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Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
(in Millions)June 30, 2021December 31, 2020
Short-term foreign debt (1)
$103.1 $98.4 
Commercial paper (2)
689.1 146.3 
Total short-term debt$792.2 $244.7 
Current portion of long-term debt393.6 93.6 
Total short-term debt and current portion of long-term debt$1,185.8 $338.3 
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(1)    At June 30, 2021, the average effective interest rate on the borrowings was 12.1 percent.
(2)    At June 30, 2021, the average effective interest rate on the borrowings was 0.53 percent.
Long-term debt:
(in Millions)June 30, 2021  
Interest Rate PercentageMaturity
Date		June 30, 2021December 31, 2020
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
6.50%
2032
$49.9 $51.6 
Senior notes (less unamortized discount of $0.9 and $1.0, respectively)
3.20% - 4.50%
2022 - 2049
2,199.1 2,199.0 
2017 Term Loan Facility1.35%2022700.0 700.0 
Revolving Credit Facility (1)
2.78%2026— — 
Foreign debt
—% - 7.12%
2021 - 2024
94.2 92.3 
Debt issuance cost(18.8)(19.8)
Total long-term debt$3,024.4 $3,023.1 
Less: debt maturing within one year393.6 93.6 
Total long-term debt, less current portion$2,630.8 $2,929.5 
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(1)Letters of credit outstanding under our Revolving Credit Facility totaled $212.9 million and available funds under this facility were $598.0 million at June 30, 2021.

Revolving Credit Facility Agreement Amendment
On May 26, 2021, FMC Corporation (the Company) entered into a Fourth Amended and Restated Credit Agreement among the Company, as U.S. Borrower, certain foreign subsidiaries of the Company party thereto, as Euro Borrowers (the “Revolving Euro Borrowers” and together with the Company, the “Revolving Borrowers”), the lenders (the “Revolving Credit Lenders”) and issuing banks party thereto, Citibank, N.A., as administrative agent, Citibank, N.A. and BofA Securities, Inc., as joint lead arrangers, Bank of America, N.A., as syndication agent, and certain other financial institutions party thereto as co-documentation agents (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a $1.5 billion revolving credit facility, $400 million of which is available for the issuance of letters of credit for the account of the Revolving Borrowers and $50 million of which is available for swing loans to certain of the Revolving Borrowers, 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 Revolving Credit Facility is a senior unsecured obligation that ranks equally with the Company’s other senior unsecured obligations. The issuance of letters of credit and the proceeds of revolving credit loans made pursuant to the Revolving Credit Facility are available and will be used for general corporate purposes of the Company and its subsidiaries.

Amounts under the Revolving Credit Facility may be borrowed, repaid and re-borrowed from time to time until the current termination date of the Revolving Credit Facility on May 26, 2026, which is the date five years after the Revolving Credit Facility’s effective date of May 26, 2021. The Company also has the option, subject to certain conditions and prior to each of the first and second anniversaries of such effective date, to extend the termination date of the Revolving Credit Facility to the date that is one year after the current termination date. Voluntary prepayments and commitment reductions under the Revolving Credit Facility are permitted at any time without payment of any prepayment fee upon proper notice and subject to minimum dollar amounts.

Term Loan Agreement Amendment
On May 26, 2021, the Company entered into Amendment No. 3 (the "Term Loan Amendment") to that certain Term Loan Agreement, dated as of May 2, 2017, among the Company, as U.S. Borrower, certain foreign subsidiaries of the Company party thereto, as Euro Borrowers, the lenders party thereto (the "Term Loan Lenders"), Citibank, N.A., as administrative agent, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers, Bank of America, N.A., as syndication agent, and certain other financial institutions party thereto as co-documentation agents (as previously amended, the "Term Loan Agreement").
Deferred financing fees totaling $1.7 million associated with both amendments have been deferred and are being recognized to interest expense over the life of the agreements. The maximum leverage ratio financial covenant in the Revolving Credit Agreement and in the Term Loan Agreement is amended, as set forth in each respective amendment agreement.

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 June 30, 2021 was 3.17, which is below the maximum leverage of 3.75 at June 30, 2021. As amended pursuant to the Revolving Credit Agreement and the Term Loan Amendment discussed above, the maximum leverage ratio steps down from 4.0 to 3.75 for the quarter ending June 30, 2021 and then to 3.5 for the quarter ending December 31, 2021 and future quarters thereafter. Our actual interest coverage for the four consecutive quarters ended June 30, 2021 was 8.55, which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at June 30, 2021.