Shareholders' Equity

3 Months Ended

Mar. 31, 2019

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 $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.

The following table summarizes the Company’s Share Repurchase activity (in millions, except per share data):



	Three Months Ended March 31
	2019		2018
Shares repurchased	0.6		3.9
Average price per share	$	161.16	$	140.94
Costs recorded to retained earnings:
Total repurchase cost	$	100	$	550
Additional associated costs	1		3
Total costs recorded to retained earnings	$	101	$	553

At March 31, 2019, the remaining authorized amount for share repurchase under the Repurchase Program was $3.9 billion. Under the Repurchase Program, the Company has repurchased a total of 118.9 million shares for an aggregate cost of approximately $11.1 billion.

Net Income Per Share

Weighted average ordinary shares outstanding are as follows (in millions):



	Three Months Ended March 31
	2019	2018
Basic weighted average ordinary shares outstanding	242.2	248.5
Dilutive effect of potentially issuable shares	1.5	1.7
Diluted weighted average ordinary shares outstanding	243.7	250.2

Potentially issuable shares are not included in the computation of diluted net income per share if its inclusion would be antidilutive. There were 0.1 million shares excluded from the calculation for the three months ended March 31, 2019 and March 31, 2018.

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			Postretirement Benefit Obligation ⁽²⁾			Total
Balance at December 31, 2018	$	(15	)	$	(1,319	)	$	(2,575	)	$	(3,909	)
Other comprehensive income before reclassifications, net	4			131			11			146
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	5			—			26			31
Tax expense	(2		)	—			(6		)	(8		)
Amounts reclassified from accumulated other comprehensive income, net	3			—			20			23
Net current period other comprehensive income	7			131			31			169
Balance at March 31, 2019	$	(8	)	$	(1,188	)	$	(2,544	)	$	(3,740	)


(1)	Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Revenue, Interest expense, and Compensation and benefits. Refer to Note 15 “Derivatives and Hedging” for further 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).