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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
20242023
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$66 $66 $16 $16 
Long-term debt
Senior secured borrowings:
Revolving credit facilities— — — — 
Term loan facilities
U.S. dollar due 20271,175 1,171 1,575 1,569 
Euro due 20271
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 debt6,171 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:

202420232022
Short-term debt4.3 %13.2 %3.8 %
Revolving credit facilities4.7 %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.