Debt

12 Months Ended

Dec. 31, 2020


	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 20241	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.