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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
Debt maturing within one year consists of the following:
December 31,
(in Millions)20222021
Short-term foreign debt (1)
$81.8 $112.2 
Commercial paper (2)
370.5 244.1 
Total short-term debt$452.3 $356.3 
Current portion of long-term debt88.5 84.5 
Total short-term debt and current portion of long-term debt (3)
$540.8 $440.8 
____________________
(1)At December 31, 2022, the average effective interest rate on the borrowings was 16.7 percent.
(2)At December 31, 2022, the average effective interest rate on the borrowings was 4.90 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:
Long-term debt consists of the following:
(in Millions)December 31, 2022December 31,
Interest Rate
Percentage
Maturity
Date
20222021
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 discounts of $0.6 and $0.7, respectively)
3.2% - 4.5%
2024 - 2049
1,899.4 1,899.3 
2021 Term Loan Facility5.4%2024800.0 800.0 
Revolving Credit Facility (1)
7.1%2027— — 
Foreign debt
0% - 17.9%
2023 - 2024
88.5 84.7 
Debt issuance cost(16.1)(17.7)
Total long-term debt$2,821.7 $2,816.2 
Less: debt maturing within one year88.5 84.5 
Total long-term debt, less current portion$2,733.2 $2,731.7 
____________________ 
(1)Letters of credit outstanding under the Revolving Credit Facility totaled $160.0 million and available funds under this facility were $1,469.5 million at December 31, 2022.

Revolving Credit Facility Amendment
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.

2021 Term Loan Facility
On November 22, 2021, we borrowed $1.0 billion under our previously announced senior unsecured term loan facility ("2021 Term Loan Facility"). The proceeds of the borrowing were used to pay off the 2017 Term Loan Facility and Senior Notes maturing in 2022. The scheduled maturity of the 2021 Term Loan Facility is on the third anniversary of this closing date. The 2021 Term Loan Facility contains financial and other covenants, which are consistent with those in the covenants of the Revolving Credit Facility, including a maximum leverage ratio of 3.5 and minimum interest coverage ratio of 3.5 as of the last day of each fiscal quarter.
Maturities of long-term debt
Maturities of long-term debt outstanding, excluding discounts, at December 31, 2022, are $88.5 million in 2023, $1,200.0 million in 2024, $0.0 million in 2025, $500.0 million in 2026, $0.0 million in 2027 and $1,050.0 million thereafter.
Covenants
Among other restrictions, the 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 December 31, 2022 was 2.34 which is below the maximum leverage of 3.50. Our actual interest coverage for the four consecutive quarters ended December 31, 2022 was 8.96 which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at December 31, 2022.