Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
During the second quarter of fiscal year 2024, we repurchased 7.5 million shares of our common stock for $3.28 billion. Since the inception of our share repurchase program, we have repurchased an aggregate of 1.11 billion shares for a total cost of $20.40 billion through July 30, 2023. As of July 30, 2023, we were authorized, subject to certain specifications, to repurchase shares of our common stock up to $3.95 billion.
The repurchases can be made in the open market, in privately negotiated transactions, pursuant to a Rule 10b5-1 trading plan or in structured share repurchase programs, and can be made in one or more larger repurchases, in compliance with Rule 10b-18 of the Exchange Act, subject to market conditions, applicable legal requirements, and other factors. The program does not obligate NVIDIA to acquire any particular amount of common stock and the program may be suspended at any time at our discretion.
In the second quarter and first half of fiscal year 2024, we paid $99 million and $199 million, respectively, in cash dividends. Our cash dividend program and the payment of future cash dividends under that program are subject to our Board of Directors' continuing determination that the dividend program and the declaration of dividends thereunder are in the best interests of our shareholders.
The following table presents details of our share repurchase transactions during the second quarter of fiscal year 2024:
Period Total Number
of Shares Purchased
(In millions) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program
(In millions) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
(In billions)
May 1, 2023 - May 28, 2023 — $ — — $ 7.23
May 29, 2023 - June 25, 2023 1.9 $ 420.77 1.9 $ 6.41
June 26, 2023 - July 30, 2023 5.6 $ 440.19 5.6 $ 3.95
Total 7.5 7.5
On August 21, 2023, our Board of Directors approved an increase to our share repurchase program of an additional $25.00 billion, without expiration. From July 31, 2023 through August 24, 2023, we repurchased 2 million shares for $998 million pursuant to a Rule 10b5-1 trading plan. As of August 24, 2023, a total of $27.95 billion was available for repurchase.
Restricted Stock Unit Share Withholding
We also withhold common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock unit awards under our employee equity incentive program. During the second quarter and first half of fiscal year 2024, we withheld approximately 1 million and 3 million shares, respectively, for a total value of $672 million and $1.18 billion, respectively.
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