Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt

	September 30, 2025				December 31, 2024
	Principal		Carrying		Principal		Carrying
	outstanding		amount		outstanding		amount
Short-term debt	$	142	$	142	$	66	$	66
Long-term debt
Senior secured borrowings:
Revolving credit facilities	—		—		—		—
Term loan facilities
U.S. dollar due 2027	1,175		1,173		1,175		1,171
Euro due 20271	586		586		538		538
Senior notes and debentures:
U.S. dollar at 4.25% due 2026	400		399		400		399
U.S. dollar at 4.75% due 2026	—		—		875		873
U.S. dollar at 7.375% due 2026	350		350		350		350
€500 at 2.875% due 2026	587		586		518		517
€500 at 5.00% due 2028	587		582		518		513
€500 at 4.75% due 2029	587		582		518		513
€600 at 4.50% due 2030	704		696		621		611
U.S. dollar at 5.25% due 2030	500		496		500		495
U.S. dollar at 5.875% due 2033	700		690		—		—
U.S. dollar at 7.50% due 2096	40		40		40		40
Other indebtedness in various currencies	67		67		118		118
Total long-term debt	6,283		6,247		6,171		6,138
Less current maturities	(472)		(472)		(80)		(80)
Total long-term debt, less current maturities	$	5,811	$	5,775	$	6,091	$	6,058

(1) €500 and €520 at September 30, 2025 and December 31, 2024

In May 2025, the Company issued $700 principal amount of 5.875% senior unsecured notes due 2033 issued at par by its subsidiary Crown Americas LLC and used the proceeds, together with cash on hand, to redeem the $875 principal amount of 4.75% senior unsecured notes due February 2026. The Company paid $10 in issuance costs that will be amortized over the term of the notes.

In October 2025, the Company issued €500 principal amount of 3.75% senior unsecured notes due 2031 issued at par by its subsidiary Crown European Holdings S.A. and used the proceeds, together with cash on hand, to redeem the €500 principal amount of 2.875% senior unsecured notes due February 2026.

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 $6,500 at September 30, 2025 and $6,255 at December 31, 2024.

The U.S. dollar term loan interest rate was SOFR plus 1.10% and the Euro term loan interest rate was EURIBOR plus 1.00% at September 30, 2025 and at December 31, 2024.