Johnson Controls Inc., the largest U.S. auto-parts maker, said it’s increasing a stock-repurchase program by $3 billion because of increased confidence in its outlook for next year and beyond.

Johnson Controls total share-repurchase authorization is now $3.65 billion, the company said in a statement. The company has bought back $400 million of shares so far this year and said Wednesday it will buy back $800 million of its shares from Goldman Sachs Group Inc.. The remainder of the authorization will be used during the next two years, the company said.

The auto-parts and building-controls company, based in Milwaukee, also increased its dividend by 16 percent to 22 cents per share. The quarterly dividend will be paid Jan. 6 to shareholders of record as of Dec. 16.

“We have a strong balance sheet and are committed to disciplined capital allocation, giving us the capacity to continue investing in our businesses while meaningfully increasing the cash we return to our shareholders,” Chief Executive Officer Alex Molinaroli said in the statement. 

The shares rose 3 percent to $49.65 at 5:22 p.m. after the close in New York. That price exceeds the highest closing price ever for the stock, which has traded since 1980. Johnson Controls slipped 0.3 percent to $48.22 at Wednesday’s close. The shares have risen 57 percent this year, more than double the 25 percent gain by the Standard & Poor’s 500 Index.