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