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Stock-Based Compensation | 3 Months Ended
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Feb. 28, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Restricted Stock Units Restricted stock unit activity for the three months ended February 28, 2025 was as follows:
| Number of Shares (in millions) |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value (in millions)
Beginning outstanding balance | 7.0 |  |  | $ | 473.28 |  |  |
Awarded | 3.3 |  |  | $ | 437.39 |  |  |
Released | (0.9) |  |  | $ | 466.68 |  |  |
Forfeited | (0.1) |  |  | $ | 469.13 |  |  |
Ending outstanding balance | 9.3 |  |  | $ | 461.21 |  |  | $ | 4,055 |
Expected to vest | 8.5 |  |  | $ | 460.75 |  |  | $ | 3,711 |
The total fair value of restricted stock units vested during the three months ended February 28, 2025 was $388 million. Performance Shares In the first quarter of fiscal 2025, the Executive Compensation Committee of our Board of Directors (the “ECC”) approved the 2025 Performance Share Program, the terms of which are similar to the 2024 Performance Share Program that is still outstanding. For information regarding our outstanding 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, 2024. As of February 28, 2025, performance shares awarded under our 2025, 2024 and 2023 Performance Share Programs remained outstanding and unvested. Performance share activity for the three months ended February 28, 2025 was as follows:
| Number of Shares (in millions) |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value (in millions)
Beginning outstanding balance | 0.5 |  |  | $ | 537.00 |  |  |
Awarded | 0.3 |  |  | $ | 448.63 |  |  |
Released | (0.1) |  |  | $ | 505.05 |  |  |
Forfeited | (0.1) |  |  | $ | 538.03 |  |  |
Ending outstanding balance | 0.6 |  |  | $ | 502.13 |  |  | $ | 271 |
Expected to vest | 0.6 |  |  | $ | 502.23 |  |  | $ | 243 |
Under our Performance Share Programs, participants generally have the ability to receive up to 200% of the target number of shares originally granted. Shares released during the three months ended February 28, 2025 resulted from overall payout at 79% of target for the 2022 Performance Share Program, as certified by the ECC in the first quarter of fiscal 2025. The total fair value of performance shares vested during the three months ended February 28, 2025 was $49 million. Employee Stock Purchase Plan Shares Employees purchased 0.3 million shares at an average price of $305.04 and 0.3 million shares at an average price of $299.89 for the three months ended February 28, 2025 and March 1, 2024, respectively. The intrinsic value of shares purchased during the three months ended February 28, 2025 and March 1, 2024 was $44 million and $96 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. Compensation Costs As of February 28, 2025, there was $4.09 billion of unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested stock-based awards and purchase rights which will be recognized over a weighted average period of 2.46 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 February 28, 2025 and March 1, 2024 were as follows:
(in millions) | 2025 |  | 2024 |  |  |  |
Cost of revenue | $ | 30 |  |  | $ | 29 |  |  |  |  |
Research and development | 247 |  |  | 229 |  |  |  |  |
Sales and marketing | 137 |  |  | 129 |  |  |  |  |
General and administrative | 61 |  |  | 64 |  |  |  |  |
Total | $ | 475 |  |  | $ | 451 |  |  |  |  |

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