Item 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in

Part 1, Item 1A, of our Annual Report on

Form 10-K for the year ended December 25, 2021.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES

AND USE OF PROCEEDS

Purchases of equity securities by the issuer

Our share repurchase program announced on March 3, 2003

, originally allowed us to repurchase up to two million

shares pre-stock splits (eight million shares post-stock splits) of our common

stock, which represented

approximately 2.3% of the shares outstanding at the commencement of

the program.

Subsequent additional

increases totaling $4.1 billion, authorized by our Board of Directors,

to the repurchase program provide for a total

of $4.2 billion of shares of our common stock to be repurchased under this

program.

As of March 26, 2022, we had repurchased approximately $4.0 billion of

common stock (81,068,993 shares) under

these initiatives, with $200 million available for future common stock

share repurchases.

During the fiscal quarter ended March 26, 2022, we did not repurchase

any shares of our common stock because we

had a 10b5-1 plan that did not result in any shares being repurchased during

the quarter.

We intend to put in place

an additional plan effective May 4, 2022.

The maximum number of shares that could be purchased under this program

is determined at the end of each month

based on the closing price of our common stock at that time.

The maximum number of shares that could be

repurchased as of January 29, 2022, February 26, 2022, and March

26, 2022 were 2,642,010, 2,290,428 and

2,276,610, respectively.