Item 2. Unregistered Sales of Equity Securities
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
On October 1, 2021, our Board authorized a share repurchase program of up to $4 billion of our outstanding common stock, enabling us to opportunistically return value to shareholders. The $4 billion authorization is effective for four years, beginning on January 1, 2022 and expiring on December 31, 2025, and does not require the purchase of any minimum number of shares.
The following table summarizes shares repurchased by the Company under this program during the second quarter of 2023:
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Amount of Dollars that May Yet be Used to Purchase Shares Under the Program (in millions) (1)
April 1 to April 30 — $ — — $ 3,390
May 1 to May 31 6,720,976 32.40 6,720,976 3,172
June 1 to June 30 280,000 31.06 280,000 3,164
Total 7,000,976 $ 32.34 7,000,976 $ 3,164
(1) The share repurchase program was authorized prior to the issuance of the Inflation Reduction Act of 2022, which imposes a 1% excise tax on net share repurchases that occur after December 31, 2022. As of June 30, 2023 , $4 million was included in additional paid-in capital related to the excise tax associated with shares repurchased during first six months of 2023.
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