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Shareholders' Equity
 9 Months Ended
Sep. 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 September 30
 
Nine Months Ended September 30
 
2019 (1)
 
2018
 
2019 (1)
 
2018
Shares repurchased
1.8

 
2.1

 
8.2

 
8.8

Average price per share
$
190.83

 
$
145.71

 
$
183.26

 
$
142.15

Costs recorded to retained earnings

 

 
 
 
 
Total repurchase cost
$
350

 
$
300

 
$
1,500

 
$
1,250

Additional associated costs
—

 
1

 
7

 
6

Total costs recorded to retained earnings
$
350

 
$
301

 
$
1,507

 
$
1,256


(1)
Included in the 1.8 million and 8.2 million shares repurchased during the three and nine months ended September 30, 2019, respectively, were 25 thousand shares that did not settle until October 2019. These shares were settled at an average price per share of $193.91 and total cost of $4.8 million.
At September 30, 2019, the remaining authorized amount for share repurchase under the Repurchase Program was $2.5 billion. Under the Repurchase Program, the Company has repurchased a total of 126.5 million shares for an aggregate cost of approximately $12.5 billion.
Net Income Per Share
Weighted average ordinary shares outstanding are as follows (in millions):
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2019
 
2018
 
2019
 
2018
Basic weighted average ordinary shares outstanding
236.9

 
244.0

 
239.9

 
246.2

Dilutive effect of potentially issuable shares
2.2

 
1.6

 
2.0

 
1.5

Diluted weighted average ordinary shares outstanding
239.1

 
245.6

 
241.9

 
247.7


Potentially issuable shares are not included in the computation of diluted net income per share if their inclusion would be antidilutive. There were no shares excluded from the calculation for the three and nine months ended September 30, 2019 or September 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
(12
)
 
(180
)
 
2

 
(190
)
Amounts reclassified from accumulated other comprehensive income
 
 


 


 


Amounts reclassified from accumulated other comprehensive income
12

 
—

 
79

 
91

Tax expense
(3
)
 
—

 
(19
)
 
(22
)
Amounts reclassified from accumulated other comprehensive income, net
9

 
—

 
60

 
69

Net current period other comprehensive income (loss)
(3
)
 
(180
)
 
62

 
(121
)
Balance at September 30, 2019
$
(18
)
 
$
(1,499
)
 
$
(2,513
)
 
$
(4,030
)
(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).