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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
(in Millions)June 30, 2024December 31, 2023
Short-term foreign debt (1)
$116.9 $98.0 
Commercial paper (2)
952.0 739.5 
Total short-term debt$1,068.9 $837.5 
Current portion of long-term debt84.4 96.5 
Total short-term debt and current portion of long-term debt (3)
$1,153.3 $934.0 
____________________
(1)At June 30, 2024, the average effective interest rate on the borrowings was 11.6 percent.
(2)At June 30, 2024, the average effective interest rate on the borrowings was 6.1 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, 2024  
Interest Rate PercentageMaturity
Date		June 30, 2024December 31, 2023
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 $1.7 and $1.8, respectively)
3.2% - 6.4%
2026 - 2053
2,998.3 2,998.2 
Revolving Credit Facility (1)
8.0%2027— — 
Foreign debt
12.2% - 17.4%
2024 - 2025
84.4 96.5 
Debt issuance cost(22.4)(24.5)
Total long-term debt$3,110.2 $3,120.1 
Less: debt maturing within one year84.4 96.5 
Total long-term debt, less current portion$3,025.8 $3,023.6 
____________________
(1)Letters of credit outstanding under our Revolving Credit Facility totaled $252.6 million and available funds under this facility were $795.4 million at June 30, 2024.
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). The maximum leverage ratio through the period ending June 30, 2024 is 6.50 and will incrementally step down over time ending at 3.75 for the quarter ended September 30, 2025. Our actual leverage for the four consecutive quarters ended June 30, 2024 was 5.35, which is below the maximum leverage of 6.50. The minimum interest coverage ratio is 2.50 through the period ending September 30, 2024 and will incrementally increase over time ending at 3.50 for the quarter ended September 30, 2025. Our actual interest coverage for the four consecutive quarters ended June 30, 2024 was 3.13, which is above the minimum interest coverage of 2.50. We were in compliance with all covenants at June 30, 2024.