v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
(in Millions)June 30, 2026December 31, 2025
Short-term foreign debt (1)
$66.5 $76.5 
Revolving Credit Facility (2)
250.5 643.0 
Total short-term debt$317.0 $719.5 
Current portion of long-term debt9.3 585.6 
Total short-term debt and current portion of long-term debt$326.3 $1,305.1 
____________________
(1)At June 30, 2026, the average effective interest rate on the borrowings was 12.8 percent.
(2)At June 30, 2026, the average effective interest rate on the borrowings was 5.9 percent.

Revolving Credit Facility
The Fifth Amended and Restated Credit Agreement, dated as of June 17, 2022 (the "Revolving Credit Facility") allows the Company to borrow up to $2 billion, with the option to increase the capacity of the facility up to $2.75 billion. As of June 30, 2026, borrowings under the Revolving Credit Facility were $250.5 million. In accordance with U.S. GAAP, we have classified the borrowings as short-term debt. The Company intends to refinance any draw under the line of credit with successive short-term borrowings, as needed, through the maturity date in 2028.
Letters of credit outstanding under the Revolving Credit Facility totaled $188.6 million and available funds under this facility were $1,560.9 million at June 30, 2026.
Long-term debt:
(in Millions)June 30, 2026  
Interest Rate PercentageMaturity
Date		June 30, 2026December 31, 2025
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 in each period)
6.45%
2032
$49.9 $49.9 
Senior notes (less unamortized discount of $1.3 and $1.4, respectively)
3.5% - 6.4%
2029 - 2053
1,998.7 2,498.6 
Senior Secured Notes8.0%20311,200.0 — 
Subordinated Notes8.45%2055750.0 750.0 
Foreign debt
12.3%
2026
9.3 86.0 
Debt issuance cost(44.3)(29.1)
Total long-term debt$3,963.6 $3,355.4 
Less: debt maturing within one year9.3 585.6 
Total long-term debt, less current portion$3,954.3 $2,769.8 
Senior Secured Notes
On June 5, 2026 the Company completed a private offering of $1.2 billion aggregate principal amount of 8.000% Senior Secured Notes due 2031 (the “Senior Secured Notes”). The Company used the net proceeds from this offering to redeem $500 million of the senior notes due October 1, 2026, repay outstanding borrowings under the Revolving Credit Facility, and for general corporate purposes including the repayment of other debt. The Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, by various subsidiaries of the Company organized under the laws of the United States, Switzerland, the Netherlands, Canada and Singapore (the “Subsidiary Guarantors”). The Senior Secured Notes are secured by first-priority liens on (i) substantially all of the assets of the Company and the Subsidiary Guarantors organized under the laws of the United States, Canada and Switzerland, other than certain excluded property and (ii) all the equity interests held by the Subsidiary Guarantors organized under the laws of Singapore and the Netherlands in their respective subsidiaries. In connection with the Senior Secured Notes, the Company is also subject to certain covenants and restrictions, including customary events of default, limits on the ability to pay dividends, and incur additional indebtedness.
Revolving Credit Facility Amendment
Among other restrictions, 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 April 2026, the Company amended its credit agreement to modify the maximum leverage ratio and the minimum interest coverage ratio for certain quarters. As defined in Amendment No. 6 (the "April 2026 Amendment"), the maximum leverage ratio shall not be tested in the first three quarters of 2026 and is then increased to 6.75 through the period ending December 31, 2027. The maximum leverage ratio will incrementally step down during the covenant relief period ending at 3.75 for the quarter ended March 31, 2029. The April 2026 Amendment also lowers the minimum interest coverage ratio to 2.00 through the period ending June 30, 2027. The minimum interest coverage ratio will incrementally step up during the covenant relief period ending at 3.50 for the quarter ended March 31, 2029.
To secure the obligations under the Revolving Credit Facility, the Company designated certain of its subsidiaries as guarantors and granted security interests in certain assets and pledged certain equity interests of the Company and those certain subsidiaries. The April 2026 Amendment also makes certain modifications to the negative covenants on liens, fundamental changes, and indebtedness, and adds negative covenants on transfers of material assets and other items. Additionally, the April 2026 Amendment establishes a maximum secured leverage ratio (measured as the ratio of secured debt to adjusted earnings) of not more than 3.50 as of the last day of each quarter. In June 2026, the Company entered into Amendment No. 7 to amend the limitation on liens in the Revolving Credit Facility and release the security interests on certain collateral that were previously granted by the Company and certain of its subsidiaries as collateral to secure the obligations under the Revolving Credit Facility. Financing fees associated with these amendments were not material, have been deferred and will be recognized as interest expense over the life of the agreement.
The maximum leverage ratio was not tested for the four consecutive quarters ended June 30, 2026 in connection with the April 2026 Amendment. Our actual interest coverage for the four consecutive quarters ended June 30, 2026 was 2.78, which is above the minimum interest coverage of 2.00. Our actual maximum secured leverage ratio for the four consecutive quarters ended June 30, 2026 was 1.66, which is below the newly established maximum secured leverage ratio of 3.50. We were in compliance with all covenants at June 30, 2026.