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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
Debt maturing within one year consists of the following:
December 31,
(in Millions)20242023
Short-term foreign debt (1)
$135.7 $98.0 
Commercial paper (2)
125.6 739.5 
Total short-term debt$261.3 $837.5 
Current portion of long-term debt76.1 96.5 
Total short-term debt and current portion of long-term debt (3)
$337.4 $934.0 
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(1)At December 31, 2024, the average effective interest rate on the borrowings was 10.6 percent.
(2)At December 31, 2024, the average effective interest rate on the borrowings was 5.0 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:
Long-term debt consists of the following:
(in Millions)December 31, 2024December 31,
Interest Rate
Percentage
Maturity
Date
20242023
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 $1.6 and $1.8, respectively)
3.2% - 6.4%
2026 - 2053
2,998.4 2,998.2 
Revolving Credit Facility (1)
7.1%2027— — 
Foreign debt
12.2% - 12.6%
2025
76.1 96.5 
Debt issuance cost(20.4)(24.5)
Total long-term debt$3,104.0 $3,120.1 
Less: debt maturing within one year76.1 96.5 
Total long-term debt, less current portion$3,027.9 $3,023.6 
___________________________
(1)Letters of credit outstanding under the Revolving Credit Facility totaled $210.1 million and available funds under this facility were $1,664.3 million at December 31, 2024.
Maturities of long-term debt
Maturities of long-term debt outstanding, excluding discounts, at December 31, 2024, are $76.1 million in 2025, $1,000.0 million in 2026, zero in 2027, zero in 2028, $500.0 million in 2029 and $1,550.0 million thereafter.
Covenants
Among other restrictions, the Fifth Amended and Restated Credit Agreement, dated as of June 17, 2022 (the "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). Our actual leverage for the four consecutive quarters ended December 31, 2024 was 3.72, which is below the maximum leverage of 5.00. Our actual interest coverage for the four consecutive quarters ended December 31, 2024 was 3.90, which is above the minimum interest coverage of 3.00. We were in compliance with all covenants at December 31, 2024.
Revolving Credit Facility Amendments
On February 3, 2025, we entered into Amendment No. 3 to our Revolving Credit Facility to amend the maximum leverage ratio and minimum interest coverage ratio to provide additional financial flexibility given current market challenges. As defined in the amendment, the maximum leverage ratio is increased to 5.25 through the period ending September 30, 2025 and will incrementally step down during the covenant relief period ending at 3.75 for the quarter ended December 31, 2027. The amendment also maintains the minimum interest coverage ratio at 3.00 through the quarter ended December 31, 2025. The minimum interest coverage ratio will return to 3.50 beginning with the quarter ended March 31, 2026. On February 11, 2025, we entered into Amendment No. 4 to our Revolving Credit Facility. As defined in the amendment, the maturity date of the facility was extended to June 17, 2028. Financing fees associated with both amendments, which were not material, have been deferred and will be recognized as interest expense over the life of the agreement.