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Debt including Finance Lease Obligations | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt including Finance Lease Obligations | Debt including Finance Lease Obligations Current and long-term debt including finance lease obligations consisted of the following:
| June 30, 2020 |  |  |  |  |  |
In millions, except percentages | Interest rate |  | Maturity date |  | June 30, 2020 |  | December 31, 2019
Revolving Credit Facility (1) | 1.67% |  | 2023 |  | $ | 220.0 |  |  | $ | 131.3 |
Term Loans | 1.71% |  | 2022-2023 |  | 731.2 |  |  | 740.6 |
Senior Notes | 4.50% |  | 2026 |  | 300.0 |  |  | 300.0 |
Finance lease obligations | 7.67% |  | 2027 |  | 80.0 |  |  | 80.0 |
Other | 4.86% |  | 2020-2021 |  | 5.1 |  |  | 5.9 |
Total debt including finance lease obligations |  |  |  |  | 1,336.3 |  |  | 1,257.8 |
Less: debt issuance costs |  |  |  |  | 6.1 |  |  | 6.9 |
Total debt including finance lease obligations, net of debt issuance costs |  |  |  |  | 1,330.2 |  |  | 1,250.9 |
Less: debt maturing within one year (2) |  |  |  |  | 21.7 |  |  | 22.5 |
Long-term debt including finance lease obligations |  |  |  |  | $ | 1,308.5 |  |  | $ | 1,228.4 |
______________ (1) Letters of credit outstanding under the revolving credit facility were $2.2 million and undrawn capacity under the facility was $527.8 million at June 30, 2020. (2) Debt maturing within one year is included in "Notes payable and current maturities of long-term debt" on the condensed consolidated balance sheets. Debt Covenants Our 4.50 percent senior unsecured notes due in 2026 (the "Senior Notes") contain certain customary covenants (including covenants limiting Ingevity's and its restricted subsidiaries’ ability to grant or permit liens on certain property securing debt, declare or pay dividends, make distributions on or repurchase or redeem capital stock, make investments in unrestricted subsidiaries, engage in sale and lease-back transactions, and engage in a consolidation or merger, or sell, transfer or otherwise dispose of all or substantially all of the assets of our and our restricted subsidiaries, taken as a whole, subject, in each of the above cases, to certain qualifications and exceptions) and events of default (subject in certain cases to customary exceptions, as well as grace and cure periods). The occurrence of an event of default under the Senior Notes could result in the acceleration of the Senior Notes and could cause a cross-default that could result in the acceleration of other indebtedness of Ingevity and its subsidiaries. The revolving credit facility and term loans contain customary default provisions, including defaults for non-payment, breach of representations and warranties, insolvency, non-compliance with covenants and cross-defaults to other material indebtedness. The occurrence of an uncured event of default under the revolving credit facility and term loans could result in all loans and other obligations becoming immediately due and payable and the facilities being terminated. The revolving credit facility and term loans' financial covenants require Ingevity to maintain on a consolidated basis a maximum total leverage ratio of 4.0 to 1.0 (which may be increased to 4.5 to 1.0 under certain circumstances) and a minimum interest coverage ratio of 3.0 to 1.0. Our actual leverage for the four consecutive quarters ended June 30, 2020 was 3.5, and our actual interest coverage for the four consecutive quarters ended June 30, 2020 was 7.2. We were in compliance with all covenants at June 30, 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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