Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 10 — Debt

Current debt consists of the following:

	June 30, 2022		December 31, 2021
2.125% senior notes due 2022 (i)	$	—	$	613
	$	—	$	613

Long-term debt consists of the following:

	June 30, 2022		December 31, 2021
Revolving $1.5 billion credit facility	$	—	$	—
4.625% senior notes due 2023		250		249
3.600% senior notes due 2024		648		648
4.400% senior notes due 2026		547		546
4.650% senior notes due 2027		744		—
4.500% senior notes due 2028		597		597
2.950% senior notes due 2029		726		726
6.125% senior notes due 2043		271		271
5.050% senior notes due 2048		395		395
3.875% senior notes due 2049		542		542
	$	4,720	$	3,974

(i)Notes issued in Euro (€540 million).

Senior Notes

On May 19, 2022, the Company, together with its wholly-owned subsidiary, Willis North America Inc. as issuer, completed an offering of $750 million aggregate principal amount of 4.650% senior notes due 2027 (‘2027 senior notes’). The effective interest rate of the 2027 senior notes is 4.79%, which includes the impact of the discount upon issuance. The 2027 senior notes will mature on June 15, 2027. Interest on the 2027 senior notes accrues from May 19, 2022 and will be paid in cash on June 15 and December 15 of each year, commencing on December 15, 2022. The net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses, were approximately $744 million and were used to fully repay the €540 million ($582 million on the date of repayment) aggregate principal amount of the 2.125% Senior Notes due 2022 and related accrued interest, and for general corporate purposes.

At June 30, 2022 and December 31, 2021, we were in compliance with all financial covenants.