Share Repurchase Programs and Dividends

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Share Repurchase Programs and Dividends

Share Repurchase Programs and Dividends

In April 2018, we announced that our Board of Directors authorized a new $2.0 billion share repurchase program that expires on December 31, 2020. Since July 2014, our Board of Directors has approved seven share repurchase programs aggregating $13.0 billion of authority. As of June 30, 2018, there was $1.7 billion remaining authority to repurchase shares under our new $2.0 billion share repurchase program. Share repurchases under our 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. We are not obligated to repurchase any specific number of shares and our repurchase of common stock may be limited, suspended or discontinued at any time at our discretion.

During the three months ended June 30, 2018, we repurchased 8.2 million shares of AAG common stock for $350 million at a weighted average cost per share of $42.81. During the six months endedJune 30, 2018, we repurchased 16.6 million shares of AAG common stock for $800 million at a weighted average cost per share of $48.15. Since the inception of our share repurchase programs in July 2014, we have repurchased 278.9 million shares of AAG common stock for $11.3 billion at a weighted average cost per share of $40.69.

Our Board of Directors declared a cash dividend of $0.10 per share for stockholders of record as of May 8, 2018 and paid on May 22, 2018, totaling $46 million. For the first six months of 2018, we paid total quarterly cash dividends of $94 million.