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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, 2021December 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 debt386.6 93.6 
Total short-term debt and current portion of long-term debt (3)
$762.0 $338.3 
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(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 PercentageMaturity
Date		September 30, 2021December 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 Facility1.33%2022700.0 700.0 
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 year386.6 93.6 
Total long-term debt, less current portion$2,631.7 $2,929.5 
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(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.