Debt and Credit Facilities

Short-term borrowings and current maturities of long-term debt consisted of the following:



In millions	June 30, 2016		December 31, 2015
Debentures with put feature	$	343.0	$	343.0
Commercial Paper	—		143.0
Other current maturities of long-term debt	7.8		7.8
Short-term borrowings	10.4		10.4
Total	$	361.2	$	504.2

Commercial Paper Program

The Company uses borrowings under its commercial paper program for general corporate purposes. The maximum aggregate amount of unsecured commercial paper notes available to be issued, on a private placement basis, under the commercial paper program is $2.0 billion as of June 30, 2016.

Debentures with Put Feature

At June 30, 2016 and December 31, 2015, the Company had $343.0 million of fixed rate debentures outstanding which contain a put feature that the holders may exercise on each anniversary of the issuance date. If exercised, the Company is obligated to repay in whole or in part, at the holder’s option, the outstanding principal amount of the debentures plus accrued interest. If these options are not exercised, the final contractual maturity dates would range between 2027 and 2028. Holders of these debentures had the option to exercise the put feature on $37.2 million of the outstanding debentures in February 2016, subject to the notice requirement. No material exercises were made.

Long-term debt, excluding current maturities, consisted of the following:



In millions	June 30, 2016		December 31, 2015
6.875% Senior notes due 2018	$	748.3	$	748.0
2.875% Senior notes due 2019	348.4		348.1
2.625% Senior notes due 2020	298.2		298.0
9.000% Debentures due 2021	124.8		124.8
4.250% Senior notes due 2023	695.3		695.0
7.200% Debentures due 2016-2025	59.7		67.1
3.550% Senior notes due 2024	494.1		493.7
6.480% Debentures due 2025	149.7		149.7
5.750% Senior notes due 2043	493.4		493.4
4.650% Senior notes due 2044	295.3		295.2
Other loans and notes	17.6		0.6
Total	3,724.8		3,713.6

Other Credit Facilities

The Company maintains two 5-year, $1.0 billion revolving credit facilities (the Facilities) through its wholly-owned subsidiaries, Ingersoll-Rand Global Holding Company Limited and Ingersoll-Rand Luxembourg Finance S.A. (collectively, the Borrowers). Each senior unsecured credit facility, one of which matures in March 2019 and the other in March 2021, provides support for the Company's commercial paper program and can be used for working capital and other general corporate purposes. Ingersoll-Rand plc, Ingersoll-Rand Irish Holdings Unlimited Company, Ingersoll-Rand Lux International Holding Company S.à.r.l. and Ingersoll-Rand Company each provide irrevocable and unconditional guarantees for these Facilities. In addition, each Borrower will guarantee the obligations under the Facilities of the other Borrower. Total commitments of $2.0 billion were unused at June 30, 2016 and December 31, 2015.

Fair Value of Debt

The carrying value of the Company's short-term borrowings is a reasonable estimate of fair value due to the short-term nature of the instruments. The fair value of the Company's debt instruments at June 30, 2016 and December 31, 2015 was $4.6 billion and $4.5 billion, respectively. The Company measures the fair value of its long-term debt instruments for disclosure purposes based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy. The methodologies used by the Company to determine the fair value of its long-term debt instruments at June 30, 2016 are the same as those used at December 31, 2015.