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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
20222021
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$76 $76 $75 $75 
Long-term debt
Senior secured borrowings:
Revolving credit facilities329 329 50 50 
Term loan facilities
U.S. dollar due 20271,800 1,792 — — 
U.S. dollar due 2024— — 1,002 997 
Euro due 20271
578 578 — — 
Euro due 20242
— — 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 debt6,934 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:

202220212020
Short-term debt3.8 %0.6 %2.1 %
Revolving credit facilities2.5 %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.