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Debt | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt Debt maturing within one year:
(in Millions) | March 31, 2021 |  | December 31, 2020
Short-term foreign debt (1) | $ | 102.4 |  |  | $ | 98.4 |
Commercial paper (2) | 486.9 |  |  | 146.3 |
Total short-term debt | $ | 589.3 |  |  | $ | 244.7 |
Current portion of long-term debt | 385.1 |  |  | 93.6 |
Total short-term debt and current portion of long-term debt | $ | 974.4 |  |  | $ | 338.3 |
____________________ (1) At March 31, 2021, the average effective interest rate on the borrowings was 12.0 percent. (2) At March 31, 2021, the average effective interest rate on the borrowings was 0.51 percent. Long-term debt:
(in Millions) | March 31, 2021 |  |  |  |
Interest Rate Percentage |  | Maturity Date |  | March 31, 2021 |  | December 31, 2020
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively) | 0.25% - 6.45% |  | 2021 - 2032 |  | $ | 51.6 |  |  | $ | 51.6 |
Senior notes (less unamortized discount of $0.9 and $1.0, respectively) | 3.2% - 4.5% |  | 2022 - 2049 |  | 2,199.1 |  |  | 2,199.0 |
2017 Term Loan Facility | 1.36% |  | 2022 |  | 700.0 |  |  | 700.0 |
Revolving Credit Facility (1) | 2.8% |  | 2024 |  | — |  |  | — |
Foreign debt | 0% - 6.1% |  | 2021 - 2024 |  | 84.0 |  |  | 92.3 |
Debt issuance cost |  |  |  |  | (18.2) |  |  | (19.8) |
Total long-term debt |  |  |  |  | $ | 3,016.5 |  |  | $ | 3,023.1 |
Less: debt maturing within one year |  |  |  |  | 385.1 |  |  | 93.6 |
Total long-term debt, less current portion |  |  |  |  | $ | 2,631.4 |  |  | $ | 2,929.5 |
____________________ (1)Letters of credit outstanding under our Revolving Credit Facility totaled $215.7 million and available funds under this facility were $797.3 million at March 31, 2021. Covenants Among other restrictions, our Revolving Credit Facility and 2017 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 March 31, 2021 was 3.47, which is below the maximum leverage of 4.0 at March 31, 2021. As amended pursuant to the Revolving Credit Amendment and the Term Loan Amendment discussed within our 2020 Form 10-K, the maximum leverage ratio steps down from 4.25 to 4.0 for the quarter ending March 31, 2021 and then to 3.5 for future quarters. Our actual interest coverage for the four consecutive quarters ended March 31, 2021 was 8.17, which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at March 31, 2021.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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