Table of ContentsNote 8 – Equity Incentive PlansOther Performance-Based GrantsFrom time to time, the Compensation Committee of our Board of Directors grants certain employees performance-basedrestricted stock units and stock options.As of September 30, 2024, we had unrecognized stock-based compensation expense of $487 million under these grantsto purchase or receive an aggregate 4.9 million shares of our common stock. For awards probable of achievement, we estimatethe unrecognized stock-based compensation expense of $457 million will be recognized over a weighted-average period of 4.3years.For the three and nine months ended September 30, 2024 and 2023, stock-based compensation expense related to thesegrants, net of forfeitures, were immaterial.Summary Stock-Based Compensation InformationThe following table summarizes our stock-based compensation expense by line item in the consolidated statements ofoperations (in millions):Three Months Ended September 30, Nine Months Ended September 30,2024 2023 2024 2023Cost of revenues $ 184 $ 181 $ 566 $ 554Research and development 191 189 572 491Selling, general and administrative 82 95 280 283Restructuring and other— — 2 —Total$ 457 $ 465 $ 1,420 $ 1,328Note 9 – Income TaxesOur effective tax rate was 22% and 23% for the three and nine months ended September 30, 2024, respectively,compared to 8% and 10% for the three and nine months ended September 30, 2023, respectively. The increase in our effectivetax rate is primarily due to the impact of releasing the valuation allowance on our U.S. deferred tax assets in the fourth quarterof 2023 and changes in the mix of our jurisdictional earnings.Our effective tax rates for the three and nine months of 2024 and 2023 as compared to the U.S. federal statutory rate of21% were primarily impacted by the mix of our jurisdictional earnings subject to different tax rates, valuation allowances onour deferred tax assets and benefits from our U.S. tax credits and the Inflation Reduction Act of 2022 (“IRA”) manufacturingcredits.We are subject to tax examinations in the U.S. federal, state and foreign jurisdictions. Given the uncertainty in timingand outcome of our tax examinations, an estimate of the range of the reasonably possible change in gross unrecognized taxbenefits within twelve months cannot be made at this time.Note 10 – Commitments and ContingenciesOperating Lease Arrangements in Buffalo, New York and Shanghai, ChinaFor a description of our operating lease arrangements in Buffalo, New York, and Shanghai, China, refer to Note 15,Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2023. As ofSeptember 30, 2024, we expect to meet the requirements under these arrangements, as may be modified from time to time,based on our current and anticipated level of operations.20
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