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Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Debt

The Company's outstanding debt was as follows:

	September 30, 2019								December 31, 2018
	Principal				Carrying				Principal				Carrying
	outstanding				amount				outstanding				amount
Short-term debt	$	134			$	134			$	89			$	89
Long-term debt
Senior secured borrowings:
Revolving credit facilities	66				66				—				—
Term loan facilities
U.S. dollar at LIBOR + 1.75% due 2022	789				785				815				810
U.S. dollar at LIBOR + 2.00% due 2025	617				610				887				864
Euro at EURIBOR + 1.75% due 20221	277				277				301				301
Euro at EURIBOR + 2.375% due 20252	807				796				855				846
Senior notes and debentures:
€650 at 4.0% due 2022	709				705				745				740
U. S. dollar at 4.50% due 2023	1,000				995				1,000				993
€335 at 2.25% due 2023	365				360				384				380
€600 at 2.625% due 2024	654				649				688				682
€600 at 3.375% due 2025	654				648				688				681
U.S. dollar at 4.25% due 2026	400				395				400				394
U.S. dollar at 4.75% due 2026	875				862				875				863
U.S. dollar at 7.375% due 2026	350				348				350				348
€500 at 2.875% due 2026	545				538				573				566
U.S. dollar at 7.50% due 2096	40				40				40				40
Other indebtedness in various currencies	55				55				66				66
Total long-term debt	8,203				8,129				8,667				8,574
Less current maturities	(87		)		(87		)		(81		)		(81		)
Total long-term debt, less current maturities	$	8,116			$	8,042			$	8,586			$	8,493

(1) €254 and €263 at September 30, 2019 and December 31, 2018

(2) €741 and €746 at September 30, 2019 and 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 $8,724 at September 30, 2019 and $8,735 at December 31, 2018.

In October 2019, the Company issued €550 ($600 at September 30, 2019) principal amount 0.75% 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. The Company used these proceeds to repay portion of the Euro term loan facility due 2025. In connection with repayment of the term loan facility, the Company expects to record a loss from early extinguishment of debt of $8 to write off deferred financing fees.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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