Share Repurchase Programs and Dividends

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Share Repurchase Programs and Dividends

8.  Share Repurchase Programs and Dividends

Since July 2014, the Company’s Board of Directors have approved several share repurchase programs aggregating $7.0 billion of authority of which, as of December 31, 2015, $2.4 billion of authority remained unused under repurchase programs which are to be completed no later than December 31, 2016. Share repurchases under the repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. The programs do not obligate the Company to repurchase any specific number of shares and may be suspended at any time at the Company’s discretion.

During the year ended December 31, 2015, the Company 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, the Company 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, the Company has repurchased 108.5 million shares of AAG Common Stock for $4.6 billion at a weighted average cost per share of $42.23.

The Company’s Board of Directors declared the following cash dividends:

Year Ended December 31	Period	Per share		For stockholders of record as of	Payable on
2015	Fourth Quarter	$	0.10	November 5, 2015	November 19, 2015
	Third Quarter		0.10	August 10, 2015	August 24, 2015
	Second Quarter		0.10	May 4, 2015	May 18, 2015
	First Quarter		0.10	February 9, 2015	February 23, 2015
2014	Fourth Quarter	$	0.10	November 3, 2014	November 17, 2014
	Third Quarter		0.10	August 4, 2014	August 18, 2014

The total cash payment for dividends during the years ended December 31, 2015 and 2014 was $278 million and $144 million, respectively. Any future dividends that may be declared and paid from time to time under the Company’s capital deployment program will be subject to market and economic conditions, applicable legal requirements and other relevant factors. The Company’s capital deployment program does not obligate it to continue a dividend for any fixed period, and payment of dividends may be suspended at any time at the Company’s discretion.