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STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 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 January 2, 2022 |  | 1,130 |  |  | 328 |  |  | $ | 345.66 |  |  | $ | 466.42 |
Awarded |  | 1,370 |  |  | (108) |  |  | $ | 302.52 |  |  | $ | 479.85 |
Vested |  | (707) |  |  | (99) |  |  | $ | 341.56 |  |  | $ | 492.55 |
Cancelled |  | (182) |  |  | (47) |  |  | $ | 341.14 |  |  | $ | 411.78 |
Outstanding at January 1, 2023 |  | 1,611 |  |  | 74 |  |  | $ | 311.23 |  |  | $ | 446.74 |
Awarded |  | 2,032 |  |  | 39 |  |  | $ | 195.94 |  |  | $ | 239.98 |
Vested |  | (987) |  |  | — |  |  | $ | 268.08 |  |  | $ | — |
Cancelled |  | (458) |  |  | (113) |  |  | $ | 253.52 |  |  | $ | 299.98 |
Outstanding at December 31, 2023 |  | 2,198 |  |  | — |  |  | $ | 236.32 |  |  | $ | — |
Awarded |  | 2,788 |  |  | 729 |  |  | $ | 133.73 |  |  | $ | 164.38 |
Unvested adjustment for GRAIL Spin-Off |  | 107 |  |  | 12 |  |  | $ | — |  |  | $ | — |
Vested |  | (771) |  |  | — |  |  | $ | 249.70 |  |  | $ | — |
Cancelled |  | (443) |  |  | (41) |  |  | $ | 195.11 |  |  | $ | 167.68 |
Outstanding at December 29, 2024 |  | 3,879 |  |  | 700 |  |  | $ | 158.60 |  |  | $ | 164.87 |
_____________ (1)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 January 2, 2022 |  | 1,130 |  |  | 328 |  |  | $ | 345.66 |  |  | $ | 466.42 |
Awarded |  | 1,370 |  |  | (108) |  |  | $ | 302.52 |  |  | $ | 479.85 |
Vested |  | (707) |  |  | (99) |  |  | $ | 341.56 |  |  | $ | 492.55 |
Cancelled |  | (182) |  |  | (47) |  |  | $ | 341.14 |  |  | $ | 411.78 |
Outstanding at January 1, 2023 |  | 1,611 |  |  | 74 |  |  | $ | 311.23 |  |  | $ | 446.74 |
Awarded |  | 2,032 |  |  | 39 |  |  | $ | 195.94 |  |  | $ | 239.98 |
Vested |  | (987) |  |  | — |  |  | $ | 268.08 |  |  | $ | — |
Cancelled |  | (458) |  |  | (113) |  |  | $ | 253.52 |  |  | $ | 299.98 |
Outstanding at December 31, 2023 |  | 2,198 |  |  | — |  |  | $ | 236.32 |  |  | $ | — |
Awarded |  | 2,788 |  |  | 729 |  |  | $ | 133.73 |  |  | $ | 164.38 |
Unvested adjustment for GRAIL Spin-Off |  | 107 |  |  | 12 |  |  | $ | — |  |  | $ | — |
Vested |  | (771) |  |  | — |  |  | $ | 249.70 |  |  | $ | — |
Cancelled |  | (443) |  |  | (41) |  |  | $ | 195.11 |  |  | $ | 167.68 |
Outstanding at December 29, 2024 |  | 3,879 |  |  | 700 |  |  | $ | 158.60 |  |  | $ | 164.87 |
_____________ (1)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 Pre-tax Intrinsic Values of Vested Restricted Stock | Pre-tax intrinsic value and fair value of vested restricted stock was as follows:
In millions | 2024 |  | 2023 |  | 2022
Pre-tax intrinsic value of outstanding restricted stock: |  |  |  |  |
RSU | $ | 525 |  |  | $ | 306 |  |  | $ | 326 |
PSU | $ | 95 |  |  | $ | — |  |  | $ | 15 |
Fair value of restricted stock vested: |  |  |  |  |
RSU | $ | 116 |  |  | $ | 122 |  |  | $ | 162 |
PSU | $ | — |  |  | $ | — |  |  | $ | 49 |
Schedule of Total Fair Value of Vested Restricted Stock | Pre-tax intrinsic value and fair value of vested restricted stock was as follows:
In millions | 2024 |  | 2023 |  | 2022
Pre-tax intrinsic value of outstanding restricted stock: |  |  |  |  |
RSU | $ | 525 |  |  | $ | 306 |  |  | $ | 326 |
PSU | $ | 95 |  |  | $ | — |  |  | $ | 15 |
Fair value of restricted stock vested: |  |  |  |  |
RSU | $ | 116 |  |  | $ | 122 |  |  | $ | 162 |
PSU | $ | — |  |  | $ | — |  |  | $ | 49 |
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 Stock Options(1) |  | Weighted-Average Exercise Price
Outstanding at January 2, 2022 | 8 |  |  | $ | 66.42 |  |  | 17 |  |  | $ | 85.54 |
Granted | 180 |  |  | $ | 330.25 |  |  | — |  |  | $ | — |
Exercised | (1) |  |  | $ | 6.55 |  |  | — |  |  | $ | — |
Outstanding at January 1, 2023 | 187 |  |  | $ | 319.72 |  |  | 17 |  |  | $ | 85.54 |
Exercised | (8) |  |  | $ | 71.09 |  |  | (1) |  |  | $ | 16.69 |
Cancelled | (144) |  |  | $ | 330.25 |  |  | — |  |  | $ | — |
Outstanding at December 31, 2023 | 35 |  |  | $ | 330.25 |  |  | 16 |  |  | $ | 87.74 |
Cancelled | (35) |  |  | $ | 330.25 |  |  | (16) |  |  | $ | 87.74 |
Outstanding at December 29, 2024 | — |  |  | $ | — |  |  | — |  |  | $ | — |
_____________ (1)In connection with the GRAIL acquisition, we issued replacement performance stock options to GRAIL employees in 2021. The number of units reflected awards that had been granted and for which it was assumed to be probable that the underlying performance goals would be achieved. In connection with the GRAIL Spin-Off, all outstanding performance stock options were assumed by GRAIL.
Schedule of Cash-Based Equity Incentive Award Activity | Cash-based equity incentive award activity was as follows:
In millions |
Outstanding at January 2, 2022 | $ | 184 |
Granted | 168 |
Vested and paid in cash | (41) |
Cancelled | (41) |
Change in fair value | 23 |
Outstanding at January 1, 2023 | 293 |
Granted | 116 |
Vested and paid in cash | (77) |
Cancelled | (32) |
Change in fair value | (8) |
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 December 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 for the specified reporting periods and the resulting estimates of weighted-average fair value per share for stock purchased under the ESPP were as follows:
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.35% - 5.54% |  | 0.78% - 5.54% |  | 0.06% - 2.98%
Expected volatility | 41% - 49% |  | 41% - 51% |  | 37% - 51%
Expected term | 0.5 - 1.1 year |  | 0.5 - 1.1 year |  | 0.5 - 1.0 year
Expected dividends | 0% |  | 0% |  | 0%
Weighted-average grant-date fair value per share | $ | 37.24 |  |  | $ | 49.87 |  |  | $ | 50.22 |
Schedule of Share repurchase activity | Share repurchase activity during 2024 was as follows:
In millions, except shares in thousands |
Number of shares repurchased | 904 |
Total cost of shares repurchased(1) | $ | 116 |
_____________ (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.
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 consolidated statements of operations was as follows:
In millions | 2024 |  | 2023 |  | 2022
Cost of product revenue | $ | 25 |  |  | $ | 29 |  |  | $ | 26 |
Cost of service and other revenue | 6 |  |  | 7 |  |  | 6 |
Research and development | 146 |  |  | 155 |  |  | 153 |
Selling, general and administrative | 194 |  |  | 189 |  |  | 181 |
Share-based compensation expense, before taxes | 371 |  |  | 380 |  |  | 366 |
Related income tax benefits | (83) |  |  | (87) |  |  | (83) |
Share-based compensation expense, net of taxes | $ | 288 |  |  | $ | 293 |  |  | $ | 283 |

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