

	Number of Shares (in millions)		Weighted Average Grant Date Fair Value		Aggregate Fair Value⁽¹⁾ (in millions)
Beginning outstanding balance	8.6		$	211.95
Awarded	2.9		$	349.19
Released	(3.2	)	$	181.83
Forfeited	(0.3	)	$	244.45
Ending outstanding balance	8.0		$	271.65	$	3,095

Expected to vest	7.2		$	269.51	$	2,799

In the first quarter of fiscal 2020, the Executive Compensation Committee approved the 2020 Performance Share Program, the terms of which are similar to prior year programs that are still outstanding. For information regarding our Performance Share Programs including the terms, see “Note 12. Stock-Based Compensation” of our Annual Report on Form 10-K for the fiscal year ended November 29, 2019.

As of May 29, 2020, the shares awarded under our 2020, 2019 and 2018 Performance Share Programs remain outstanding and are yet to be achieved.



	Number of Shares (in millions)		Weighted Average Grant Date Fair Value		Aggregate Fair Value⁽¹⁾ (in millions)
Beginning outstanding balance	1.0		$	199.78
Awarded	0.6		$	271.62
Achieved	(0.8	)	$	118.84
Forfeited	—		$	297.61
Ending outstanding balance	0.8		$	326.93	$	296

Expected to vest	0.7		$	319.93	$	263

^{_________________________________________}

Under our Performance Share Programs, participants generally have the ability to receive up to 200% of the target number of shares originally granted. Shares awarded during the six months ended May 29, 2020 include 0.4 million additional shares awarded for the final achievement of the 2017 Performance Share Program which was certified in the first quarter of fiscal 2020. The remaining awarded shares were for the 2020 Performance Share Program. Shares achieved during the six months ended May 29, 2020 resulted from 200% achievement of target for the 2017 Performance Share Program.

Prior to April 2020, shares of common stock purchased by eligible employees through our employee stock purchase plans were issued under our 1997 Employee Stock Purchase Plan (“1997 ESPP”). In April 2020, our stockholders approved the 2020 Employee Stock Purchase Plan (“2020 ESPP”) which amended and restated the 1997 ESPP to increase the maximum number of shares of our common stock that may be issued under the plan.

As of May 29, 2020, we had reserved 103.0 million shares of our common stock for issuance under the 2020 ESPP and approximately 13.3 million shares remain available for future issuance.

The assumptions used to value employee stock purchase rights during the six months ended May 29, 2020 and May 31, 2019 were as follows:



	2020	2019
Expected life (in years)	0.5 - 2.0	0.5 - 2.0
Volatility	24% - 29%	35% - 37%
Risk free interest rate	1.56% - 1.58%	2.47% - 2.63%

Employees purchased 0.4 million shares at an average price of $196.45 and 0.5 million shares at an average price of $129.23 for the six months ended May 29, 2020 and May 31, 2019, respectively. The intrinsic value of shares purchased during the six months ended May 29, 2020 and May 31, 2019 was $56 million and $51 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares.

As of May 29, 2020, there was $1.91 billion of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based awards and purchase rights which will be recognized over a weighted average period of 2.3 years. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures.

Total stock-based compensation costs included in our condensed consolidated statements of income for the three months ended May 29, 2020 and May 31, 2019 were as follows:



(in millions)	2020				2019
Income Statement Classifications	Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Options		Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Options
Cost of revenue	$	14	$	3	$	11	$	3
Research and development	107		9		86		9
Sales and marketing	58		7		58		10
General and administrative	27		2		25		2
Total	$	206	$	21	$	180	$	24

Total stock-based compensation costs included in our condensed consolidated statements of income for the six months ended May 29, 2020 and May 31, 2019 were as follows:



(in millions)	2020				2019
Income Statement Classifications	Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Options		Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Options
Cost of revenue	$	26	$	6	$	19	$	7
Research and development	208		18		162		17
Sales and marketing	113		17		111		20
General and administrative	52		4		47		6
Total	$	399	$	45	$	339	$	50