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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt
| 2024 |  | 2023 |
| Principal |  | Carrying |  | Principal |  | Carrying |
| outstanding |  | amount |  | outstanding |  | amount |
Short-term debt | $ | 66 |  |  | $ | 66 |  |  | $ | 16 |  |  | $ | 16 |  |
Long-term debt |  |  |  |  |  |  |  |
Senior secured borrowings: |  |  |  |  |  |  |  |
Revolving credit facilities | — |  |  | — |  |  | — |  |  | — |  |
Term loan facilities |  |  |  |  |  |  |  |
U.S. dollar due 2027 | 1,175 |  |  | 1,171 |  |  | 1,575 |  |  | 1,569 |  |
Euro due 2027 1 | 538 |  |  | 538 |  |  | 589 |  |  | 589 |  |
Senior notes and debentures: |  |  |  |  |  |  |  |
€600 at 2.625% due 2024 | — |  |  | — |  |  | 663 |  |  | 662 |  |
€600 at 3.375% due 2025 | — |  |  | — |  |  | 663 |  |  | 662 |  |
U.S. dollar at 4.25% due 2026 | 400 |  |  | 399 |  |  | 400 |  |  | 398 |  |
U.S. dollar at 4.75% due 2026 | 875 |  |  | 873 |  |  | 875 |  |  | 871 |  |
U.S. dollar at 7.375% due 2026 | 350 |  |  | 350 |  |  | 350 |  |  | 350 |  |
€500 at 2.875% due 2026 | 518 |  |  | 517 |  |  | 552 |  |  | 550 |  |
€500 at 5.00% due 2028 | 518 |  |  | 513 |  |  | 552 |  |  | 544 |  |
€500 at 4.75% due 2029 | 518 |  |  | 513 |  |  | 552 |  |  | 544 |  |
€600 at 4.50% due 2030 | 621 |  |  | 611 |  |  | — |  |  | — |  |
U.S. dollar at 5.25% due 2030 | 500 |  |  | 495 |  |  | 500 |  |  | 494 |  |
U.S. dollar at 7.50% due 2096 | 40 |  |  | 40 |  |  | 40 |  |  | 40 |  |
Other indebtedness in various currencies: |  |  |  |  |  |  |  |
Fixed rate with rates in 2024 from 2.8% to 7.6% due through 2027 | 108 |  |  | 108 |  |  | 169 |  |  | 169 |  |
Variable rate with an average rate in 2024 of 3.6% due 2026 | 10 |  |  | 10 |  |  | 16 |  |  | 16 |  |
Total long-term debt | 6,171 |  |  | 6,138 |  |  | 7,496 |  |  | 7,458 |  |
Less: current maturities | (80) |  |  | (80) |  |  | (759) |  |  | (759) |  |
Total long-term debt, less current maturities | $ | 6,091 |  |  | $ | 6,058 |  |  | $ | 6,737 |  |  | $ | 6,699 |  |
(1) €520 at December 31, 2024 and €533 at December 31, 2023 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 $6,255 at December 31, 2024 and $7,484 at December 31, 2023. In August 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 issued at par by its subsidiary Crown European Holdings S.A and used the proceeds to repay the €600 principal amount of 2.625% senior unsecured notes due September 2024. Additionally, in December 2024, the Company redeemed the €600 principal amount of 3.375% senior unsecured notes due May 2025 and made an early payment of $400 towards the U.S. dollar term loan facility due 2027. The revolving credit facilities include provisions for letters of credit up to $335 that reduce the amount of borrowing capacity otherwise available. At December 31, 2024, the Company’s available borrowing capacity under the credit facilities was $1,614 equal to the facilities’ aggregate capacity of $1,650 less $36 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, 2024. 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, 2024. At December 31, 2024, the U.S. dollar term loan interest rate was SOFR plus 1.10% and the Euro term loan interest rate was EURIBOR plus 1.00%. The weighted average interest rates were as follows:
| 2024 |  | 2023 |  | 2022
Short-term debt | 4.3 | % |  | 13.2 | % |  | 3.8 | %
Revolving credit facilities | 4.7 | % |  | 4.5 | % |  | 2.5 | %
Aggregate maturities of long-term debt, excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2024 are $80, $2,225, $1,669, $518 and $518. Cash payments for interest during 2024, 2023 and 2022 were $367, $390, and $270.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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