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Shareholders' Equity
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Ordinary Shares
Aon has a share repurchase program authorized by the Company’s Board of Directors (the “Repurchase Program”). The Repurchase Program was established in April 2012 with up to $5.0 billion in authorized repurchases, and was increased by $5.0 billion in authorized repurchases in each of November 2014 and February 2017 for a total of $15.0 billion in repurchase authorizations.
Under the Repurchase Program, Class A Ordinary Shares may be repurchased through the open market or in privately negotiated transactions, from time to time, based on prevailing market conditions, and will be funded from available capital.
In the three months ended March 31, 2018, the Company repurchased 3.9 million shares at an average price per share of $140.94, for a total cost of approximately $550 million and recorded an additional $2.8 million of costs associated with the repurchases to retained earnings. In the three months ended March 31, 2017, the Company repurchased 1.1 million shares at an average price per share of $114.46 for a total cost of approximately $125 million and recorded an additional $0.6 million of costs associated with the repurchases to retained earnings.
At March 31, 2018, the remaining authorized amount for share repurchase under the Repurchase Program was $4.9 billion. Under the Repurchase Program, the Company has repurchased a total of 112.1 million shares for an aggregate cost of approximately $10.1 billion.

Net Income Per Share
Weighted average ordinary shares outstanding are as follows (in millions):
 
Three months ended March 31
 
2018
 
2017
Basic weighted average ordinary shares outstanding
248.5

 
264.8

Dilutive effect of potentially issuable shares
1.7

 
2.2

Diluted weighted average ordinary shares outstanding
250.2

 
267.0


Potentially issuable shares are not included in the computation of diluted net income per share if their inclusion would be antidilutive. There were 0.1 million shares excluded from the calculation for the three months ended March 31, 2018 and no shares excluded from the calculation for the three months ended March 31, 2017.
Accumulated Other Comprehensive Loss
Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions):
 
Change in Fair Value of Financial Instruments (1) 
 
Foreign Currency Translation Adjustments
 
Post-Retirement Benefit Obligation (2)
 
Total
Balance at December 31, 2017
$
(25
)
 
$
(879
)
 
$
(2,592
)
 
$
(3,496
)
Adoption of new accounting guidance (3)
(1
)
 
—

 
—

 
(1
)
Balance at January 1, 2018
(26
)
 
(879
)
 
(2,592
)
 
(3,497
)
Other comprehensive income before reclassifications, net
11

 
244

 
22

 
277

Amounts reclassified from accumulated other comprehensive loss:
 
 


 


 


Amounts reclassified from accumulated other comprehensive income
4

 
—

 
34

 
38

Tax expense
(1
)
 
—

 
(8
)
 
(9
)
Amounts reclassified from accumulated other comprehensive income, net
3

 
—

 
26

 
29

Net current period other comprehensive income
14

 
244

 
48

 
306

Balance at March 31, 2018
$
(12
)
 
$
(635
)
 
$
(2,544
)
 
$
(3,191
)
(1)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense), Other general expenses, and Compensation and benefits. See Note 15 “Derivatives and Hedging” for additional information regarding the Company’s derivative and hedging activity.
(2)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense).
(3)
Refer to Note 2 “Accounting Principles and Practices” for further information.