Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Employee Equity Plans

v3.23.2
Common Stock and Employee Equity Plans
 6 Months Ended
Jul. 01, 2023
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
July 1,
2023		 June 25,
2022		 July 1,
2023		 June 25,
2022
(In millions)
Balance, beginning of period 1,609  1,620  1,612  1,207 
Common stock issued in the acquisition of Xilinx —  —  —  429 
Common stock issued under employee equity plans 4  3  5  3 
Common stock repurchases for tax withholding on equity awards —  (1) (1) (1)
Issuance of common stock upon warrant exercise 1  —  1  — 
Repurchases of common stock —  (10) (3) (26)
Balance, end of period 1,614  1,612  1,614  1,612 
Stock Repurchase Program
The Company has an approved stock repurchase program authorizing repurchases of up to $12 billion of the Company’s common stock (Repurchase Program). During the six months ended July 1, 2023, the Company returned $241 million to shareholders through the repurchase of 3 million shares of its common stock under the Repurchase Program. Repurchases during the three months ended July 1, 2023 were immaterial. As of July 1, 2023, $6.3 billion remains available for future stock repurchases under the Repurchase 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 recorded in the Condensed Consolidated Statements of Operations was as follows: 
Three Months Ended Six Months Ended
July 1,
2023		 June 25,
2022		 July 1,
2023		 June 25,
2022
(In millions)
Cost of sales $ 10  $ 8  $ 18  $ 12 
Research and development 247  180  461  293 
Marketing, general and administrative 91  104  178  186 
Total $ 348  $ 292  $ 657  $ 491