Stockholders' Equity

9 Months Ended

Oct. 27, 2013

Notes to financial statements [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

As of October 27, 2013, our Board of Directors' had authorized us, subject to certain specifications, to repurchase shares of our common stock up to an aggregate maximum amount of $2.7 billion through December 2014. On November 4, 2013, our Board extended the program through January 2016 and authorized an additional $1.0 billion under the repurchase program. Please refer to Note 14 of these Notes to Condensed Consolidated Financial Statements for a discussion regarding this subsequent event.

The repurchases will be made from time to time in the open market, in privately negotiated transactions, or in structured stock repurchase programs, and may be made in one or more larger repurchases, in compliance with Rule 10b-18 of the Securities 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. As part of our share repurchase program, we have entered into, and we may continue to enter into, structured share repurchase transactions with financial institutions. These agreements generally require that we make an up-front payment in exchange for the right to receive a fixed number of shares of our common stock upon execution of the agreement, and a potential incremental number of shares of our common stock, within a pre-determined range, at the end of the term of the agreement.

As part of the repurchase program, on May 14, 2013, we executed a $750.0 million accelerated share repurchase, or ASR, agreement with Goldman, Sachs & Co.that was completed on October 22, 2013. Under the ASR, we repurchased 51.5 million shares in aggregate at an average price of $14.56 per share, of which 36.9 million shares were delivered in the second quarter of fiscal year 2014 and 14.6 million shares were delivered in the third quarter of fiscal year 2014.  The shares delivered resulted in a reduction, on the delivery date, of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. As of October 27, 2013, shares delivered from the ASR have been placed into treasury stock.

Through October 27, 2013, we have received an aggregate of 159.0 million shares under our stock repurchase program for a total cost of $2.41 billion.  As of October 27, 2013, we were authorized, subject to certain specifications, to repurchase additional shares of our common stock up to $285.7 million which subsequently increased to $1.29 billion on November 4, 2013 as a result of our Board of Directors' authorization of an additional $1.0 billion under our repurchase program and an extension of the program through January 2016. Please refer to Note 14 of these Notes to Condensed Consolidated Financial Statements for a discussion regarding this subsequent event.

Convertible Preferred Stock

There are no shares of preferred stock outstanding.

Common Stock

We are authorized to issue up to 2,000,000,000 shares of our common stock at $0.001 per share par value.