Debt

The Company's outstanding debt was as follows:



	March 31, 2018						December 31, 2017
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	$	32		$	32		$	62		$	62

Long-term debt
Senior secured borrowings:
Revolving credit facilities	$	749		$	749		$	122		$	122
Term loan facilities
U.S. dollar at LIBOR + 1.50% due 2022	736			730			741			735
Euro at EURIBOR + 1.50% due 2022¹	330			330			324			324
Senior notes and debentures:
€650 at 4.0% due 2022	801			795			781			774
U. S. dollar at 4.50% due 2023	1,000			992			1,000			992
€335 at 2.250% due 2023	413			407			—			—
€600 at 2.625% due 2024	739			732			720			713
€600 at 3.375% due 2025	739			730			720			711
U.S. dollar at 4.25% due 2026	400			393			400			393
U.S. dollar at 4.75% due 2026	875			863			—			—
U.S. dollar at 7.375% due 2026	350			347			350			347
€500 at 2.875% due 2026	616			608			—			—
U.S. dollar at 7.50% due 2096	40			40			40			40
Other indebtedness in various currencies	94			94			101			101
Capital lease obligations	29			29			29			29
Total long-term debt	7,911			7,839			5,328			5,281
Less current maturities	(61		)	(61		)	(64		)	(64		)
Total long-term debt, less current maturities	$	7,850		$	7,778		$	5,264		$	5,217

(1) €268 and €270 at March 31, 2018 and December 31, 2017.

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 $7,993 at March 31, 2018 and $5,562 at December 31, 2017.

In January 2018, the Company amended its revolving credit agreements, effective as of April 2018, to provide capacity of $1,650 under the revolving credit facility upon completion of the Signode acquisition and extend the timetable for compliance with total leverage ratios.

In January 2018, the Company issued $875 principal amount of 4.750% 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.

In January 2018, the Company also issued €500 ($616 at March 31, 2018) principal amount of 2.875% senior unsecured notes due 2026 and €335 ($413 at March 31, 2018) principal amount of 2.250% senior unsecured notes due 2023. 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.

In April 2018, the Company borrowed $100 Term A loans and $1,150 Term B loans under its U.S. dollar term loan facility and €750 ($924 at March 31, 2018) additional Term B loans under its European term loan facility. The Term B loans mature on April 3, 2025 and interest rates are based on LIBOR or EURIBOR plus a margin of 1.00% up to 2.375%.