Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Employee Equity Plans

v3.21.2
Common Stock and Employee Equity Plans
 9 Months Ended
Sep. 25, 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 Nine Months Ended
September 25,
2021		 September 26,
2020		 September 25,
2021		 September 26,
2020
(In millions)
Balance, beginning of period 1,213  1,174  1,211  1,170 
Common stock issued under employee equity plans, net of tax withholding 6  9  8  13 
Common stock repurchases for tax withholding on equity awards —  (1) —  (1)
Issuance of common stock to settle convertible debt —  20  3  20 
Repurchases of common stock (7) —  (10) — 
Balance, end of period 1,212  1,202  1,212  1,202 
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 nine months ended September 25, 2021, the Company repurchased 7.2 million and 10.4 million shares of its common stock under the Repurchase Program for $750 million and $1 billion, respectively. As of September 25, 2021, $3 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 Nine Months Ended
September 25,
2021		 September 26,
2020		 September 25,
2021		 September 26,
2020
(In millions)
Cost of sales $ 2  $ 1  $ 4  $ 5 
Research and development 63  48  171  122 
Marketing, general and administrative 34  27  92  68 
Total stock-based compensation expense before income taxes 99  76  267  195 
Income tax benefit (16) —  (43) — 
Total stock-based compensation expense after income taxes $ 83  $ 76  $ 224  $ 195