Common Stock and Employee Equity Plans

9 Months Ended

Sep. 30, 2023

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		Nine Months Ended
	September 30, 2023	September 24, 2022	September 30, 2023	September 24, 2022
	(In millions)
Balance, beginning of period	1,614	1,612	1,612	1,207
Common stock issued in the acquisition of Xilinx	—	—	—	429
Common stock issued under employee equity plans	9	10	14	14
Common stock repurchases for tax withholding on equity awards	(3)	(3)	(4)	(5)
Issuance of common stock upon warrant exercise	—	—	1	—
Repurchases of common stock	(5)	(7)	(8)	(33)
Balance, end of period	1,615	1,612	1,615	1,612

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 30, 2023, the Company returned $511 million and $752 million to shareholders through the repurchase of 5 million and 8 million shares of its common stock under the Repurchase Program, respectively. As of September 30, 2023, $5.8 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 30, 2023		September 24, 2022		September 30, 2023		September 24, 2022
	(In millions)
Cost of sales	$	6	$	8	$	24	$	20
Research and development	260		185		721		478
Marketing, general and administrative	87		82		265		268
Total	$	353	$	275	$	1,010	$	766