Borrowings

3 Months Ended

Mar. 31, 2021

10. Borrowings

Borrowings consisted of the following:


			Carrying amount (1)
	Principal		March 31, 2021		December 31, 2020
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	396,884	$	396,716
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	699,283		724,310
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	582,232		603,107
6.65% 30-year debentures due June 1, 2028	$	200,000	199,280		199,255
2.950% 10-year notes due November 4, 2029	$	300,000	296,744		296,650
5.375% 30-year debentures due October 15, 2035	$	300,000	296,372		296,309
6.60% 30-year notes due March 15, 2038	$	250,000	248,081		248,053
5.375% 30-year notes due March 1, 2041	$	350,000	344,498		344,429



Total long-term debt			$	3,063,374	$	3,108,829

(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 March 31, 2021 and December 31, 2020, respectively. Total deferred debt issuance costs were $13.9 million and $14.4 million as of March 31, 2021 and December 31, 2020, respectively.

As of March 31, 2021, 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. 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 uses the Credit Agreement principally as liquidity back-up for its commercial paper program. On March 16, 2020, the Company borrowed $500 million under the Credit Agreement, which was subsequently repaid in full during the second quarter with proceeds from resumed commercial paper borrowings. Proceeds from the Credit Agreement borrowing were used to repay all of the Company's outstanding commercial paper and for general corporate purposes.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at March 31, 2021 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 12.1 to 1.

As of March 31, 2021, the Company had approximately $145.7 million outstanding in letters of credit, surety bonds, and performance and other guarantees 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, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations.