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Debt including Finance Lease Obligations
 3 Months Ended
Mar. 31, 2023
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:
In millions, except percentagesMarch 31, 2023December 31, 2022
Revolving Credit Facility and other lines of credit (1)
$858.0 $828.0 
3.88% Senior Notes due 2028
550.0 550.0 
Finance lease obligations101.6 101.9 
Total debt including finance lease obligations$1,509.6 $1,479.9 
Less: debt issuance costs6.2 6.5 
Total debt, including finance lease obligations, net of debt issuance costs$1,503.4 $1,473.4 
Less: debt maturing within one year (2)
0.9 0.9 
Long-term debt including finance lease obligations$1,502.5 $1,472.5 
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(1) Letters of credit outstanding under the revolving credit facility were $2.3 million and $2.3 million and available funds under the facility were $139.7 million and $169.7 million at March 31, 2023 and December 31, 2022, respectively.
(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 indentures 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 Ingevity and our restricted subsidiaries, taken as a whole) 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 2028 Senior Notes could result in the acceleration of the notes of such series and could cause a cross-default resulting in the acceleration of other indebtedness of Ingevity and its subsidiaries. We were in compliance with all covenants under the indenture as of March 31, 2023.
The credit agreements governing our revolving credit facility 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 credit agreement could result in all loans and other obligations becoming immediately due and payable and our revolving credit facility being terminated. The credit agreement also contains certain customary covenants, including financial covenants. The revolving credit facility financial covenants require Ingevity to maintain on a consolidated basis a maximum total net 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. As calculated per the credit agreement, our net leverage for the four consecutive quarters ended March 31, 2023 was 2.6, and our actual interest coverage for the four consecutive quarters ended March 31, 2023 was 8.9. We were in compliance with all covenants under the credit agreement at March 31, 2023.