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STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
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 thousandsRSUPSU
Outstanding at January 2, 20221,130 328 $345.66 $466.42 
Awarded1,370 (108)$302.52 $479.85 
Vested(707)(99)$341.56 $492.55 
Cancelled(182)(47)$341.14 $411.78 
Outstanding at January 1, 20231,611 74 $311.23 $446.74 
Awarded2,032 39 $195.94 $239.98 
Vested(987)— $268.08 $— 
Cancelled(458)(113)$253.52 $299.98 
Outstanding at December 31, 20232,198 — $236.32 $— 
Awarded2,788 729 $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, 20243,879 700 $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 thousandsRSUPSU
Outstanding at January 2, 20221,130 328 $345.66 $466.42 
Awarded1,370 (108)$302.52 $479.85 
Vested(707)(99)$341.56 $492.55 
Cancelled(182)(47)$341.14 $411.78 
Outstanding at January 1, 20231,611 74 $311.23 $446.74 
Awarded2,032 39 $195.94 $239.98 
Vested(987)— $268.08 $— 
Cancelled(458)(113)$253.52 $299.98 
Outstanding at December 31, 20232,198 — $236.32 $— 
Awarded2,788 729 $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, 20243,879 700 $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 millions202420232022
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 millions202420232022
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 thousandsOptionsWeighted-Average
Exercise Price
Performance Stock Options(1)
Weighted-Average
Exercise Price
Outstanding at January 2, 20228 $66.42 17 $85.54 
Granted180 $330.25 — $— 
Exercised(1)$6.55 — $— 
Outstanding at January 1, 2023187 $319.72 17 $85.54 
Exercised(8)$71.09 (1)$16.69 
Cancelled(144)$330.25 — $— 
Outstanding at December 31, 202335 $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$184 
Granted168 
Vested and paid in cash
(41)
Cancelled(41)
Change in fair value23 
Outstanding at January 1, 2023293 
Granted116 
Vested and paid in cash
(77)
Cancelled(32)
Change in fair value(8)
Outstanding at December 31, 2023292 
Granted67 
Vested and paid in cash(54)
Cancelled(13)
Change in fair value(9)
Derecognition for GRAIL Spin-Off(1)
(283)
Outstanding at December 29, 2024$— 
_____________
(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:
202420232022
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 dividends0%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 millions202420232022
Cost of product revenue$25 $29 $26 
Cost of service and other revenue6 7 6 
Research and development146 155 153 
Selling, general and administrative194 189 181 
Share-based compensation expense, before taxes371 380 366 
Related income tax benefits(83)(87)(83)
Share-based compensation expense, net of taxes$288 $293 $283