Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

    The Company's outstanding debt was as follows:

	September 30, 2022				December 31, 2021
	Principal		Carrying		Principal		Carrying
	outstanding		amount		outstanding		amount
Short-term debt	$	83	$	83	$	75	$	75
Long-term debt
Senior secured borrowings:
Revolving credit facilities	421		421		50		50
Term loan facilities
U.S. dollar due 2027	1,800		1,791		—		—
U.S. dollar due 2024	—		—		1,002		997
Euro due 20271	529		529		—		—
Euro due 20241	—		—		344		344
Senior notes and debentures:
€335 at 2.25% due 2023	—		—		381		380
€550 at 0.75% due 2023	—		—		626		624
€600 at 2.625% due 2024	588		586		683		680
€600 at 3.375% due 2025	588		586		683		679
U.S. dollar at 4.25% due 2026	400		397		400		396
U.S. dollar at 4.75% due 2026	875		869		875		867
U.S. dollar at 7.375% due 2026	350		348		350		348
€500 at 2.875% due 2026	491		487		570		565
U.S. dollar at 5.25% due 2030	500		493		—		—
U.S. dollar at 7.50% due 2096	40		40		40		40
Other indebtedness in various currencies	256		256		217		217
Total long-term debt	6,838		6,803		6,221		6,187
Less current maturities	(94)		(94)		(136)		(135)
Total long-term debt, less current maturities	6,744		6,709		6,085		6,052

(1) €540 and €303 at September 30, 2022 and December 31, 2021.

The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $6,691 at September 30, 2022 and $6,548 at December 31, 2021.

In March 2022, the Company issued $500 principal amount of 5.250% senior unsecured notes due 2030. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and substantially all of its U.S. subsidiaries. The Company paid $7 in issuance costs that will be amortized over the term of the notes.

In August 2022, the Company amended the credit agreement governing its senior secured credit facilities. The Amendment extends the agreement’s maturity to August 2027 and increases the commitments under several of the Company’s existing facilities. The Company’s commitments under its credit agreement include $800 million in U.S. dollar denominated revolving commitments, $800 million in multicurrency revolving commitments, $50 million in Canadian dollar-denominated revolving commitments, $1.8 billion in Term Loan A commitments, and €540 million in Term Euro commitments. At September 30, 2022, the U.S. dollar term loan interest rate was SOFR plus 1.35% and the Euro term loan interest rate was EURIBOR plus 1.25%. At December 31, 2021, the U.S. dollar term loan interest rate was LIBOR plus 1.20% and the Euro term loan interest rate was EURIBOR plus 1.20%.

In September 2022, the Company redeemed all of its €335 2.25% senior notes due 2023 and its €550 0.75% senior notes due 2023. In connection with the amended credit agreement and early redemption of senior notes, the Company

recorded a loss from early extinguishment of debt of $11 in the third quarter of 2022 for premium payments and the write-off of deferred financing fees.