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STOCK-BASED COMPENSATION | 6 Months Ended
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May 30, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Restricted Stock Units Restricted stock unit activity for the six months ended May 30, 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 | 3.6 |  |  | $ | 431.94 |  |  |
Released | (1.8) |  |  | $ | 462.58 |  |  |
Forfeited | (0.3) |  |  | $ | 465.63 |  |  |
Ending outstanding balance | 8.5 |  |  | $ | 458.11 |  |  | $ | 3,521 |
Expected to vest | 7.8 |  |  | $ | 457.79 |  |  | $ | 3,235 |
The total fair value of restricted stock units vested during the six months ended May 30, 2025 was $726 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 May 30, 2025, performance shares awarded under our 2025, 2024 and 2023 Performance Share Programs remained outstanding and unvested. Performance share activity for the six months ended May 30, 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) |  |  | $ | 529.54 |  |  |
Ending outstanding balance | 0.6 |  |  | $ | 501.19 |  |  | $ | 241 |
Expected to vest | 0.5 |  |  | $ | 501.35 |  |  | $ | 220 |
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 six months ended May 30, 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 six months ended May 30, 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 six months ended May 30, 2025 and May 31, 2024, respectively. The intrinsic value of shares purchased during the six months ended May 30, 2025 and May 31, 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 May 30, 2025, there was $3.68 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 2.30 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 and six months ended May 30, 2025 and May 31, 2024 were as follows:
| Three Months |  | Six Months
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 31 |  |  | $ | 31 |  |  | $ | 61 |  |  | $ | 60 |
Research and development | 247 |  |  | 234 |  |  | 494 |  |  | 463 |
Sales and marketing | 141 |  |  | 134 |  |  | 278 |  |  | 263 |
General and administrative | 62 |  |  | 68 |  |  | 123 |  |  | 132 |
Total | $ | 481 |  |  | $ | 467 |  |  | $ | 956 |  |  | $ | 918 |

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