Share Repurchase Programs and Cash Dividends

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Share Repurchase Programs and Cash Dividends

Share Repurchase Programs and Cash Dividends

During the six months ended June 30, 2020, we repurchased 6.4 million shares of AAG common stock for $145 million at a weighted average cost per share of $22.77, all of which were purchased in the first quarter of 2020.

In January 2020, our Board of Directors declared a cash dividend of $0.10 per share for stockholders of record as of February 5, 2020 and paid on February 19, 2020, totaling $43 million.

We have suspended our capital return program, including share repurchases and the payment of future dividends. In connection with our receipt of financial assistance under the Payroll Support Program, we agreed not to repurchase shares of or make dividend payments in respect of AAG common stock through September 30, 2021. If we receive a secured loan from Treasury pursuant to the CARES Act, we will be prohibited from repurchasing shares of AAG common stock and the payment of common stock dividends through the date that is one year after such secured loan is fully repaid.