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Shareholders' Equity
 9 Months Ended
Sep. 30, 2021
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, June 2017, and November 2020 for a total of $20.0 billion in repurchase authorizations.
Under the Repurchase Program, the Company’s 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,
2021202020212020
Shares repurchased4.4 2.4 5.7 4.6 
Average price per share$283.38 $201.96 $272.11 $207.01 
Costs recorded to retained earnings
Total repurchase cost$1,251 $500 $1,543 $961 
Additional associated costs— — — 2 
Total costs recorded to retained earnings$1,251 $500 $1,543 $963 

At September 30, 2021, the remaining authorized amount for share repurchases under the Repurchase Program was approximately $3.7 billion. Under the Repurchase Program, the Company has repurchased a total of 142.9 million shares for an aggregate cost of approximately $16.3 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,
 2021202020212020
Basic weighted average ordinary shares outstanding225.4 232.6 226.5 232.8 
Dilutive effect of potentially issuable shares— 0.9 1.2 1.1 
Diluted weighted average ordinary shares outstanding225.4 233.5 227.7 233.9 
Potentially issuable shares are not included in the computation of Diluted net income (loss) per share attributable to Aon shareholders if their inclusion would be antidilutive. Due to the net loss for the three months ended September 30, 2021, 1.5 million shares were excluded from the calculation. There were no shares excluded from the calculation for the nine months ended September 30, 2021. There were no shares excluded from the calculation for the three and nine months ended September 30, 2020.
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, 2020$1 $(1,045)$(2,817)$(3,861)
Other comprehensive income (loss) before reclassifications, net4 (108)8 (96)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income1 — 104 105 
Tax expense— — (25)(25)
Amounts reclassified from accumulated other comprehensive income, net (3)
1 — 79 80 
Net current period other comprehensive income (loss)
5 (108)87 (16)
Balance at September 30, 2021$6 $(1,153)$(2,730)$(3,877)
 
Change in Fair Value of Financial Instruments (1)
Foreign Currency Translation Adjustments
Postretirement Benefit Obligation (2)
Total
Balance at December 31, 2019$(12)$(1,305)$(2,716)$(4,033)
Other comprehensive income (loss) before reclassifications, net(6)(137)(4)(147)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income13 — 94 107 
Tax expense(3)— (23)(26)
Amounts reclassified from accumulated other comprehensive income, net (3)
10 — 71 81 
Net current period other comprehensive income (loss)
4 (137)67 (66)
Balance at September 30, 2020$(8)$(1,442)$(2,649)$(4,099)
(1)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Total revenue, Interest expense, and Compensation and benefits in the Condensed Consolidated Statements of Income. Refer to Note 13 “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) in the Condensed Consolidated Statements of Income.
(3)It is the Company’s policy to release income tax effects from Accumulated other comprehensive loss using the portfolio approach.