Debt



	2017						2016
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	62			62			33			33

Long-term debt
Senior secured borrowings:
Revolving credit facilities	122			122			—			—
Term loan facilities
U.S. dollar at LIBOR plus 1.50% due 2022	741			735			654			649
Euro at EURIBOR plus 1.50% due 2022¹	324			324			61			61
Farm credit facility at LIBOR plus 2.00% due 2019	—			—			351			347
Senior notes and debentures:
€650 at 4.0% due 2022	781			774			684			676
U. S. dollar at 4.50% due 2023	1,000			992			1,000			991
€600 at 2.625% due 2024	720			713			631			623
€600 at 3.375% due 2025	720			711			631			622
U.S. dollar at 4.25% due 2026	400			393			400			393
U.S. dollar at 7.375% due 2026	350			347			350			347
U.S. dollar at 7.50% due 2096	40			40			45			45
Other indebtedness in various currencies
Fixed rate with rates in 2017 from 3.94% to 7.5% due through 2036	96			96			122			122
Variable rate with average rates in 2017 of 2.81% due through 2019	5			5			2			2
Capital lease obligations	29			29			—			—
Total long-term debt	5,328			5,281			4,931			4,878
Less: current maturities	(64		)	(64		)	(162		)	(161		)
Total long-term debt, less current maturities	$	5,264		$	5,217		$	4,769		$	4,717

(1) €270 and €58 at December 31, 2017 and 2016.

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 $5,562 at December 31, 2017 and $5,043 at December 31, 2016.

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, 2017, the Company’s available borrowing capacity under the credit facilities was $1,236, equal to the facilities’ aggregate capacity of $1,400 less $122 of borrowings outstanding and $42 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR plus a margin of 1.25% up to 1.75% based on the Company's total net leverage ratio. The revolving credit facilities and term loans contain a total net leverage ratio financial covenant.

The weighted average interest rates were as follows:



	2017		2016		2015
Short-term debt	1.4	%	2.7	%	3.0	%
Revolving credit facilities	3.3	%	3.8	%	4.4	%

Aggregate maturities of long-term debt including capital lease obligations and excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2017 are $64, $71, $77, $63 and $1,789. Cash payments for interest during 2017, 2016 and 2015 were $225, $217 and $249.

2017 Activity

In April 2017, the Company amended its credit agreement to provide for a $1,400 revolving credit facility, a $750 Term A Facility and a €275 Term Euro Facility, which matures in 2022. In connection with the amendment, the Company recorded a loss from early extinguishment of debt of $7 for the write-off of deferred financing fees.

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 principal amount of 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 ($720 at December 31, 2017) 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.