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Debt | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt The following is a summary of outstanding debt (in millions):
As of December 31 | 2020 |  | 2019
Commercial paper | $ | — |  |  | $ | 112 |
5.00% Senior Notes due September 2020 | — |  |  | 600 |
2.80% Senior Notes due March 2021 (1) | 400 |  |  | 399 |
2.20% Senior Notes due November 2022 | 498 |  |  | 497 |
4.00% Senior Notes due November 2023 | 349 |  |  | 348 |
3.50% Senior Notes due June 2024 | 597 |  |  | 597 |
3.875% Senior Notes due December 2025 | 747 |  |  | 746 |
2.875% Senior Notes due May 2026 (EUR 500M) | 606 |  |  | 550 |
8.205% Junior Subordinated Notes due January 2027 | 521 |  |  | 521 |
4.50% Senior Notes due December 2028 | 347 |  |  | 346 |
3.75% Senior Notes due May 2029 | 744 |  |  | 744 |
2.80% Senior Notes due May 2030 | 992 |  |  | — |
6.25% Senior Notes due September 2040 | 296 |  |  | 296 |
4.25% Senior Notes due December 2042 | 200 |  |  | 199 |
4.45% Senior Notes due May 2043 | 247 |  |  | 246 |
4.60% Senior Notes due June 2044 | 544 |  |  | 544 |
4.75% Senior Notes due May 2045 | 593 |  |  | 593 |
Other | 48 |  |  | 1 |
Total debt | 7,729 |  |  | 7,339 |
Less: Short-term debt and current portion of long-term debt | 448 |  |  | 712 |
Total long-term debt | $ | 7,281 |  |  | $ | 6,627 |
(1) The 2.80% Senior Notes due March 2021 were repaid in full on February 16, 2021. Notes On May 29, 2020, Aon Corporation, a Delaware corporation and a wholly owned subsidiary of Aon Corporation, issued an irrevocable notice of redemption to holders of its 5.00% Senior Notes, which were set to mature on September 30, 2020, for the redemption of all $600 million outstanding aggregate principal amount of the notes. The redemption date was on June 30, 2020 and resulted in a loss of $7 million due to extinguishment. On May 12, 2020, Aon Corporation issued $1 billion 2.80% Senior Notes due May 2030. Aon Corporation used a portion of the net proceeds on June 30, 2020 to repay its outstanding 5.00% Senior Notes, which were set to mature on September 30, 2020. The Company intends to use the remainder to repay other borrowings and for general corporate purposes. In March 2020, the Company’s $400 million 2.80% Senior Notes due March 2021 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statements of Financial Position as the date of maturity is in less than one year. On November 15, 2019, Aon Corporation issued $500 million 2.20% Senior Notes due November 2022. The Company used the net proceeds of the offering to pay down a portion of outstanding commercial paper and for general corporate purposes. On May 2, 2019, Aon Corporation issued $750 million 3.75% Senior Notes due May 2029. The Company used the net proceeds of the offering to pay down a portion of outstanding commercial paper and for general corporate purposes. 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. 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, 2020. Subsequent Events On January 13, 2021, Aon Global Limited, a limited company organized under the laws of England and Wales and a wholly owned subsidiary of Aon plc, issued an irrevocable notice of redemption to holders of its 2.80% Senior Notes, which were set to mature in March 2021, for the redemption of all $400 million outstanding aggregate principal amount of the notes. The redemption date was on February 16, 2021 and resulted in an insignificant loss due to extinguishment. Repayments of total debt as of December 31, 2020 are as follows (in millions):
2021 | $ | 448 |
2022 | 500 |
2023 | 350 |
2024 | 600 |
2025 | 750 |
Thereafter | 5,187 |
Total Repayments | 7,835 |
Unamortized discounts, premiums, and debt issuance costs | (106) |
Total Debt | $ | 7,729 |
Revolving Credit Facilities As of December 31, 2020, Aon plc had two primary committed credit facilities outstanding: its $900 million multi-currency U.S. credit facility expiring in February 2022 and its $750 million multi-currency U.S. credit facility expiring in October 2023. Effective February 27, 2020, the $750 million multi-currency U.S. credit facility was increased by $350 million from the original $400 million. In aggregate, these two facilities provide $1.65 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 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, 2020, 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 12 months ended December 31, 2020. 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 April 1, 2020 the Company entered into an agreement increasing the aggregate outstanding borrowings under the U.S. Program by $300 million, to an aggregate amount equal to $900 million. On August 5, 2020, Aon Global Holdings plc established the European Program with aggregate amount equal to €625 million. Subsequently on September 30, 2020, a European multi-currency commercial paper program previously established by Aon Global Limited, which had an aggregate amount equal to €525 million, was withdrawn. The Commercial Paper Programs remain fully backed by the committed credit facilities. Commercial paper may be issued in aggregate principal amounts of up to $900 million under the U.S. Program and €625 million under the European Program, not to exceed the amount of the Company’s committed credit facilities, which was $1.65 billion at December 31, 2020. In connection with the Ireland Reorganization, on April 1, 2020, Aon plc and Aon Global Holdings plc, a company incorporated under the laws of England and Wales, entered into various agreements pursuant to which they agreed to guarantee the U.S. Program, which was previously solely guaranteed by Aon Global Limited, and the European Program, which was previously solely guaranteed by Aon Corporation. As of December 31, 2020, 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 31 |  | 2020 |  | 2019
Commercial paper outstanding |  | $ | — |  |  | $ | 112 |
The weighted average commercial paper outstanding and its related interest rates are as follows (in millions, except percentages):
|  | Years Ended December 31
|  | 2020 |  | 2019
Weighted average commercial paper outstanding |  | $ | 343 |  |  | $ | 511 |
Weighted average interest rate of commercial paper outstanding |  | 1.47 | % |  | 0.27 | %

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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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