Common Stock and Stock-based Compensation

3 Months Ended

Mar. 29, 2025

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
	March 29, 2025	March 30, 2024
	(In millions)
Balance, beginning of period	1,622	1,616
Common stock issued under employee equity plans	1	3
Common stock repurchases for tax withholding on equity awards	—	(1)
Repurchases of common stock	(7)	—
Balance, end of period	1,616	1,618

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 29, 2025, the Company repurchased 7 million shares of its common stock under the Repurchase Program for $749 million. As of March 29, 2025, $3.9 billion remained 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 29, 2025		March 30, 2024
	(In millions)
Cost of sales	$	5	$	6
Research and development	282		279
Marketing, general and administrative	77		86
Total	$	364	$	371