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Shareholders' Equity
 6 Months Ended
Jun. 30, 2019
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 $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 June 30
 
Six Months Ended June 30
 
2019
 
2018
 
2019
 
2018
Shares repurchased
5.8

 
2.8

 
6.4

 
6.7

Average price per share
$
183.23

 
$
141.23

 
$
181.07

 
$
141.06

Costs recorded to retained earnings:

 

 
 
 
 
Total repurchase cost
$
1,050

 
$
400

 
$
1,150

 
$
950

Additional associated costs
6

 
2

 
7

 
5

Total costs recorded to retained earnings
$
1,056

 
$
402

 
$
1,157

 
$
955


At June 30, 2019, the remaining authorized amount for share repurchase under the Repurchase Program was $2.8 billion. Under the Repurchase Program, the Company has repurchased a total of 124.6 million shares for an aggregate cost of approximately $12.2 billion.
Net Income Per Share
Weighted average ordinary shares outstanding are as follows (in millions):
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2019
 
2018
 
2019
 
2018
Basic weighted average ordinary shares outstanding
240.6

 
246.0

 
241.4

 
247.2

Dilutive effect of potentially issuable shares
2.2

 
1.4

 
1.8

 
1.6

Diluted weighted average ordinary shares outstanding
242.8

 
247.4

 
243.2

 
248.8


Potentially issuable shares are not included in the computation of diluted net income per share if its inclusion would be antidilutive. There were no shares excluded from the calculation for the three and six months ended June 30, 2019 and June 30, 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 (loss) before reclassifications, net
(8
)
 
28

 
5

 
25

Amounts reclassified from accumulated other comprehensive income:
 
 


 


 


Amounts reclassified from accumulated other comprehensive income
8

 
—

 
52

 
60

Tax expense
(1
)
 
—

 
(12
)
 
(13
)
Amounts reclassified from accumulated other comprehensive income, net
7

 
—

 
40

 
47

Net current period other comprehensive income (loss)
(1
)
 
28

 
45

 
72

Balance at June 30, 2019
$
(16
)
 
$
(1,291
)
 
$
(2,530
)
 
$
(3,837
)
(1)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Revenue, Interest expense, and Compensation and benefits in the accompanying Condensed Consolidated Statements of Income. 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).