Share Repurchase Programs and Dividends

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Share Repurchase Programs and Dividends

4. Share Repurchase Programs and Dividends

Since July 2014, our Board of Directors has approved six share repurchase programs aggregating $11.0 billion of authority. As of March 31, 2017, $1.5 billion remained unused under a repurchase program that expires on December 31, 2018. 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 March 31, 2017, we repurchased 11.7 million shares of AAG common stock for $512 million at a weighted average cost per share of $43.81. Since the inception of our share repurchase programs in July 2014, we have repurchased 240.0 million shares of AAG common stock for $9.5 billion at a weighted average cost per share of $39.62.

Our Board of Directors declared the following cash dividends during the first quarter of 2017:

Period	Per share		For stockholders of record as of	Payable on	Cash paid (millions)
First Quarter	$	0.10	February 13, 2017	February 27, 2017	$	51

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.