Debt

Debt maturing within one year:



(in Millions)	March 31, 2018		December 31, 2017
Short-term foreign debt ⁽¹⁾	$	43.8	$	91.4
Commercial paper ⁽²⁾	184.4		—
Total short-term debt	$	228.2	$	91.4
Current portion of long-term debt	100.7		101.2
Short-term debt and current portion of long-term debt	$	328.9	$	192.6

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(1)	At March 31, 2018, the average interest rate on the borrowings was 7.9%.


(2)	At March 31, 2018, the average effective interest rate on the borrowings was 2.5%.

Long-term debt:



(in Millions)	March 31, 2018
(in Millions)	Interest Rate Percentage	Maturity Date	March 31, 2018			December 31, 2017
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively)	1.9 - 6.5%	2021 - 2032	$	51.6		$	51.6
Senior notes (less unamortized discount of $1.0 and $1.1, respectively)	3.95 - 5.2%	2019 - 2024	999.0			998.9
2014 Term Loan Facility	3.1%	2020	450.0			450.0
2017 Term Loan Facility	3.1%	2022	1,500.0			1,500.0
Revolving Credit Facility ⁽¹⁾	4.4%	2022	—			—
Foreign debt	0 - 10.8%	2018 - 2024	105.6			106.9
Debt issuance cost			(12.3		)	(13.2		)
Total long-term debt			$	3,093.9		$	3,094.2
Less: debt maturing within one year			100.7			101.2
Total long-term debt, less current portion			$	2,993.2		$	2,993.0

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(1)	Letters of credit outstanding under our Revolving Credit Facility totaled $157.5 million and available funds under this facility were $1,158.0 million at March 31, 2018.

Covenants

Among other restrictions, our Revolving Credit Facility and both 2014 and 2017 Term Loan Facilities contain 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 March 31, 2018 was 2.8, which is below the maximum leverage of 4.75 at March 31, 2018. Our actual interest coverage for the four consecutive quarters ended March 31, 2018 was 11.5, which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at March 31, 2018.