Share Repurchase Programs and Dividends

6 Months Ended

Jun. 30, 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 of which, as of June 30, 2016, $1.2 billion remained unused under repurchase programs that expire on December 31, 2017. Share repurchases under our share 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. Our share repurchase programs do not obligate us to repurchase any specific number of shares and may be suspended at any time at our discretion.

During the three months ended June 30, 2016, we repurchased 50.2 million shares of AAG common stock for $1.7 billion at a weighted average cost per share of $33.55. During the six months ended June 30, 2016, we repurchased 89.5 million shares of AAG common stock for $3.2 billion at a weighted average cost per share of $36.28. Since the inception of the share repurchase programs in July 2014, we have repurchased 198.1 million shares of AAG common stock for $7.8 billion at a weighted average cost per share of $39.54.

Our Board of Directors declared the following cash dividends during the first six months of 2016:

Period	Per share		For stockholders of record as of		Payable on		Cash paid (millions)
First Quarter	$	0.10		February 10, 2016		February 24, 2016	$	61
Second Quarter	$	0.10		May 4, 2016		May 18, 2016		58
Total							$	119

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.