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Debt | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Debt | Debt
| 2022 |  | 2021 |
| Principal |  | Carrying |  | Principal |  | Carrying |
| outstanding |  | amount |  | outstanding |  | amount |
Short-term debt | $ | 76 |  |  | $ | 76 |  |  | $ | 75 |  |  | $ | 75 |  |
Long-term debt |  |  |  |  |  |  |  |
Senior secured borrowings: |  |  |  |  |  |  |  |
Revolving credit facilities | 329 |  |  | 329 |  |  | 50 |  |  | 50 |  |
Term loan facilities |  |  |  |  |  |  |  |
U.S. dollar due 2027 | 1,800 |  |  | 1,792 |  |  | — |  |  | — |  |
U.S. dollar due 2024 | — |  |  | — |  |  | 1,002 |  |  | 997 |  |
Euro due 2027 1 | 578 |  |  | 578 |  |  | — |  |  | — |  |
Euro due 2024 2 | — |  |  | — |  |  | 344 |  |  | 344 |  |
Senior notes and debentures: |  |  |  |  |  |  |  |
€335 at 2.25% due 2023 | — |  |  | — |  |  | 381 |  |  | 380 |  |
€550 at 0.75% due 2023 | — |  |  | — |  |  | 626 |  |  | 624 |  |
€600 at 2.625% due 2024 | 642 |  |  | 640 |  |  | 683 |  |  | 680 |  |
€600 at 3.375% due 2025 | 642 |  |  | 640 |  |  | 683 |  |  | 679 |  |
U.S. dollar at 4.25% due 2026 | 400 |  |  | 397 |  |  | 400 |  |  | 396 |  |
U.S. dollar at 4.75% due 2026 | 875 |  |  | 869 |  |  | 875 |  |  | 867 |  |
U.S. dollar at 7.375% due 2026 | 350 |  |  | 348 |  |  | 350 |  |  | 348 |  |
€500 at 2.875% due 2026 | 536 |  |  | 532 |  |  | 570 |  |  | 565 |  |
U.S. dollar at 5.25% due 2030 | 500 |  |  | 494 |  |  | — |  |  | — |  |
U.S. dollar at 7.50% due 2096 | 40 |  |  | 40 |  |  | 40 |  |  | 40 |  |
Other indebtedness in various currencies: |  |  |  |  |  |  |  |
Fixed rate with rates in 2022 from 2.7% to 14.4% due through 2027 | 221 |  |  | 221 |  |  | 189 |  |  | 189 |  |
Variable rate with an average rate in 2022 of 1.5% due 2026 | 21 |  |  | 21 |  |  | 28 |  |  | 28 |  |
Total long-term debt | 6,934 |  |  | 6,901 |  |  | 6,221 |  |  | 6,187 |  |
Less: current maturities | (109) |  |  | (109) |  |  | (136) |  |  | (135) |  |
Total long-term debt, less current maturities | $ | 6,825 |  |  | $ | 6,792 |  |  | $ | 6,085 |  |  | $ | 6,052 |  |
(1) €540 at December 31, 2022 (2) €303 at December 31, 2021 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 $6,922 at December 31, 2022 and $6,548 at December 31, 2021. In March 2022, the Company issued $500 principal amount of 5.250% senior unsecured notes due 2030. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and substantially all of its U.S. subsidiaries. In August 2022, the Company amended the credit agreement governing its senior secured credit facilities. The amendment extended the agreement’s maturity to August 2027 and increased the commitments under several of the Company’s existing facilities. The Company’s commitments under its credit agreement include $800 million in U.S. dollar denominated revolving commitments, $800 million in multicurrency revolving commitments, $50 million in Canadian dollar-denominated revolving commitments, $1.8 billion in Term Loan A commitments, and €540 million in Term Euro commitments. In September 2022, the Company redeemed all of its €335 2.25% senior notes due 2023 and its €550 0.75% senior notes due 2023. In connection with the amended credit agreement and early redemption of senior notes, the Company recorded a loss from early extinguishment of debt of $11 in 2022 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, 2022, the Company’s available borrowing capacity under the credit facilities was $1,252 equal to the facilities’ aggregate capacity of $1,650 less $69 of outstanding letters of credit and $329 of credit facility borrowings. The interest rates on the facilities can vary from SOFR or EURIBOR, with a floor of zero, plus a margin of up to 1.60%, 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, 2022. The leverage ratio is calculated as total net debt divided by Consolidated EBITDA (as defined in the credit agreement). Total net debt is defined in the credit agreement as total debt less cash and cash equivalents. Consolidated EBITDA is calculated as the sum of, among other things, net income attributable to Crown Holdings, net income attributable to certain of the Company's subsidiaries, income taxes, interest expense, depreciation and amortization, and certain non-cash charges. The Company was in compliance with all covenants as of December 31, 2022. At December 31, 2022, the U.S. dollar term loan interest rate was SOFR plus 1.35% and the Euro term loan interest rate was EURIBOR plus 1.25%. The weighted average interest rates were as follows:
| 2022 |  | 2021 |  | 2020
Short-term debt | 3.8 | % |  | 0.6 | % |  | 2.1 | %
Revolving credit facilities | 2.5 | % |  | 1.2 | % |  | 1.8 | %
Aggregate maturities of long-term debt, excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2022 are $109, $852, $779, $2,315 and $2,339. Cash payments for interest during 2022, 2021 and 2020 were $270, $294, and $302.

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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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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