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Debt | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt The Company's outstanding debt was as follows:
| March 31, 2021 |  | December 31, 2020
| Principal |  | Carrying |  | Principal |  | Carrying
| outstanding |  | amount |  | outstanding |  | amount
Short-term debt | $ | 80 |  |  | $ | 80 |  |  | $ | 121 |  |  | $ | 121 |
Long-term debt |  |  |  |  |  |  |
Senior secured borrowings: |  |  |  |  |  |  |
Revolving credit facilities | 26 |  |  | 26 |  |  | — |  |  | — |
Term loan facilities |  |  |  |  |  |  |
U.S. dollar at LIBOR + 1.2% due 2024 | 1,022 |  |  | 1,017 |  |  | 1,029 |  |  | 1,023 |
Euro at EURIBOR + 1.2% due 2024 1 | 368 |  |  | 368 |  |  | 387 |  |  | 387 |
Senior notes and debentures: |  |  |  |  |  |  |
€650 at 4.0% due 2022 | 762 |  |  | 760 |  |  | 794 |  |  | 791 |
U. S. dollar at 4.50% due 2023 | 1,000 |  |  | 997 |  |  | 1,000 |  |  | 997 |
€335at 2.25% due 2023 | 393 |  |  | 391 |  |  | 409 |  |  | 407 |
€550 at 0.75% due 2023 | 645 |  |  | 642 |  |  | 671 |  |  | 666 |
€600 at 2.625% due 2024 | 704 |  |  | 700 |  |  | 733 |  |  | 729 |
€600 at 3.375% due 2025 | 704 |  |  | 699 |  |  | 733 |  |  | 728 |
U.S. dollar at 4.25% due 2026 | 400 |  |  | 396 |  |  | 400 |  |  | 396 |
U.S. dollar at 4.75% due 2026 | 875 |  |  | 865 |  |  | 875 |  |  | 865 |
U.S. dollar at 7.375% due 2026 | 350 |  |  | 348 |  |  | 350 |  |  | 348 |
€500 at 2.875% due 2026 | 586 |  |  | 580 |  |  | 610 |  |  | 603 |
U.S. dollar at 7.50% due 2096 | 40 |  |  | 40 |  |  | 40 |  |  | 40 |
Other indebtedness in various currencies | 128 |  |  | 128 |  |  | 110 |  |  | 110 |
Total long-term debt | 8,003 |  |  | 7,957 |  |  | 8,141 |  |  | 8,090 |
Less current maturities | (82) |  |  | (82) |  |  | (67) |  |  | (67) |
Total long-term debt, less current maturities | $ | 7,921 |  |  | $ | 7,875 |  |  | $ | 8,074 |  |  | $ | 8,023 |
(1) €314 and €317 at March 31, 2021 and December 31, 2020 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 $8,414 at March 31, 2021 and $8,617 at December 31, 2020.

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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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