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Shareholders' Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Distributable Reserves
As a U.K. incorporated company, the Company is required under U.K. law to have available “distributable reserves” to make share repurchases or pay dividends to shareholders. Distributable reserves may be created through the earnings of the U.K. parent company and, amongst other methods, through a reduction in share capital approved by the English Companies Court. Distributable reserves are not linked to a U.S. GAAP reported amount (e.g., retained earnings). As of December 31, 2016 and 2015, the Company had distributable reserves in excess of $1.6 billion and $2.1 billion, respectively.
Ordinary Shares
In April 2012, the Company’s Board of Directors authorized a share repurchase program under which up to $5.0 billion of Class A Ordinary Shares may be repurchased (“2012 Share Repurchase Program”). In November 2014, the Company’s Board of Directors authorized a new $5.0 billion share repurchase program in addition to the existing program (“2014 Share Repurchase Program” and, together with the 2012 Share Repurchase Program, the “Repurchase Programs”). Subsequent to the close of the fourth quarter 2016, the Board of Directors authorized a $5.0 billion increase to the existing remaining authorization under its share repurchase program. Under each program, 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.
During 2016, the Company repurchased 12.2 million shares at an average price per share of $102.66 for a total cost of $1.3 billion under the 2014 Share Repurchase Program. The Company recorded an additional $6 million of transaction costs associated with the repurchase to retained earnings during 2016. During 2015, the Company repurchased 16.0 million shares at an average price per share of $97.04 for a total cost of $1.6 billion under the Repurchase Programs. In August 2015, the $5 billion of Class A Ordinary Shares authorized under the 2012 Share Repurchase Program was exhausted. At December 31, 2016, the remaining authorized amount for share repurchase under the 2014 Share Repurchase Program is $2.8 billion. Under the Repurchase Programs, the Company has repurchased a total of 90.2 million shares for an aggregate cost of $7.2 billion.
Net Income Per Share
Weighted average shares outstanding are as follows (in millions):
 
Year ended December 31,
 
2016
 
2015
 
2014
Basic weighted-average ordinary shares outstanding
268.1

 
280.8

 
295.5

Dilutive effect of potentially issuable shares
2.2

 
3.0

 
4.1

Diluted weighted-average ordinary shares outstanding
270.3

 
283.8

 
299.6


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 in 2016, 2015, or 2014.
Dividends
During 2016, 2015, and 2014, the Company paid dividends on its Class A Ordinary Shares of $345.0 million, $323.0 million, and $273.0 million, respectively. Dividends paid per Class A Ordinary Share were $1.29, $1.15 and $0.92 for the years ended December 31, 2016, 2015, and 2014 respectively.
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 January 1, 2014
$
(21
)
 
$
169

 
$
(2,522
)
 
$
(2,374
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(13
)
 
(492
)
 
(563
)
 
(1,068
)
Tax benefit
4

 
(12
)
 
229

 
221

Other comprehensive loss before reclassifications, net
(9
)
 
(504
)
 
(334
)
 
(847
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 
 
Amounts reclassified from accumulated other comprehensive loss
20

 
—

 
106

 
126

Tax benefit
(7
)
 
—

 
(32
)
 
(39
)
Amounts reclassified from accumulated other comprehensive loss, net
13

 
—

 
74

 
87

Net current period other comprehensive (loss) income
4

 
(504
)
 
(260
)
 
(760
)
Balance at December 31, 2014
(17
)
 
(335
)
 
(2,782
)
 
(3,134
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(4
)
 
(467
)
 
82

 
(389
)
Tax benefit
1

 
31

 
(9
)
 
23

Other comprehensive loss before reclassifications, net
(3
)
 
(436
)
 
73

 
(366
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 

Amounts reclassified from accumulated other comprehensive loss
11

 
—

 
117

 
128

Tax benefit
(16
)
 
—

 
(35
)
 
(51
)
Amounts reclassified from accumulated other comprehensive loss, net
(5
)
 
—

 
82

 
77

Net current period other comprehensive (loss) income
(8
)

(436
)
 
155

 
(289
)
Balance at December 31, 2015
(25
)
 
(771
)
 
(2,627
)
 
(3,423
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(25
)
 
(490
)
 
(276
)
 
(791
)
Tax benefit
6

 
(3
)
 
74

 
77

Other comprehensive loss before reclassifications, net
(19
)
 
(493
)
 
(202
)
 
(714
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 

Amounts reclassified from accumulated other comprehensive loss
10

 
—

 
322

 
332

Tax benefit
(3
)
 
—

 
(104
)
 
(107
)
Amounts reclassified from accumulated other comprehensive loss, net
7

 
—

 
218

 
225

Net current period other comprehensive (loss) income
(12
)
 
(493
)
 
16

 
(489
)
Balance at December 31, 2016
$
(37
)
 
$
(1,264
)
 
$
(2,611
)
 
$
(3,912
)

(1)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income
(2)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Compensation and benefits