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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt DebtDebt maturing within one year:
(in Millions)March 31, 2023December 31, 2022
Short-term foreign debt (1)
$182.0 $81.8 
Commercial paper (2)
1,205.7 370.5 
Total short-term debt$1,387.7 $452.3 
Current portion of long-term debt490.9 88.5 
Total short-term debt and current portion of long-term debt (3)
$1,878.6 $540.8 
____________________
(1)At March 31, 2023, the average effective interest rate on the borrowings was 11.6 percent.
(2)At March 31, 2023, the average effective interest rate on the borrowings was 5.76 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 including any current portion of long-term debt.

Long-term debt:
(in Millions)March 31, 2023  
Interest Rate PercentageMaturity
Date		March 31, 2023December 31, 2022
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 $0.5 and $0.6, respectively)
3.20% - 4.50%
2024 - 2049
1,899.5 1,899.4 
2021 Term Loan Facility5.90%2024800.0 800.0 
Revolving Credit Facility (1)
7.50%2027— — 
Foreign debt
0% - 17.90%
2023 - 2024
90.9 88.5 
Debt issuance cost(15.4)(16.1)
Total long-term debt$2,824.9 $2,821.7 
Less: debt maturing within one year490.9 88.5 
Total long-term debt, less current portion$2,334.0 $2,733.2 
____________________
(1)Letters of credit outstanding under our Revolving Credit Facility totaled $167.4 million and available funds under this facility were $626.9 million at March 31, 2023.

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 March 31, 2023 was 3.08, which is below the maximum leverage of 3.50 at March 31, 2023. Our actual interest coverage for the four consecutive quarters ended March 31, 2023 was 7.86, which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at March 31, 2023.