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STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended
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Sep. 29, 2024
Equity [Abstract] |
Schedule of Restricted Stock Activity and Related Information, Restricted Stock | Restricted stock activity was as follows:
| Restricted Stock Units (RSU) |  | Performance Stock Units (PSU)(1) |  | Weighted-Average Grant Date Fair Value per Share
Units in thousands |  |  | RSU |  | PSU
Outstanding at December 31, 2023 | 2,198 |  |  | — |  |  | $ | 236.32 |  |  | $ | — |
Awarded | 2,753 |  |  | 647 |  |  | $ | 133.60 |  |  | $ | 159.36 |
Unvested adjustment for GRAIL Spin-Off | 107 |  |  | 12 |  |  | $ | — |  |  | $ | — |
Vested | (83) |  |  | — |  |  | $ | 258.43 |  |  | $ | — |
Cancelled | (352) |  |  | (39) |  |  | $ | 201.11 |  |  | $ | 167.68 |
Outstanding at September 29, 2024 | 4,623 |  |  | 620 |  |  | $ | 172.30 |  |  | $ | 159.72 |
_____________ (1)We issue PSU for which the number of shares issuable is based on our performance relative to specified earnings per share targets (EPS PSU) and PSU with a market condition that vest based on the Company’s relative total shareholder return as compared to a peer group of companies (rTSR PSU). In Q1 2024, we began to issue PSU for which the number of shares issuable is based on our performance relative to specified operating margin targets (OM PSU). For EPS and OM PSU, the number of units reflect the estimated number of shares to be issued at the end of the performance period. For rTSR PSU, the number of units reflect the estimated number of shares to be issued based on performance as of the current reporting period. Awarded units are presented net of performance adjustments.
Schedule of Restricted Stock Activity and Related Information, Performance Units | Restricted stock activity was as follows:
| Restricted Stock Units (RSU) |  | Performance Stock Units (PSU)(1) |  | Weighted-Average Grant Date Fair Value per Share
Units in thousands |  |  | RSU |  | PSU
Outstanding at December 31, 2023 | 2,198 |  |  | — |  |  | $ | 236.32 |  |  | $ | — |
Awarded | 2,753 |  |  | 647 |  |  | $ | 133.60 |  |  | $ | 159.36 |
Unvested adjustment for GRAIL Spin-Off | 107 |  |  | 12 |  |  | $ | — |  |  | $ | — |
Vested | (83) |  |  | — |  |  | $ | 258.43 |  |  | $ | — |
Cancelled | (352) |  |  | (39) |  |  | $ | 201.11 |  |  | $ | 167.68 |
Outstanding at September 29, 2024 | 4,623 |  |  | 620 |  |  | $ | 172.30 |  |  | $ | 159.72 |
_____________ (1)We issue PSU for which the number of shares issuable is based on our performance relative to specified earnings per share targets (EPS PSU) and PSU with a market condition that vest based on the Company’s relative total shareholder return as compared to a peer group of companies (rTSR PSU). In Q1 2024, we began to issue PSU for which the number of shares issuable is based on our performance relative to specified operating margin targets (OM PSU). For EPS and OM PSU, the number of units reflect the estimated number of shares to be issued at the end of the performance period. For rTSR PSU, the number of units reflect the estimated number of shares to be issued based on performance as of the current reporting period. Awarded units are presented net of performance adjustments.
Schedule of Stock Option Activity Under all Stock Option Plans | Stock option activity was as follows:
Units in thousands | Options |  | Weighted-Average Exercise Price |  | Performance Options(1) |  | Weighted-Average Exercise Price
Outstanding at December 31, 2023 | 35 |  |  | $ | 330.25 |  |  | 16 |  |  | $ | 87.74 |
Cancelled | (35) |  |  | $ | 330.25 |  |  | (16) |  |  | $ | 87.74 |
Outstanding at September 29, 2024 | — |  |  | $ | — |  |  | — |  |  | $ | — |
_____________ (1)In connection with the GRAIL acquisition, we issued replacement performance stock options to GRAIL employees in 2021. In connection with the GRAIL Spin-Off, all outstanding performance stock options were assumed by GRAIL.
Schedule of Share-based Payment Arrangement, Liability - Classified Awards, Activity | Cash-based equity incentive award activity was as follows:
In millions |
Outstanding at December 31, 2023 | $ | 292 |
Granted | 67 |
Vested and paid in cash | (54) |
Cancelled | (13) |
Change in fair value | (9) |
Derecognition for GRAIL Spin-Off(1) | (283) |
Outstanding at September 29, 2024 | $ | — |
_____________ (1)The estimated liability immediately prior to the Spin-Off, recorded in accrued liabilities, was $53 million, which was disposed of as part of GRAIL’s net assets. See note 2. GRAIL Spin-Off for additional details.
Schedule of Assumptions used to Estimate the Weighted-Average Fair Value Per Share for Stock Purchase under the Employee Stock Purchase Plan | The assumptions used and the resulting estimate of weighted-average fair value per share for stock purchased under the ESPP during YTD 2024 were as follows:
Risk-free interest rate | 4.35% - 5.54%
Expected volatility | 41% - 49%
Expected term | 0.5 - 1.1 year
Expected dividends | 0 | %
Weighted-average grant-date fair value per share | $ | 37.24 |
Schedule of Share Repurchase Activity | Share repurchase activity during Q3 2024 was as follows:
In millions, except shares in thousands |
Number of shares repurchased | 770 |
Total cost of shares repurchased(1) | $ | 99 |
_____________ (1)Total cost of shares repurchased includes the 1% excise tax imposed as part of the Inflation Reduction Act of 2022, which is calculated based on share repurchases, net of certain share issuances, and was immaterial for Q3 2024.
Schedule of Share-based Compensation Expense for all Stock Awards | Share-based compensation expense, which includes expense for both equity and liability-classified awards, reported in our condensed consolidated statements of operations was as follows:
In millions | Q3 2024 |  | Q3 2023 |  | YTD 2024 |  | YTD 2023
Cost of product revenue | $ | 7 |  |  | $ | 7 |  |  | $ | 19 |  |  | $ | 22 |
Cost of service and other revenue | 1 |  |  | 2 |  |  | 5 |  |  | 5 |
Research and development | 33 |  |  | 36 |  |  | 115 |  |  | 117 |
Selling, general and administrative | 43 |  |  | 41 |  |  | 152 |  |  | 142 |
Share-based compensation expense, before taxes | 84 |  |  | 86 |  |  | 291 |  |  | 286 |
Related income tax benefits | (18) |  |  | (19) |  |  | (66) |  |  | (65) |
Share-based compensation expense, net of taxes | $ | 66 |  |  | $ | 67 |  |  | $ | 225 |  |  | $ | 221 |

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