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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
20212020
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$75 $75 $104 $104 
Long-term debt
Senior secured borrowings:
Revolving credit facilities50 50 — — 
Term loan facilities
U.S. dollar due 20241,002 997 1,029 1,023 
Euro due 20241
344 344 387 387 
Senior notes and debentures:
€650 at 4.0% due 2022
— — 794 791 
U. S. dollar at 4.50% due 2023
— — 1,000 997 
€335 at 2.25% due 2023
381 380 409 407 
€550 at 0.75% due 2023
626 624 671 666 
€600 at 2.625% due 2024
683 680 733 729 
€600 at 3.375% due 2025
683 679 733 728 
U.S. dollar at 4.25% due 2026
400 396 400 396 
U.S. dollar at 4.75% due 2026
875 867 875 865 
U.S. dollar at 7.375% due 2026
350 348 350 348 
€500 at 2.875% due 2026
570 565 610 603 
U.S. dollar at 7.50% due 2096
40 40 40 40 
Other indebtedness in various currencies:
Fixed rate with rates in 2021 from 2.7% to 7.8% due through 2026
189 189 97 97 
Variable rate with average rates in 2021 from 1.9% to 3.6% due through 2026
28 28 13 13 
Total long-term debt6,221 6,187 8,141 8,090 
Less: current maturities(136)(135)(67)(67)
Total long-term debt, less current maturities$6,085 $6,052 $8,074 $8,023 
(1) €303 and €317 at December 31, 2021 and 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 $6,548 at December 31, 2021 and $8,617 at December 31, 2020.

In October 2021, the Company redeemed all of its €650, equivalent to $754, 4.0% senior notes due 2022 and its $1,000 4.5% senior notes due 2023. In connection with the redemption, the Company recorded losses from early extinguishments of debt of $68 for premium payments and the write-off of deferred financing fees.

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, 2021, the Company’s available borrowing capacity under the credit facilities was $1,535, equal to the facilities’ aggregate capacity of $1,650 less $65 of outstanding letters of credit and $50 of credit facility borrowings. The interest rates 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 required the Company to maintain a leverage ratio of no greater than 5.00 times at December 31, 2021. The Company was in compliance with all covenants as of December 31, 2021.

The weighted average interest rates were as follows:
202120202019
Short-term debt0.6 %2.1 %2.8 %
Revolving credit facilities1.2 %1.8 %3.0 %

Aggregate maturities of long-term debt, excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2021 are $136, $1,144, $1,969, $715 and $2,217. Cash payments for interest during 2021, 2020 and 2019 were $294, $302, and $362.