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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
20232022
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$16 $16 $76 $76 
Long-term debt
Senior secured borrowings:
Revolving credit facilities— — 329 329 
Term loan facilities
U.S. dollar due 20271,575 1,569 1,800 1,792 
Euro due 20271
589 589 578 578 
Senior notes and debentures:
€600 at 2.625% due 2024
663 662 642 640 
€600 at 3.375% due 2025
663 662 642 640 
U.S. dollar at 4.25% due 2026
400 398 400 397 
U.S. dollar at 4.75% due 2026
875 871 875 869 
U.S. dollar at 7.375% due 2026
350 350 350 348 
€500 at 2.875% due 2026
552 550 536 532 
€500 at 5.00% due 2028
552 544 — — 
€500 at 4.75% due 2029
552 544 — — 
U.S. dollar at 5.25% due 2030
500 494 500 494 
U.S. dollar at 7.50% due 2096
40 40 40 40 
Other indebtedness in various currencies:
Fixed rate with rates in 2023 from 2.6% to 14.4% due through 2027
169 169 221 221 
Variable rate with an average rate in 2023 of 3.6% due 2026
16 16 21 21 
Total long-term debt7,496 7,458 6,934 6,901 
Less: current maturities(759)(759)(109)(109)
Total long-term debt, less current maturities$6,737 $6,699 $6,825 $6,792 
(1) €533 at December 31, 2023 and €540 at December 31, 2022

The estimated fair value of the Company’s debt, using a market approach incorporating level 2 inputs such as quoted market prices for the same or similar issues, was $7,484 at December 31, 2023 and $6,922 at December 31, 2022.

In May 2023, the Company issued €500 principal amount of 5.00% senior unsecured notes due 2028 and in December 2023, the Company issued €500 principal amount of 4.75% senior unsecured notes due 2029. Both notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used a portion of the December 2023 bond issuance proceeds to make an early payment of $203 million towards the U.S. dollar term loan due 2027.

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, 2023, 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 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 4.50 times at December 31, 2023. 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, 2023.

At December 31, 2023, 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:

202320222021
Short-term debt13.2 %3.8 %0.6 %
Revolving credit facilities4.5 %2.5 %1.2 %

Aggregate maturities of long-term debt, excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2023 are $759, $743, $2,250, $2,100 and $552. Cash payments for interest during 2023, 2022 and 2021 were $390, $270, and $294.