Debt



	2018						2017
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	$	89		$	89		$	62		$	62

Long-term debt
Senior secured borrowings:
Revolving credit facilities	—			—			122			122
Term loan facilities
U.S. dollar at LIBOR plus 1.75% due 2022	815			810			741			735
U.S. dollar at LIBOR plus 2.00% due 2025	887			864			—			—
Euro at EURIBOR plus 1.75% due 2022¹	301			301			324			324
Euro at EURIBOR plus 2.375% due 2025²	855			846			—			—
Senior notes and debentures:
€650 at 4.0% due 2022	745			740			781			774
U. S. dollar at 4.50% due 2023	1,000			993			1,000			992
€335 at 2.25% due 2023	384			380			—			—
€600 at 2.625% due 2024	688			682			720			713
€600 at 3.375% due 2025	688			681			720			711
U.S. dollar at 4.25% due 2026	400			394			400			393
U.S. dollar at 4.75% due 2026	875			863			—			—
U.S. dollar at 7.375% due 2026	350			348			350			347
€500 at 2.875% due 2026	573			566			—			—
U.S. dollar at 7.50% due 2096	40			40			40			40
Other indebtedness in various currencies:
Fixed rate with rates in 2018 from 4.0% to 7.5% due through 2036	62			62			96			96
Variable rate with average rates in 2018 of 4.3% due through 2022	4			4			5			5
Capital lease obligations	29			29			29			29
Total long-term debt	8,696			8,603			5,328			5,281
Less: current maturities	(86		)	(86		)	(64		)	(64		)
Total long-term debt, less current maturities	$	8,610		$	8,517		$	5,264		$	5,217

(1) €263 and €270 at December 31, 2018 and 2017

(2) €746 at December 31, 2018

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 $8,735 at December 31, 2018 and $5,562 at December 31, 2017.

The revolving credit facilities include provisions for letters of credit up to $300 that reduce the amount of borrowing capacity otherwise available. At December 31, 2018, the Company’s available borrowing capacity under the credit facilities was $1,582, equal to the facilities’ aggregate capacity of $1,650 less $68 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR, with a floor of zero, plus a margin of up to 2.375%, depending on the facility, based on the Company's leverage ratio. The revolving credit facilities and term loan facilities contain restrictions on the ability of the Company to, among other things, incur additional debt, pay dividends, repurchase capital stock and make certain restricted payments and requires the Company to maintain a leverage ratio of no greater than 6.5 times at December 31, 2018. The Company was in compliance with all covenants as of December 31, 2018.

The weighted average interest rates were as follows:



	2018		2017		2016
Short-term debt	1.4	%	1.4	%	2.7	%
Revolving credit facilities	3.2	%	3.3	%	3.8	%

Aggregate maturities of long-term debt including capital lease obligations and excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2018 are $86, $88, $76, $1,711 and $1,400. Cash payments for interest during 2018, 2017 and 2016 were $334, $225 and $217.

2018 Activity

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

In January 2018, the Company issued $875 principal amount of 4.75% 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 ($573 at December 31, 2018) principal amount of 2.875% senior unsecured notes due 2026 and €335 ($384 at December 31, 2018) principal amount of 2.25% 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 additional Term A loans and $1,150 Term B loans under its U.S. dollar term loan facility and €750 ($859 at December 31, 2018) additional Term B loans under its European term loan facility. The Term B loans mature in April 2025.