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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt DebtDebt maturing within one year:
(in Millions)September 30, 2022December 31, 2021
Short-term foreign debt (1)
$80.1 $112.2 
Commercial paper (2)
660.3 244.1 
Total short-term debt$740.4 $356.3 
Current portion of long-term debt85.9 84.5 
Total short-term debt and current portion of long-term debt (3)
$826.3 $440.8 
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(1)At September 30, 2022, the average effective interest rate on the borrowings was 16.8 percent.
(2)At September 30, 2022, the average effective interest rate on the borrowings was 3.52 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 $2.75 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, 2022  
Interest Rate PercentageMaturity
Date		September 30, 2022December 31, 2021
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
6.45%
2032
$49.9 $49.9 
Senior notes (less unamortized discount of $0.6 and $0.7, respectively)
3.20% - 4.50%
2024 - 2049
1,899.4 1,899.3 
2021 Term Loan Facility4.15%2024800.0 800.0 
Revolving Credit Facility (1)
5.80%2027— — 
Foreign debt
0% - 15.30%
2023 - 2024
85.9 84.7 
Debt issuance cost(16.8)(17.7)
Total long-term debt$2,818.4 $2,816.2 
Less: debt maturing within one year85.9 84.5 
Total long-term debt, less current portion$2,732.5 $2,731.7 
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(1)Letters of credit outstanding under our Revolving Credit Facility totaled $160.0 million and available funds under this facility were $1,179.7 million at September 30, 2022.

Revolving Credit Facility and Term Loan Amendments
On June 17, 2022, we amended our Revolving Credit Facility and on June 27, 2022 we amended our 2021 Term Loan Agreement. The Revolving Credit Facility Amendment primarily increased the borrowing capacity from $1.5 billion to $2 billion and extended the maturity date by an additional year to 2027. Both agreements were amended to transition from a reference rate using the LIBOR benchmark to a reference rate using a Term SOFR benchmark.

Deferred financing fees totaling $1.5 million associated with both amendments have been deferred and are being recognized to interest expense over the life of the agreements.

Covenants
Among other restrictions, our Revolving Credit Facility and 2021 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, 2022 was 2.84, which is below the maximum leverage of 3.50 at September 30, 2022. As amended pursuant to the Revolving Credit Agreement discussed within our 2021 Form 10-K, the maximum leverage ratio stepped down to 3.50 for the period ending December 31, 2021 and future quarters thereafter. Our actual interest coverage for the four consecutive quarters ended September 30, 2022 was 9.35, which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at September 30, 2022.