Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased

[Table of Contents](#i43c0112b46aa4245817525f4da15c00d_7)NOTE 9 – Earnings Per Share The following table sets forth the components of basic and diluted earnings per share:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Three Months Ended |
|  |  |  |  |  | March 26,2022 |  | March 27,2021 |
|  |  |  |  |  | (In millions, except per share amounts) |
| Numerator |  |  |  |  |  |  |  |
| Net income for basic earnings per share |  |  |  |  | $ | 786  |  |  | $ | 555  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
| Denominator |  |  |  |  |  |  |  |
| Basic weighted average shares |  |  |  |  | 1,393  |  |  | 1,213  |  |
| Effect of potentially dilutive shares: |  |  |  |  |  |  |  |
|         Employee equity plans and warrants |  |  |  |  | 17  |  |  | 18  |  |
|  |  |  |  |  |  |  |  |
| Diluted weighted average shares |  |  |  |  | 1,410  |  |  | 1,231  |  |
| Earnings per share: |  |  |  |  |  |  |  |
| Basic |  |  |  |  | $ | 0.56  |  |  | $ | 0.46  |  |
| Diluted |  |  |  |  | $ | 0.56  |  |  | $ | 0.45  |  |

NOTE 10 – Common Stock and Employee Equity PlansCommon StockShares of common stock outstanding were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Three Months Ended |
|  |  |  |  |  | March 26,2022 |  | March 27,2021 |
|  |  |  |  |  | (In millions) |
| Balance, beginning of period |  |  |  |  | 1,207  |  |  | 1,211  |  |
| Common stock issued for the acquisition of Xilinx |  |  |  |  | 429  |  |  | —  |  |
| Common stock issued under employee equity plans |  |  |  |  | 1  |  |  | 1  |  |
| Common stock repurchases for tax withholding on equity awards |  |  |  |  | (1) |  |  | —  |  |
| Issuance of common stock to settle convertible debt |  |  |  |  | —  |  |  | 3  |  |
| Repurchases of common stock |  |  |  |  | (16) |  |  | —  |  |
| Balance, end of period |  |  |  |  | 1,620  |  |  | 1,215  |  |

   
Stock Repurchase ProgramIn May 2021, the Company’s Board of Directors approved a stock repurchase program of up to $4 billion of the Company’s common stock (Existing Repurchase Program). In February 2022, the Company’s Board of Directors approved a new stock repurchase program in addition to the Existing Repurchase Program to purchase up to $8 billion of outstanding common stock in the open market (collectively referred to as the “Repurchase Program”). During the three months ended March 26, 2022, the Company repurchased 15.8 million shares of its common stock under the Repurchase Program for $1.9 billion. As of March 26, 2022, $8.3 billion remains available for future stock repurchases under the Repurchase Program. The stock 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.20
