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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of outstanding debt (in millions):
As of December 3120222021
Commercial paper$592 $665 
2.20% Senior Notes due November 2022 (1)
— 499 
4.00% Senior Notes due November 2023 (2)
350 349 
3.50% Senior Notes due June 2024
599 598 
3.875% Senior Notes due December 2025
748 748 
2.875% Senior Notes due May 2026 (EUR 500M)
530 563 
8.205% Junior Subordinated Notes due January 2027
521 521 
2.85% Senior Notes due May 2027
596 — 
4.50% Senior Notes due December 2028
348 347 
3.75% Senior Notes due May 2029
746 745 
2.80% Senior Notes due May 2030
994 993 
2.05% Senior Notes due August 2031
396 396 
2.60% Senior Notes due December 2031
496 496 
5.00% Senior Notes due September 2032
495 — 
6.25% Senior Notes due September 2040
297 296 
4.25% Senior Notes due December 2042
203 201 
4.45% Senior Notes due May 2043
247 247 
4.60% Senior Notes due June 2044
545 544 
4.75% Senior Notes due May 2045
594 593 
2.90% Senior Notes due August 2051
591 591 
3.90% Senior Notes due February 2052
877 — 
Other5 — 
Total debt10,770 9,392 
Less: Short-term debt and current portion of long-term debt945 1,164 
Total long-term debt $9,825 $8,228 
(1)The 2.20% Senior Notes due November 2022 were repaid in full on November 1, 2022.
(2)The 4.00% Senior Notes due November 2023 were reclassified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as of December 31, 2022.
Notes
In November 2022, Aon Global Limited’s $350 million 4.00% Senior Notes due November 2023 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as the date of maturity is in less than one year as of December 31, 2022.
In November 2022, Aon Corporation’s $500 million 2.20% Senior Notes matured and were repaid in full. In November 2021, the Company’s $500 million 2.20% Senior Notes due November 2022 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as the date of maturity is in less than one year as of December 31, 2021.
On September 12, 2022, Aon Corporation, a Delaware corporation, and Aon Global Holdings plc, a public limited company formed under the laws of England and Wales, both wholly owned subsidiaries of the Company, co-issued $500 million of 5.00% Senior Notes due September 2032. The Company intends to use the net proceeds from the offering for general corporate purposes.
On February 28, 2022, Aon Corporation and Aon Global Holdings plc co-issued $600 million of 2.85% Senior Notes due May 2027 and $900 million of 3.90% Senior Notes due February 2052. The Company intends to use the net proceeds from the offering for general corporate purposes.
On December 2, 2021, Aon Corporation and Aon Global Holdings plc co-issued $500 million aggregate principal amount of 2.60% Senior Notes set to mature on December 2, 2031. The Company intends to use the net proceeds of the offering for general corporate purposes.
On August 23, 2021, Aon Corporation and Aon Global Holdings plc co-issued $400 million 2.05% Senior Notes due August 2031 and $600 million of 2.90% Senior Notes due August 2051. The Company intends to use the net proceeds of the offering for general corporate purposes.
On January 13, 2021, Aon Global Limited issued an irrevocable notice of redemption to holders of its 2.80% Senior Notes for the redemption of all $400 million outstanding aggregate principal amount of the notes, which were set to mature in March 2021. The redemption date was on February 16, 2021 and resulted in an insignificant loss due to extinguishment.
Each of the notes issued by Aon Corporation is fully and unconditionally guaranteed by Aon Global Limited, Aon plc, and Aon Global Holding plc. Each of the notes issued by Aon Global Limited is fully and unconditionally guaranteed by Aon plc, Aon Global Holdings plc, and Aon Corporation. Each of the notes co-issued by Aon Corporation and Aon Global Holdings plc is fully and unconditionally guaranteed by Aon plc and Aon Global Limited. All guarantees of Aon plc and Aon Global Limited of the Co-Issued Notes are joint and several as well as full and unconditional. Senior Notes rank pari passu in right of payment with all other present and future unsecured debt which is not expressed to be subordinate or junior in rank to any other unsecured debt of the Co-Issuers. Refer to “Guarantee of Registered Securities” within Part II Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information regarding guarantees of outstanding debt securities. Each of the notes described and identified in the table above contains customary representations, warranties, and covenants, and the Company was in compliance with all such covenants as of December 31, 2022.
Repayments of total debt as of December 31, 2022 are as follows (in millions):
2023$946 
2024604 
2025750 
2026532 
20271,121 
Thereafter6,956 
Total Repayments10,909 
Unamortized discounts, premiums, and debt issuance costs(139)
Total Debt$10,770 
Revolving Credit Facilities
As of December 31, 2022, Aon plc had two primary committed credit facilities outstanding: its $1.0 billion multi-currency U.S. credit facility expiring in September 2026 and its $750 million multi-currency U.S. credit facility expiring in October 2024. In aggregate, these two facilities provide approximately $1.8 billion in available credit.
Each of these primary committed credit facilities includes customary representations, warranties, and covenants, including financial covenants that require Aon to maintain specified ratios of adjusted consolidated EBITDA to consolidated interest expense and consolidated debt to adjusted consolidated EBITDA, in each case, tested quarterly. At December 31, 2022, Aon did not have borrowings under either of these primary committed credit facilities, and was in compliance with the financial covenants and all other covenants contained therein during the rolling year ended December 31, 2022.
Commercial Paper
Commercial paper may be issued in aggregate principal amounts of up to $1 billion under the U.S. Program and €625 million ($665 million at December 31, 2022 exchange rates) under the European Program, not to exceed the amount of the Company’s committed credit facilities, which was approximately $1.8 billion at December 31, 2022. The aggregate capacity of the Commercial Paper Program remains fully backed by the Company’s committed credit facilities. The U.S. Program was fully and unconditionally guaranteed by Aon plc, Aon Global Limited, and Aon Global Holdings plc and the European Program was fully and unconditionally guaranteed by Aon plc, Aon Global Limited, and Aon Corporation.
Commercial paper outstanding, which is included in Short-term debt and current portion of long-term debt in the Company’s Consolidated Statements of Financial Position, is as follows (in millions):
As of December 3120222021
Commercial paper outstanding$592 $665 
The weighted average commercial paper outstanding and its related interest rates are as follows (in millions, except percentages):
Years Ended December 31
20222021
Weighted average commercial paper outstanding$499 $273 
Weighted average interest rate of commercial paper outstanding1.42 %0.01 %