Share Repurchase Programs and Dividends

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Share Repurchase Programs and Dividends

4.  Share Repurchase Programs and Dividends

Since July 2014, our Board of Directors has approved several share repurchase programs aggregating $9.0 billion of authority. As of December 31, 2016, there was no remaining authority to repurchase shares under our existing share repurchase programs. However, in January 2017, our Board of Directors authorized a new $2.0 billion share repurchase program that expires on December 31, 2018.

During the year ended December 31, 2016, we repurchased 119.8 million shares of AAG common stock for $4.4 billion at a weighted average cost per share of $36.86. During the year ended December 31, 2015, we repurchased 85.1 million shares of AAG common stock for $3.6 billion at a weighted average cost per share of $42.09. During the year ended December 31, 2014, we repurchased 23.4 million shares of AAG common stock for $1.0 billion at a weighted average cost per share of $42.72. Since the inception of the share repurchase programs in July 2014, we have repurchased 228.4 million shares of AAG common stock for $9.0 billion at a weighted average cost per share of $39.41.

Our Board of Directors declared the following cash dividends:

Year Ended December 31	Period	Per share		For stockholders of record as of	Payable on	Cash paid (millions)
2016	Fourth Quarter	$	0.10	November 7, 2016	November 21, 2016	$	52
	Third Quarter		0.10	August 5, 2016	August 19, 2016		53
	Second Quarter		0.10	May 4, 2016	May 18, 2016		58
	First Quarter		0.10	February 10, 2016	February 24, 2016		61
	Total	$	0.40			$	224
2015	Fourth Quarter	$	0.10	November 5, 2015	November 19, 2015	$	72
	Third Quarter		0.10	August 10, 2015	August 24, 2015		66
	Second Quarter		0.10	May 4, 2015	May 18, 2015		70
	First Quarter		0.10	February 9, 2015	February 23, 2015		70
	Total	$	0.40			$	278
2014	Fourth Quarter	$	0.10	November 3, 2014	November 17, 2014	$	72
	Third Quarter		0.10	August 4, 2014	August 18, 2014		72
	Total	$	0.20			$	144

Any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors. We are not obligated to continue a dividend for any fixed period, and payment of dividends may be suspended at any time at our discretion.