Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Employee Equity Plans

v3.24.1.u1
Common Stock and Employee Equity Plans
 3 Months Ended
Mar. 30, 2024
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
March 30,
2024		 April 1,
2023
(In millions)
Balance, beginning of period 1,616  1,612 
Common stock issued under employee equity plans 3  1 
Common stock repurchases for tax withholding on equity awards (1) (1)
Repurchases of common stock —  (3)
Balance, end of period 1,618  1,609 
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 three months ended March 30, 2024, the Company returned $4 million to shareholders through the repurchase of its common stock under the Repurchase Program. As of March 30, 2024, $5.6 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
March 30,
2024		 April 1,
2023
(In millions)
Cost of sales $ 6  $ 8 
Research and development 279  214 
Marketing, general and administrative 86  87 
Total $ 371  $ 309