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Debt | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt
| 2020 |  | 2019
| Principal |  | Carrying |  | Principal |  | Carrying
| outstanding |  | amount |  | outstanding |  | amount
Short-term debt | $ | 121 |  |  | $ | 121 |  |  | $ | 75 |  |  | $ | 75 |
Long-term debt |  |  |  |  |  |  |
Senior secured borrowings: |  |  |  |  |  |  |
Term loan facilities |  |  |  |  |  |  |
U.S. dollar at LIBOR plus 1.5% due 2024 | 1,029 |  |  | 1,023 |  |  | 1,100 |  |  | 1,094 |
Euro at EURIBOR plus 1.5% due 2024 1 | 387 |  |  | 387 |  |  | 505 |  |  | 504 |
Senior notes and debentures: |  |  |  |  |  |  |
€650 at 4.0% due 2022 | 794 |  |  | 791 |  |  | 729 |  |  | 725 |
U. S. dollar at 4.50% due 2023 | 1,000 |  |  | 997 |  |  | 1,000 |  |  | 995 |
€335 at 2.25% due 2023 | 409 |  |  | 407 |  |  | 376 |  |  | 372 |
€550 at 0.75% due 2023 | 671 |  |  | 666 |  |  | 617 |  |  | 610 |
€600 at 2.625% due 2024 | 733 |  |  | 729 |  |  | 673 |  |  | 668 |
€600 at 3.375% due 2025 | 733 |  |  | 728 |  |  | 673 |  |  | 667 |
U.S. dollar at 4.25% due 2026 | 400 |  |  | 396 |  |  | 400 |  |  | 395 |
U.S. dollar at 4.75% due 2026 | 875 |  |  | 865 |  |  | 875 |  |  | 863 |
U.S. dollar at 7.375% due 2026 | 350 |  |  | 348 |  |  | 350 |  |  | 348 |
€500 at 2.875% due 2026 | 610 |  |  | 603 |  |  | 561 |  |  | 554 |
U.S. dollar at 7.50% due 2096 | 40 |  |  | 40 |  |  | 40 |  |  | 40 |
Other indebtedness in various currencies: |  |  |  |  |  |  |
Fixed rate with rates in 2020 from 3.9% to 7.8% due through 2026 | 97 |  |  | 97 |  |  | 39 |  |  | 39 |
Variable rate with average rates in 2020 from 2.3% to 2.7% due through 2027 | 13 |  |  | 13 |  |  | 6 |  |  | 6 |
Total long-term debt | 8,141 |  |  | 8,090 |  |  | 7,944 |  |  | 7,880 |
Less: current maturities | (67) |  |  | (67) |  |  | (62) |  |  | (62) |
Total long-term debt, less current maturities | $ | 8,074 |  |  | $ | 8,023 |  |  | $ | 7,882 |  |  | $ | 7,818 |
(1) €317 and €450 at December 31, 2020 and 2019 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 $8,617 at December 31, 2020 and $8,410 at December 31, 2019. The revolving credit facilities include provisions for letters of credit up to $310 that reduce the amount of borrowing capacity otherwise available. At December 31, 2020, the Company’s available borrowing capacity under the credit facilities was $1,585, equal to the facilities’ aggregate capacity of $1,650 less $65 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 1.55%, depending on the facility, based on the Company's leverage ratio. The revolving credit facilities and term loan facilities require the Company to maintain a leverage ratio of no greater than 5.00 times at December 31, 2020. The Company was in compliance with all covenants as of December 31, 2020. The weighted average interest rates were as follows:
| 2020 |  | 2019 |  | 2018
Short-term debt | 1.9 | % |  | 2.6 | % |  | 1.0 | %
Revolving credit facilities | 2.8 | % |  | 3.8 | % |  | 3.2 | %
Aggregate maturities of long-term debt, excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2020 are $67, $901, $2,185, $1,966 and $743. Cash payments for interest during 2020, 2019 and 2018 were $302, $362 and $334.

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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 + Details
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