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Debt | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt | Debt Debt maturing within one year:
(in Millions) | September 30, 2021 |  | December 31, 2020
Short-term foreign debt (1) | $ | 107.9 |  |  | $ | 98.4 |
Commercial paper (2) | 267.5 |  |  | 146.3 |
Total short-term debt | $ | 375.4 |  |  | $ | 244.7 |
Current portion of long-term debt | 386.6 |  |  | 93.6 |
Total short-term debt and current portion of long-term debt (3) | $ | 762.0 |  |  | $ | 338.3 |
____________________ (1) At September 30, 2021, the average effective interest rate on the borrowings was 12.2 percent. (2) At September 30, 2021, the average effective interest rate on the borrowings was 0.45 percent. (3) Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.25 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term. Long-term debt:
(in Millions) | September 30, 2021 |  |  |  |
Interest Rate Percentage |  | Maturity Date |  | September 30, 2021 |  | December 31, 2020
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively) | 6.45% |  | 2032 |  | $ | 49.9 |  |  | $ | 51.6 |
Senior notes (less unamortized discount of $0.8 and $1.0, respectively) | 3.20% - 4.50% |  | 2022 - 2049 |  | 2,199.2 |  |  | 2,199.0 |
2017 Term Loan Facility | 1.33% |  | 2022 |  | 700.0 |  |  | 700.0 |
Revolving Credit Facility (1) | 2.78% |  | 2026 |  | — |  |  | — |
Foreign debt | —% - 7.10% |  | 2022 - 2024 |  | 87.0 |  |  | 92.3 |
Debt issuance cost |  |  |  |  | (17.8) |  |  | (19.8) |
Total long-term debt |  |  |  |  | $ | 3,018.3 |  |  | $ | 3,023.1 |
Less: debt maturing within one year |  |  |  |  | 386.6 |  |  | 93.6 |
Total long-term debt, less current portion |  |  |  |  | $ | 2,631.7 |  |  | $ | 2,929.5 |
____________________ (1)Letters of credit outstanding under our Revolving Credit Facility totaled $238.1 million and available funds under this facility were $994.3 million at September 30, 2021. Revolving Credit Facility and Term Loan Amendments On May 26, 2021, we amended our Revolving Credit Facility and 2017 Term Loan Agreement. The Credit Facility Amendment primarily extended the maturity date by an additional two years to May 26, 2026 and adjusted the maximum leverage ratio. The Term Loan Amendment primarily adjusted the maximum leverage ratio financial covenant. See below for additional information on covenants. The borrowing capacity under the credit facility and term loan was not affected by the amendments and remains unchanged. 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. Covenants Among other customary 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 September 30, 2021 was 3.05, which is below the maximum leverage of 3.75 at September 30, 2021. As amended pursuant to the Revolving Credit Agreement and the Term Loan Amendment discussed above, the maximum leverage ratio stepped down from 4.00 to 3.75 for the quarter ending June 30, 2021 and will step down further to 3.50 for the quarter ending December 31, 2021 and future quarters thereafter. Our actual interest coverage for the four consecutive quarters ended September 30, 2021 was 8.90, which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at September 30, 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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