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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of outstanding debt (in millions):
As of December 3120232022
Commercial paper$597 $592 
4.00% Senior Notes due November 2023
— 350 
3.50% Senior Notes due June 2024
600 599 
3.875% Senior Notes due December 2025
749 748 
2.875% Senior Notes due May 2026 (EUR 500M)
550 530 
8.205% Junior Subordinated Notes due January 2027
521 521 
2.85% Senior Notes due May 2027
597 596 
4.50% Senior Notes due December 2028
348 348 
3.75% Senior Notes due May 2029
746 746 
2.80% Senior Notes due May 2030
995 994 
2.05% Senior Notes due August 2031
397 396 
2.60% Senior Notes due December 2031
497 496 
5.00% Senior Notes due September 2032
496 495 
5.35% Senior Notes due February 2033
744 — 
6.25% Senior Notes due September 2040
297 297 
4.25% Senior Notes due December 2042
204 203 
4.45% Senior Notes due May 2043
247 247 
4.60% Senior Notes due June 2044
545 545 
4.75% Senior Notes due May 2045
594 594 
2.90% Senior Notes due August 2051
592 591 
3.90% Senior Notes due February 2052
878 877 
Other5 5 
Total debt11,199 10,770 
Less: Short-term debt and current portion of long-term debt1,204 945 
Total long-term debt $9,995 $9,825 
Notes
In November 2023, Aon Global Limited’s $350 million 4.00% Senior Notes matured and were repaid in full.
In June 2023, Aon Global Limited’s $600 million 3.50% Senior Notes due June 2024 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.
On February 28, 2023, Aon Corporation and Aon Global Holdings plc co-issued $750 million 5.35% Senior Notes due in February 2033. The Company intends to use the net proceeds from the offering for general corporate purposes.
In November 2022, Aon Corporation’s $500 million 2.20% Senior Notes matured and were repaid in full.
On September 12, 2022, Aon Corporation and Aon Global Holdings plc 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.
Each of the notes issued by Aon Corporation is fully and unconditionally guaranteed by Aon Global Limited, Aon plc, Aon North America, Inc., and Aon Global Holdings plc. Each of the notes issued by Aon Global Limited is fully and unconditionally guaranteed by Aon plc, Aon Global Holdings plc, Aon North America, Inc., 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, Aon
North America, Inc., 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. 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, 2023.
Repayments of total debt as of December 31, 2023 are as follows (in millions):
2024$1,204 
2025750 
2026552 
20271,121 
2028350 
Thereafter7,356 
Total Repayments11,333 
Unamortized discounts, premiums, and debt issuance costs(134)
Total Debt$11,199 
Revolving Credit Facilities
As of December 31, 2023, Aon plc had two primary committed credit facilities outstanding: its $1.0 billion multi-currency U.S. credit facility expiring in September 2027 and its $1.0 billion multi-currency U.S. credit facility expiring in October 2028. In aggregate, these two facilities provide $2.0 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, 2023, 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, 2023.
Subsequent Events
On February 16, 2024, the Company entered into a credit agreement in which lenders committed to provide a $2.0 billion unsecured term loan facility to Aon North America, Inc. Proceeds will be used to fund, in part, the acquisition of NFP, including the repayment of certain debt of NFP and portions of the related fees and expenses. The borrowings must be made in a single drawing on the closing date of the acquisition. Refer to Note 6 “Acquisitions and Dispositions of Businesses” for additional information.
Commercial Paper
Aon Corporation has established a U.S. commercial paper program (the “U.S. Program”) and Aon Global Holdings plc has established a European multi-currency commercial paper program (the “European Program” and, together with the U.S. Program, the “Commercial Paper Programs”). On December 7, 2023, the Company entered into an agreement increasing the aggregate capacity under the U.S. Program by $250 million. Accordingly, commercial paper may be issued in aggregate principal amounts of up to approximately $1.3 billion under the U.S. Program and €625 million ($690 million at December 31, 2023 exchange rates) under the European Program, not to exceed the amount of the Company’s committed credit facilities, which was $2.0 billion at December 31, 2023. 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, Aon North America, Inc., and Aon Global Holdings plc and the European Program was fully and unconditionally guaranteed by Aon plc, Aon Global Limited, Aon North America, Inc., 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 3120232022
Commercial paper outstanding$597 $592 
The weighted average commercial paper outstanding and its related interest rates are as follows (in millions, except percentages):
Years Ended December 31
20232022
Weighted average commercial paper outstanding$471 $499 
Weighted average interest rate of commercial paper outstanding4.93 %1.42 %