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Debt | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt | Debt Debt maturing within one year:
(in Millions) | September 30, 2017 |  | December 31, 2016
Short-term foreign debt (1) | $ | 100.1 |  |  | $ | 85.5 |
Commercial paper (2) | 8.4 |  |  | 6.3 |
Total short-term debt | $ | 108.5 |  |  | $ | 91.8 |
Current portion of long-term debt | 105.7 |  |  | 2.4 |
Short-term debt and current portion of long-term debt | $ | 214.2 |  |  | $ | 94.2 |
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(1) | At September 30, 2017, the average interest rate on the borrowings was 8.4%.
(2) | At September 30, 2017, the average effective interest rate on the borrowings was 1.5%.
Long-term debt:
(in Millions) | September 30, 2017 |  |  |  |
Interest Rate Percentage |  | Maturity Date |  | September 30, 2017 |  | December 31, 2016
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | 1.1 - 6.5% |  | 2021 - 2032 |  | $ | 51.6 |  |  | $ | 51.6 |
Senior notes (less unamortized discount of $1.2 and $1.4, respectively) | 3.95 - 5.2% |  | 2019 - 2024 |  | 998.8 |  |  | 998.6 |
2014 Term Loan Facility | 2.5% |  | 2020 |  | 450.0 |  |  | 750.0 |
2017 Term Loan Facility | 2.5% |  | 2022 |  | — |  |  | — |
Revolving Credit Facility (1) | 3.8% |  | 2022 |  | — |  |  | — |
Foreign debt | 0 - 10.8% |  | 2018 - 2024 |  | 112.2 |  |  | 10.7 |
Debt issuance cost |  |  |  |  | (14.0 | ) |  | (9.7 | )
Total long-term debt |  |  |  |  | $ | 1,598.6 |  |  | $ | 1,801.2 |
Less: debt maturing within one year |  |  |  |  | 105.7 |  |  | 2.4 |
Total long-term debt, less current portion |  |  |  |  | $ | 1,492.9 |  |  | $ | 1,798.8 |
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(1) | Letters of credit outstanding under our Revolving Credit Facility totaled $136.1 million and available funds under this facility were $1,355.5 million at September 30, 2017.
Term Loan Facility On November 1, 2017, we borrowed $1.5 billion under our previously announced senior unsecured term loan facility ("2017 Term Loan Facility"). The proceeds of the borrowing were used to finance the Acquisition and will also be used to pay anticipated taxes associated with the gain on the sale of FMC Health and Nutrition. The scheduled maturity of the 2017 Term Loan Facility is on the fifth anniversary of this closing date. The 2017 Term Loan Facility will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus in each case an applicable margin, as determined in accordance with the provisions of the related agreement to the 2017 Term Loan Facility. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 1/2 of one percent; and the Eurocurrency rate for a one-month period plus one percent. The 2017 Term Loan Facility contains financial and other covenants, including a maximum leverage ratio of 4.75 and minimum interest coverage ratio of 3.5 immediately following the Acquisition. The 2017 Term Loan Facility also contains a cross-default provision whereby a default under our other indebtedness in excess of $50 million, after grace periods and absent a waiver from the lenders, would be an event of default under the agreement of the 2017 Term Loan Facility and could result in a demand for payment of all amounts outstanding under this facility. Revolving Credit Facility On May 2, 2017, we entered into an amended and restated credit agreement (the "Revolving Credit Agreement"). The unsecured Revolving Credit Agreement provides for a $1.5 billion revolving credit facility, with an option, subject to certain conditions and limitations, to increase the aggregate amount of the revolving credit commitments to $2.25 billion (the "Revolving Credit Facility"). The current termination date of the Revolving Credit Facility is May 2, 2022. Revolving loans under the Revolving Credit Facility will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus, in each case, an applicable margin, as determined in accordance with the provisions of the Revolving Credit Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 1/2 of 1 percent; and the Eurocurrency rate for a one-month period plus 1 percent. We are also required to pay a facility fee on the average daily amount (whether used or unused) at a rate per annum equal to an applicable percentage in effect from time to time for the facility fee, as determined in accordance with the provisions of the Revolving Credit Agreement. The initial facility fee is 0.15 percent per annum. The applicable margin and the facility fee are subject to adjustment as provided in the Revolving Credit Agreement. The Revolving Credit Agreement contains customary financial and other covenants, including a maximum leverage ratio and minimum interest coverage ratio. The financial covenant levels have been amended in order to permit the debt incurred under the 2017 Term Loan Facility discussed above along with certain other changes to permit the expected transaction. Fees incurred to secure the Revolving Credit Facility have been deferred and will be amortized over the term of the arrangement. Covenants Among other restrictions, our Revolving Credit Facility and both 2014 and 2017 Term Loan Facilities 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, 2017 was 2.6, which is below the maximum leverage of 3.5 at September 30, 2017. Our actual interest coverage for the four consecutive quarters ended September 30, 2017 was 8.2, which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at September 30, 2017.

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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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