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Debt | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt The following is a summary of outstanding debt (in millions):
As of December 31 | 2018 |  | 2017
3.875% Senior Notes due December 2025 | 746 |  |  | 745 |
5.00% Senior Notes due September 2020 | 599 |  |  | 598 |
3.50% Senior Notes due June 2024 | 596 |  |  | 595 |
4.75% Senior Notes due May 2045 | 592 |  |  | 592 |
2.875% Senior Notes due May 2026 (EUR 500M) | 562 |  |  | 587 |
4.60% Senior Notes due June 2044 | 544 |  |  | 544 |
8.205% Junior Subordinated Notes due January 2027 | 521 |  |  | 521 |
2.80% Senior Notes due March 2021 | 398 |  |  | 398 |
4.00% Senior Notes due November 2023 | 348 |  |  | 348 |
4.50% Senior Notes due December 2028 | 347 |  |  | — |
6.25% Senior Notes due September 2040 | 296 |  |  | 296 |
4.76% Senior Notes due March 2018 (CAD 375M) | — |  |  | 296 |
4.45% Senior Notes due May 2043 | 246 |  |  | 246 |
4.25% Senior Notes due December 2042 | 198 |  |  | 197 |
Commercial paper | 250 |  |  | — |
Other | 1 |  |  | 3 |
Total debt | 6,244 |  |  | 5,966 |
Less: Short-term and current portion of long-term debt | 251 |  |  | 299 |
Total long-term debt | $ | 5,993 |  |  | $ | 5,667 |
Notes On December 3, 2018, Aon Corporation issued $350 million 4.50% Senior Notes due December 2028. The Company used the net proceeds of the offering to pay down a portion of outstanding commercial paper and for general corporate purposes. On March 8, 2018 the Company’s CAD $375 million ($291 million at March 8, 2018 Exchange Rates) 4.76% Senior Notes due March 2018 issued by a Canadian subsidiary of Aon Corporation matured and was repaid in full. Each of the notes issued by Aon plc is fully and unconditionally guaranteed by Aon Corporation, and each of the notes issued by Aon Corporation is fully and unconditionally guaranteed by Aon plc. Refer to Note 19 “Guarantee of Registered Securities” for additional 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, 2018. Repayments of total debt are as follows (in millions):
2019 | $ | 251 |
2020 | 600 |
2021 | 400 |
2022 | — |
2023 | — |
Thereafter | 5,095 |
Total Repayments | 6,346 |
Unamortized discounts, premiums, and debt issuance costs | (102 | )
Total Debt | $ | 6,244 |
Revolving Credit Facilities As of December 31, 2018, Aon plc had two primary committed credit facilities outstanding: its $900 million multi-currency U.S. credit facility expiring in February 2021 (the “2021 Facility”) and its $400 million multi-currency U.S. credit facility expiring in October 2022 (the “2022 Facility”). On February 2, 2019, the Company extended the 2021 Facility by one year, and it will now expire in February 2022. Each of these facilities includes customary representations, warranties, and covenants, including financial covenants that require Aon plc to maintain specified ratios of adjusted consolidated earnings before interest, taxes, depreciation, and amortization (“EBITDA”) to consolidated interest expense and consolidated debt to adjusted consolidated EBITDA, in each case, tested quarterly. At December 31, 2018, Aon plc did not have borrowings under either the 2021 Facility or the 2022 Facility, and was in compliance with all covenants contained therein during the twelve months ended December 31, 2018. Commercial Paper Aon Corporation, a wholly owned subsidiary of Aon plc, has established a U.S. commercial paper program, and Aon plc has established a European multi-currency commercial paper program (collectively, the “CP Programs”). Commercial paper may be issued in aggregate principal amounts of up to $600 million under the U.S. program and €525 million under the European program, not to exceed the amount of the Company’s committed credit, which was $1.3 billion at December 31, 2018. The U.S. commercial paper program is fully and unconditionally guaranteed by Aon plc and the European commercial paper program is fully and unconditionally guaranteed by 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, 31 |  | 2018 |  | 2017
Commercial paper outstanding |  | $ | 250 |  |  | $ | — |
The weighted average commercial paper outstanding and its related interest rates are as follows:
Years ended December 31 |  | 2018 |  | 2017
Weighted average commercial paper outstanding |  | $ | 580 |  |  | $ | 170 |
Weighted average interest rate of commercial paper outstanding |  | 84 | % |  | 0.18 | %

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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