Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Employee Equity Plans

v3.24.2
Common Stock and Employee Equity Plans
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Common Stock and Employee Equity Plans Common Stock and Stock-based Compensation
Common Stock
Shares of common stock outstanding were as follows:
Three Months Ended Six Months Ended
June 29,
2024		 July 1,
2023		 June 29,
2024		 July 1,
2023
(In millions)
Balance, beginning of period 1,618  1,609  1,616  1,612 
Common stock issued under employee equity plans 2  4  5  5 
Common stock repurchases for tax withholding on equity awards —  —  (1) (1)
Issuance of common stock upon warrant exercise —  1  —  1 
Repurchases of common stock (2) —  (2) (3)
Balance, end of period 1,618  1,614  1,618  1,614 
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 and six months ended June 29, 2024, the Company returned $352 million and $356 million, respectively, to shareholders through the repurchase of its common stock under the Repurchase Program. As of June 29, 2024, $5.2 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
June 29,
2024		 July 1,
2023		 June 29,
2024		 July 1,
2023
(In millions)
Cost of sales $ 5  $ 10  $ 11  $ 18 
Research and development 262  247  541  461 
Marketing, general and administrative 79  91  165  178 
Total $ 346  $ 348  $ 717  $ 657