Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt

	September 30, 2024				December 31, 2023
	Principal		Carrying		Principal		Carrying
	outstanding		amount		outstanding		amount
Short-term debt	$	89	$	89	$	16	$	16
Long-term debt
Senior secured borrowings:
Revolving credit facilities	—		—		—		—
Term loan facilities
U.S. dollar due 2027	1,575		1,570		1,575		1,569
Euro due 20271	579		579		589		589
Senior notes and debentures:
€600 at 2.625% due 2024	—		—		663		662
€600 at 3.375% due 2025	668		668		663		662
U.S. dollar at 4.25% due 2026	400		398		400		398
U.S. dollar at 4.75% due 2026	875		871		875		871
U.S. dollar at 7.375% due 2026	350		350		350		350
€500 at 2.875% due 2026	557		556		552		550
€500 at 5.00% due 2028	557		551		552		544
€500 at 4.75% due 2029	557		550		552		544
€600 at 4.50% due 2030	668		658		—		—
U.S. dollar at 5.25% due 2030	500		495		500		494
U.S. dollar at 7.50% due 2096	40		40		40		40
Other indebtedness in various currencies	135		135		185		185
Total long-term debt	7,461		7,421		7,496		7,458
Less current maturities	(749)		(749)		(759)		(759)
Total long-term debt, less current maturities	$	6,712	$	6,672	$	6,737	$	6,699

(1) €520 and €533 at September 30, 2024 and December 31, 2023

The estimated fair value of the Company’s debt, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $7,596 at September 30, 2024 and $7,484 at December 31, 2023.

In August 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 issued at par by its subsidiary Crown European Holdings S.A. The Company paid $10 in issuance costs that will be amortized over the term of the notes. The Company used the August 2024 note issuance proceeds to repay the €600 principal amount of 2.625% senior unsecured notes due September 2024.

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 September 30, 2024 and at December 31, 2023.