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Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
(in Millions)June 30, 2023December 31, 2022
Short-term foreign debt (1)
$162.8 $81.8 
Commercial paper (2)
1,001.5 370.5 
Total short-term debt$1,164.3 $452.3 
Current portion of long-term debt496.2 88.5 
Total short-term debt and current portion of long-term debt (3)
$1,660.5 $540.8 
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(1)At June 30, 2023, the average effective interest rate on the borrowings was 13.6 percent.
(2)At June 30, 2023, the average effective interest rate on the borrowings was 5.9 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)June 30, 2023  
Interest Rate PercentageMaturity
Date		June 30, 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 $1.9 and $0.6, respectively) (2)
3.20% - 6.40%
2024 - 2053
3,398.1 1,899.4 
2021 Term Loan Facility—%2024— 800.0 
Revolving Credit Facility (1)
7.70%2027— — 
Foreign debt
0% - 17.90%
2023 - 2024
96.1 88.5 
Debt issuance cost(25.9)(16.1)
Total long-term debt$3,518.2 $2,821.7 
Less: debt maturing within one year496.2 88.5 
Total long-term debt, less current portion$3,022.0 $2,733.2 
____________________
(1)Letters of credit outstanding under our Revolving Credit Facility totaled $243.1 million and available funds under this facility were $755.4 million at June 30, 2023.
Senior Notes
On May 18, 2023, we issued $500 million aggregate principal amount of 5.150% Senior Notes due 2026, $500 million aggregate principal amount of 5.650% Senior Notes due 2033 and $500 million aggregate principal amount of 6.375% Senior Notes due 2053 (together the "Senior Notes"). The net proceeds from the offering were used to pay down both outstanding commercial paper and the 2021 Term Loan Facility as well as for general corporate purposes.
Covenants
Among other restrictions, our Revolving Credit Facility contains 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). On June 30, 2023, the Company entered into Amendment No. 1 to that certain Fifth Amended and Restated Credit Agreement, dated as of June 17, 2022, which increased the maximum leverage ratio to 4.0 through the period ending March 31, 2024. The maximum leverage ratio will step down to 3.75 for the quarter ending June 30, 2024 and thereafter. Our actual leverage for the four consecutive quarters ended June 30, 2023 was 3.55, which is below the maximum leverage of 4.00 at June 30, 2023. Our actual interest coverage for the four consecutive quarters ended June 30, 2023 was 5.84, which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at June 30, 2023.