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Debt | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Debt | Debt Debt maturing within one year:
(in Millions) | September 30, 2016 |  | December 31, 2015
Short-term foreign debt (1) | $ | 60.8 |  |  | $ | 87.2 |
Commercial paper | — |  |  | 23.9 |
Total short-term debt | $ | 60.8 |  |  | $ | 111.1 |
Current portion of long-term debt | 2.4 |  |  | 1.5 |
Short-term debt and current portion of long-term debt | $ | 63.2 |  |  | $ | 112.6 |
____________________
(1) | At September 30, 2016, the average interest rate on the borrowings was 8.4%. We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries.
Long-term debt:
(in Millions) | September 30, 2016 |  |  |  |
Interest Rate Percentage |  | Maturity Date |  | September 30, 2016 |  | December 31, 2015
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2 respectively) | 1.0 - 6.5% |  | 2021 - 2035 |  | $ | 141.5 |  |  | $ | 141.5 |
Senior notes (less unamortized discount of $1.4 and $1.7 respectively) | 3.95 - 5.2% |  | 2019 - 2024 |  | 998.6 |  |  | 998.3 |
Term Loan Facility | 1.9% |  | 2020 |  | 775.0 |  |  | 900.0 |
Credit Facility (1) | 3.0% |  | 2019 |  | — |  |  | — |
Foreign debt | 0 - 9.3% |  | 2016 - 2024 |  | 11.4 |  |  | 9.9 |
Debt issuance cost |  |  |  |  | (10.8 | ) |  | (11.9 | )
Total long-term debt |  |  |  |  | $ | 1,915.7 |  |  | $ | 2,037.8 |
Less: debt maturing within one year |  |  |  |  | 2.4 |  |  | 1.5 |
Total long-term debt, less current portion |  |  |  |  | $ | 1,913.3 |  |  | $ | 2,036.3 |
____________________
(1) | Letters of credit outstanding under our Credit Facility totaled $116.7 million and available funds under this facility were $1,383.3 million at September 30, 2016.
Covenants Among other restrictions, our Credit Facility and Term Loan Facility contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended September 30, 2016, was 3.4 which is below the maximum leverage of 4.25 at September 30, 2016. Our actual interest coverage for the four consecutive quarters ended September 30, 2016, was 7.6 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at September 30, 2016.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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