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Shareholders' Equity | 102 Months Ended
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Sep. 30, 2020
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 June 2017 for a total of $15.0 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,
| 2020 |  | 2019 (1) |  | 2020 |  | 2019 (1)
Shares repurchased | 2.4 |  |  | 1.8 |  |  | 4.6 |  |  | 8.2 |
Average price per share | $ | 201.96 |  |  | $ | 190.83 |  |  | $ | 207.01 |  |  | $ | 183.26 |
Costs recorded to retained earnings |  |  |  |  |  |  |
Total repurchase cost | $ | 500 |  |  | $ | 350 |  |  | $ | 961 |  |  | $ | 1,500 |
Additional associated costs | — |  |  | — |  |  | 2 |  |  | 7 |
Total costs recorded to retained earnings | $ | 500 |  |  | $ | 350 |  |  | $ | 963 |  |  | $ | 1,507 |
(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. Due to COVID-19 the Company temporarily suspended share repurchases and resumed the Repurchase Program during the third quarter of 2020. At September 30, 2020, the remaining authorized amount for share repurchases under the Repurchase Program was $1.1 billion. Under the Repurchase Program, the Company has repurchased a total of 133.4 million shares for an aggregate cost of approximately $13.9 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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Basic weighted average ordinary shares outstanding | 232.6 |  |  | 236.9 |  |  | 232.8 |  |  | 239.9 |
Dilutive effect of potentially issuable shares | 0.9 |  |  | 2.2 |  |  | 1.1 |  |  | 2.0 |
Diluted weighted average ordinary shares outstanding | 233.5 |  |  | 239.1 |  |  | 233.9 |  |  | 241.9 |
Potentially issuable shares are not included in the computation of Diluted net income per share attributable to Aon shareholders if their inclusion would be antidilutive. There were no shares excluded from the calculation for the three and nine months ended September 30, 2020 and September 30, 2019, 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 |  | 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 income | 13 |  |  | — |  |  | 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) |
| 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 (3) | 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 Total revenue, Interest expense, and Compensation and benefits in the Condensed Consolidated Statements of Income. Refer to Note 14 “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.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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