Debt



	2016						2015
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	$	33		$	33		$	54		$	54

Long-term debt
Senior secured borrowings:
Revolving credit facilities
Term loan facilities
U.S. dollar at LIBOR plus 1.75% due 2018	654			649			831			821
Euro at EURIBOR plus 1.75% due 2018¹	61			61			723			714
Farm credit facility at LIBOR plus 2.00% due 2019	351			347			355			350
Senior notes and debentures:
U.S. dollar at 6.25% due 2021	—			—			700			694
€650 at 4.0% due 2022	684			676			706			697
U. S. dollar at 4.50% due 2023	1,000			991			1,000			989
€600 at 2.625% due 2024	631			623			—			—
€600 at 3.375% due 2025	631			622			652			642
U.S. dollar at 4.25% due 2026	400			393			—			—
U.S. dollar at 7.375% due 2026	350			347			350			346
U.S. dollar at 7.50% due 2096	45			45			45			45
Other indebtedness in various currencies
Fixed rate with rates in 2016 from 3.94% to 8.5% due through 2036	122			122			146			146
Variable rate with average rates in 2016 of 2.15% due through 2018	2			2			20			20
Total long-term debt	4,931			4,878			5,528			5,464
Less: current maturities	(162		)	(161		)	(211		)	(209		)
Total long-term debt, less current maturities	$	4,769		$	4,717		$	5,317		$	5,255

(1) €58 and €665 at December 31, 2016 and 2015.

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 $5,043 at December 31, 2016 and $5,540 at December 31, 2015.

The revolving credit facilities include provisions for letters of credit up to $210 that reduce the amount of borrowing capacity otherwise available. At December 31, 2016, the Company’s available borrowing capacity under the credit facilities was $1,158, equal to the facilities’ aggregate capacity of $1,200 less $42 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR plus a margin of 1.50% up to 2.00% based on the Company's total net leverage ratio. The revolving credit facilities and term loans contain financial covenants including an interest coverage ratio and a total net leverage ratio.

The weighted average interest rates were as follows:



	2016		2015		2014
Short-term debt	2.7	%	3.0	%	2.7	%
Revolving credit facilities	3.8	%	4.4	%	4.4	%

Aggregate maturities of long-term debt for the five years subsequent to 2016, excluding unamortized discounts and debt issuance costs, are $162, $623, $364, $17 and $18. Cash payments for interest during 2016, 2015 and 2014 were $217, $249 and $231.

2016 Activity

In February 2016, the Company amended its credit agreement to provide for an additional $300 of term loan borrowings, the proceeds of which, along with borrowings under the revolving credit facilities and cash on hand were used to redeem the Company's

$700 6.25% senior notes due 2021. In connection with the redemption, the Company recorded a loss from early extinguishment of debt of $27 for premiums paid and the write-off of deferred financing fees.

In September 2016, the Company issued €600 ($631 at December 31, 2016) principal amount of 2.625% senior unsecured notes due 2024. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used the proceeds to repay a portion of the Euro term loan facility. In connection with the repayment, the Company recorded a loss from early extinguishment of debt of $7 for the write-off of deferred financing fees.

In September 2016, the Company also issued $400 principal amount of 4.25% senior unsecured notes due 2026. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used the proceeds to repay a portion of the U.S dollar term loan facility. In connection with the repayment, the Company recorded a loss from early extinguishment of debt of $3 for the write-off of deferred financing fees.

2015 Activity

In February 2015, to fund the acquisition of Empaque as described in Note B, the Company borrowed an additional $75 under its U.S. dollar term loan facility due in December 2018 and $675 under a U.S. dollar term loan facility.

In May 2015, the Company issued €600 ($652 at December 31, 2015) principal amount of 3.375% senior unsecured notes due 2025. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used these proceeds to repay the U.S. dollar term loan facility due in February 2022. In connection with the repayment of the term loan facility, the Company recorded a loss from early extinguishment of debt of $9 for the write off of deferred financing fees.