XML 109 R18.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Shareholders' Equity | 12 Months Ended
--- | ---
Dec. 31, 2014
Equity [Abstract] |
Shareholders' Equity | Shareholders' Equity Redomestication Prior to the Redomestication, the Company accounted for purchases of its outstanding common stock using the treasury share method permitted under U.S. GAAP. Under this method, the Company recorded purchases of its own outstanding common stock as a reduction to Additional paid-in capital based on the cost of the shares acquired. Under U.K. law, when the Company repurchases its outstanding shares, those shares are treated as cancelled. In April 2012, the Company constructively cancelled 60 million shares of treasury stock related to the Redomestication. The impact of the cancellation of all outstanding treasury shares was a decrease in Ordinary shares and Retained earnings of $60 million and $2.4 billion, respectively. The balance of Treasury stock at cost of $2.5 billion was also eliminated as part of the cancellation. Additionally, effective upon the completion of the Redomestication, the par value of Aon's outstanding equity shares decreased from $1.00 to $0.01. The impact of this change was a decrease in Ordinary shares of $323 million, and an increase in Additional paid-in capital of $323 million. As a U.K. incorporated company, the Company is required under U.K. law 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, 2014 and 2013, the Company had distributable reserves in excess of $4.0 billion and $5.9 billion, respectively. Ordinary Shares In January 2010, the Company's Board of Directors authorized a share repurchase program under which up to $2 billion of common stock may be repurchased ("2010 Stock Repurchase Plan"). Shares could be repurchased through the open market or in privately negotiated transactions, including structured repurchase programs, from time to time, based on prevailing market conditions, and were to be funded from available capital. Any repurchased shares were to be available for employee stock plans and for other corporate purposes. The 2010 Stock Repurchase Program, which related to common stock of Aon Corporation and preceded the Redomestication, did not extend to shares of Aon plc. In April 2012, the Company's Board of Directors therefore 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"). 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. In 2014, the Company repurchased 25.8 million shares at an average price per share of $87.18 for a total cost of $2.3 billion under the 2012 Share Repurchase Plan. During 2013, the Company repurchased 16.8 million shares at an average price per share of $65.65 for a total cost of $1.1 billion under the 2012 Share Repurchase Plan. The remaining authorized amount for share repurchase under the 2012 Share Repurchase Program and 2014 Share Repurchase Program is $5.6 billion. Since the program's inception in 2012, the Company repurchased a total of 62.1 million shares for an aggregate cost of $4.4 billion. Participating Securities Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities, as defined, and therefore, should be included in computing basic and diluted earnings per share using the two class method. Certain of the Company's restricted share awards allow the holder to receive a non-forfeitable dividend equivalent. Net income, attributable to participating securities was $12 million, $11 million, and $11 million for the years ended December 31, 2014, 2013, and 2012, respectively. Weighted average shares outstanding are as follows (in millions):
| Year ended December 31,
| 2014 |  | 2013 |  | 2012
Shares for basic earnings per share (1) | 295.5 |  |  | 311.4 |  |  | 328.5 |
Common stock equivalents | 4.1 |  |  | 4.0 |  |  | 4.1 |
Shares for diluted earnings per share | 299.6 |  |  | 315.4 |  |  | 332.6 |
(1) | Includes 3.0 million, 3.9 million and 4.7 million shares of participating securities for the years ended December 31, 2014, 2013, and 2012 respectively.
Certain ordinary share equivalents may not be included in the computation of diluted net income per share because their inclusion would have been antidilutive. The number of shares excluded from the calculation was 0.0 million in 2014, 0.0 million in 2013 and 0.2 million in 2012. Dividends During 2014, 2013, and 2012, the Company paid dividends on its Class A Ordinary Shares of $273 million, $212 million, and $204 million, respectively. Dividends paid per Class A Ordinary Share were $0.92, $0.68 and $0.62 for the years ended December 31, 2014, 2013, and 2012 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 Investments (1) |  | Change in Fair Value of Derivatives (1) |  | Foreign Currency Translation Adjustments |  | Post-Retirement Benefit Obligation (2) |  | Total
Balance at January 1, 2012 | $ | — |  |  | $ | (37 | ) |  | $ | 124 |  |  | $ | (2,457 | ) |  | $ | (2,370 | )
Other comprehensive loss before reclassifications: |  |  |  |  |  |  |  |  |
Other comprehensive loss before reclassifications | — |  |  | (19 | ) |  | 109 |  |  | (598 | ) |  | (508 | )
Tax benefit | — |  |  | 7 |  |  | — |  |  | 164 |  |  | 171 |
Other comprehensive loss before reclassifications, net | — |  |  | (12 | ) |  | 109 |  |  | (434 | ) |  | (337 | )
Amounts reclassified from accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 33 |  |  | — |  |  | 110 |  |  | 143 |
Tax benefit | — |  |  | (12 | ) |  | — |  |  | (34 | ) |  | (46 | )
Amounts reclassified from accumulated other comprehensive loss, net | — |  |  | 21 |  |  | — |  |  | 76 |  |  | 97 |
Net current period other comprehensive (loss) income | — |  |  | 9 |  |  | 109 |  |  | (358 | ) |  | (240 | )
Balance at December 31, 2012 | — |  |  | (28 | ) |  | 233 |  |  | (2,815 | ) |  | (2,610 | )
Other comprehensive loss before reclassifications: |  |  |  |  |  |  |  |  |
Other comprehensive loss before reclassifications | 27 |  |  | (12 | ) |  | (65 | ) |  | 336 |  |  | 286 |
Tax benefit | (13 | ) |  | 5 |  |  | 1 |  |  | (136 | ) |  | (143 | )
Other comprehensive loss before reclassifications, net | 14 |  |  | (7 | ) |  | (64 | ) |  | 200 |  |  | 143 |
Amounts reclassified from accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive loss | (20 | ) |  | 21 |  |  | — |  |  | 131 |  |  | 132 |
Tax benefit | 7 |  |  | (8 | ) |  | — |  |  | (38 | ) |  | (39 | )
Amounts reclassified from accumulated other comprehensive loss, net | (13 | ) |  | 13 |  |  | — |  |  | 93 |  |  | 93 |
Net current period other comprehensive (loss) income | 1 |  |  | 6 |  |  | (64 | ) |  | 293 |  |  | 236 |
Balance at December 31, 2013 | 1 |  |  | (22 | ) |  | 169 |  |  | (2,522 | ) |  | (2,374 | )
Other comprehensive loss before reclassifications: |  |  |  |  |  |  |  |  |
Other comprehensive loss before reclassifications | (2 | ) |  | (11 | ) |  | (492 | ) |  | (563 | ) |  | (1,068 | )
Tax benefit | 1 |  |  | 3 |  |  | (12 | ) |  | 229 |  |  | 221 |
Other comprehensive loss before reclassifications, net | (1 | ) |  | (8 | ) |  | (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 | (1 | ) |  | 5 |  |  | (504 | ) |  | (260 | ) |  | (760 | )
Balance at December 31, 2014 | $ | — |  |  | $ | (17 | ) |  | $ | (335 | ) |  | $ | (2,782 | ) |  | $ | (3,134 | )
______________________________________________ (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

X
- Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration