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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
(in Millions)September 30, 2025December 31, 2024
Short-term foreign debt (1)
$201.5 $135.7 
Commercial paper (2)
981.8 125.6 
Total short-term debt$1,183.3 $261.3 
Current portion of long-term debt88.4 76.1 
Total short-term debt and current portion of long-term debt (3)
$1,271.7 $337.4 
____________________
(1)At September 30, 2025, the average effective interest rate on the borrowings was 8.9 percent.
(2)At September 30, 2025, 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:
(in Millions)September 30, 2025  
Interest Rate PercentageMaturity
Date		September 30, 2025December 31, 2024
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 $1.4 and $1.6, respectively)
3.2% - 6.4%
2026 - 2053
2,498.6 2,998.4 
Subordinated Notes8.45%2055750.0 — 
Revolving Credit Facility (1)
6.8%2028— — 
Foreign debt
12.6% - 17.1%
2025 - 2026
88.4 76.1 
Debt issuance cost(28.0)(20.4)
Total long-term debt$3,358.9 $3,104.0 
Less: debt maturing within one year88.4 76.1 
Total long-term debt, less current portion$3,270.5 $3,027.9 
____________________
(1)Letters of credit outstanding under our Revolving Credit Facility totaled $209.8 million and available funds under this facility were $808.4 million at September 30, 2025.
Subordinated Notes
On May 27, 2025, the Company completed the sale of $750 million aggregate principal amount of 8.45% Subordinated Notes due November 1, 2055. The Company used the net proceeds from this offering to redeem $500 million of the senior notes due May 18, 2026 and for general corporate purposes. The Company paid a make-whole premium of $3.3 million in connection with the early redemption of the senior notes, which is recorded within "Non-operating pension, postretirement and other charges (income)" on the consolidated statement of income (loss).
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). In February 2025, the Company amended its credit agreement 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.
Our actual leverage for the four consecutive quarters ended September 30, 2025 was 4.94, which is below the maximum leverage of 5.25. Our actual interest coverage for the four consecutive quarters ended September 30, 2025 was 3.93, which is above the minimum interest coverage of 3.00. We were in compliance with all covenants at September 30, 2025.