Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Stock Repurchase Program — Subsequent to September 30, 2015, the Parent Company repurchased an additional 1.6 million shares at a cost of $16 million, bringing the cumulative repurchases total from July 2010 through November 4, 2015 to 139.5 million shares for a total cost of $1.7 billion, at an average price per share of $12.41 (including a nominal amount of commissions). On November 2, 2015, the Company’s Board of Directors authorized a further increase in the Stock Repurchase Program by an additional $400 million, which brings the total share repurchase authorization to $2.1 billion. As of November 4, 2015, $400 million remains available under the Program. See Note 11—Equity for additional information.

Dividends — On October 8, 2015, the Parent Company’s BoD declared a dividend of $0.10 per outstanding common share payable on November 16, 2015 to the shareholders of record at the close of business on November 2, 2015.

Solar Italy — On October 1, 2015, the Company completed the sale of Solar Italy for $42 million. The Company expects to recognize a gain on this transaction in the fourth quarter of 2015.