Common Stock and Employee Equity Plans

9 Months Ended

Sep. 28, 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		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
	(In millions)
Balance, beginning of period	1,618	1,614	1,616	1,612
Common stock issued under employee equity plans	10	9	15	14
Common stock repurchases for tax withholding on equity awards	(3)	(3)	(4)	(4)
Issuance of common stock upon warrant exercise	—	—	—	1
Repurchases of common stock	(2)	(5)	(4)	(8)
Balance, end of period	1,623	1,615	1,623	1,615

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 nine months ended September 28, 2024, the Company returned $250 million and $606 million, respectively, to shareholders through the repurchase of its common stock under the Repurchase Program. As of September 28, 2024, $4.9 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				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	(In millions)
Cost of sales	$	5	$	6	$	16	$	24
Research and development	267		260		809		721
Marketing, general and administrative	79		87		243		265
Total	$	351	$	353	$	1,068	$	1,010