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Shareholders' Equity
 3 Months Ended
Mar. 31, 2017
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 increased in November 2014 and February 2017 by incremental increases of $5.0 billion in authorized repurchases at each of those times.
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, 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 under the Repurchase Program. The Company recorded an additional $0.6 million of costs associated with the repurchases to retained earnings during the quarter. In the three months ended March 31, 2016, the Company repurchased 7.7 million shares at an average price per share of $97.92, for a total cost of approximately $750 million. At March 31, 2017, the remaining authorized amount for share repurchase under the Repurchase Program was $7.7 billion. Under the Repurchase Program, the Company has repurchased a total of 91.3 million shares for an aggregate cost of approximately $7.3 billion.
Net Income Per Share
Weighted average shares outstanding are as follows (in millions):
 
Three months ended March 31
 
2017
 
2016
Basic weighted-average ordinary shares outstanding
264.8

 
271.7

Dilutive effect of potentially issuable shares
2.2

 
2.0

Diluted weighted-average ordinary shares outstanding
267.0

 
273.7


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 months ended March 31, 2017 and 0.5 million shares excluded from the calculation for the three months ended March 31, 2016.
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, 2016
$
(37
)
 
$
(1,264
)
 
$
(2,611
)
 
$
(3,912
)
Other comprehensive (loss) income before reclassifications, net
4

 
146

 
—

 
150

Amounts reclassified from accumulated other comprehensive loss:
 
 


 


 


Amounts reclassified from accumulated other comprehensive (loss) income
(10
)
 
—

 
26

 
16

Tax benefit (expense)
4

 
—

 
(8
)
 
(4
)
Amounts reclassified from accumulated other comprehensive (loss) income, net
(6
)
 
—

 
18

 
12

Net current period other comprehensive (loss) income
(2
)
 
146

 
18

 
162

Balance at March 31, 2017
$
(39
)
 
$
(1,118
)
 
$
(2,593
)
 
$
(3,750
)
(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 14 “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 Compensation and benefits.