Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Employee Equity Plans

v3.21.2
Common Stock and Employee Equity Plans
 6 Months Ended
Jun. 26, 2021
Equity [Abstract]  
Common Stock and Employee Equity Plans Common Stock and Employee Equity Plans
Common Stock
Shares of common stock outstanding were as follows:
Three Months Ended Six Months Ended
June 26,
2021		 June 27,
2020		 June 26,
2021		 June 27,
2020
(In millions)
Balance, beginning of period 1,215  1,171  1,211  1,170 
Common stock issued under employee equity plans 1  3  2  4 
Issuance of common stock to settle convertible debt —  —  3  — 
Repurchase of common stock (3) —  (3) — 
Balance, end of period 1,213  1,174  1,213  1,174 
Stock Repurchase Program
In May 2021, the Company’s Board of Directors approved a stock repurchase program authorizing up to $4 billion of repurchases of the Company’s outstanding common stock (the Repurchase Program). During the three and six months ended June 26, 2021, the Company repurchased 3 million shares of its common stock under the Repurchase Program, for a total cash outlay of $256 million. As of June 26, 2021, $3.7 billion remains available for future stock repurchases under this program. The Repurchase Program does not obligate the Company to acquire any common stock, has no termination date and may be suspended or discontinued at any time.
Stock-based Compensation
Stock-based compensation expense was as follows: 
Three Months Ended Six Months Ended
June 26,
2021		 June 27,
2020		 June 26,
2021		 June 27,
2020
(In millions)
Cost of sales $ 1  $ 2  $ 2  $ 4 
Research and development 53  37  108  74 
Marketing, general and administrative 29  21  58  41 
Total stock-based compensation expense before income taxes 83  60  168  119 
Income tax benefit (14) —  (27) — 
Total stock-based compensation expense after income taxes $ 69  $ 60  $ 141  $ 119