		354,349
4.30% 10-year notes due March 1, 2021	$	450,000	449,016		448,831
3.150% 10-year notes due November 15, 2025	$	400,000	395,032		394,695
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	702,206	692,400		701,058
6.65% 30-year debentures due June 1, 2028	$	200,000	199,004		198,954
5.375% 30-year debentures due October 15, 2035	$	300,000	295,686		295,561
6.60% 30-year notes due March 15, 2038	$	250,000	247,770		247,713
5.375% 30-year notes due March 1, 2041	$	350,000	343,739		343,600
Other			2,361		2,034
Total long-term debt			2,974,940		3,336,713
Less long-term debt current portion			—		(350,011		)
Net long-term debt			$	2,974,940	$	2,986,702

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

$16.8 million and $17.6 million as of June 30, 2018 and December 31, 2017, respectively. Total deferred debt issuance costs were $14.0 million and $14.9 million as of June 30, 2018 and December 31, 2017, respectively.

On March 15, 2018, the outstanding 5.45% notes with a principal value of $350.0 million matured. The repayment of debt was funded by the Company's commercial paper program and through a reduction of existing cash balances.

The Company maintains a $1.0 billion five-year unsecured revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on November 10, 2020. The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at June 30, 2018 and had a coverage ratio of 10.9 to 1.0. The Company uses the Credit Agreement 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 repurchases of its common stock.

As of June 30, 2018, the Company had approximately $141.8 million outstanding in letters of credit and performance and other guarantees which expire on various dates in 2018 through 2028. 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.