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STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended
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Jun. 29, 2025
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 29, 2024 | 3,879 |  |  | 700 |  |  | $ | 158.60 |  |  | $ | 164.87 |
Awarded | 1,746 |  |  | 190 |  |  | $ | 86.13 |  |  | $ | 97.90 |
Vested | (772) |  |  | — |  |  | $ | 148.57 |  |  | $ | — |
Cancelled | (403) |  |  | (146) |  |  | $ | 148.38 |  |  | $ | 160.66 |
Outstanding at June 29, 2025 | 4,450 |  |  | 744 |  |  | $ | 132.83 |  |  | $ | 130.40 |
_____________ (1)We issue PSU for which the number of shares issuable is based on our performance relative to specified operating margin targets (OM 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). Beginning in fiscal year 2025, we no longer issue PSU for which the number of shares issuable is based on our performance relative to specified earnings per share targets. For 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 29, 2024 | 3,879 |  |  | 700 |  |  | $ | 158.60 |  |  | $ | 164.87 |
Awarded | 1,746 |  |  | 190 |  |  | $ | 86.13 |  |  | $ | 97.90 |
Vested | (772) |  |  | — |  |  | $ | 148.57 |  |  | $ | — |
Cancelled | (403) |  |  | (146) |  |  | $ | 148.38 |  |  | $ | 160.66 |
Outstanding at June 29, 2025 | 4,450 |  |  | 744 |  |  | $ | 132.83 |  |  | $ | 130.40 |
_____________ (1)We issue PSU for which the number of shares issuable is based on our performance relative to specified operating margin targets (OM 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). Beginning in fiscal year 2025, we no longer issue PSU for which the number of shares issuable is based on our performance relative to specified earnings per share targets. For 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 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 2025 were as follows:
Risk-free interest rate | 4.06% - 4.94%
Expected volatility | 41% - 48%
Expected term | 0.5 - 1.0 year
Expected dividends | 0%
Weighted-average grant-date fair value per share | $ | 25.84 |
Schedule of Share-based Compensation Expense for all Stock Awards | Share-based compensation expense reported in our consolidated statements of operations was as follows:
In millions | Q2 2025 |  | Q2 2024 |  | YTD 2025 |  | YTD 2024
Cost of product revenue | $ | 6 |  |  | $ | 7 |  |  | $ | 11 |  |  | $ | 13 |
Cost of service and other revenue | 1 |  |  | 1 |  |  | 1 |  |  | 4 |
Research and development | 28 |  |  | 43 |  |  | 58 |  |  | 82 |
Selling, general and administrative | 34 |  |  | 59 |  |  | 72 |  |  | 109 |
Share-based compensation expense, before taxes | 69 |  |  | 110 |  |  | 142 |  |  | 208 |
Related income tax benefits | (15) |  |  | (26) |  |  | (31) |  |  | (48) |
Share-based compensation expense, net of taxes (1) | $ | 54 |  |  | $ | 84 |  |  | $ | 111 |  |  | $ | 160 |
____________ (1)In Q2 2024 and YTD 2024, we recognized expense related to GRAIL liability-classified awards of $23 million and $52 million, respectively.
Schedule of Share Repurchase Activity | Share repurchase activity, which includes unsettled repurchases as of June 29, 2025, was as follows:
In millions, except shares in thousands | Q2 2025 |  | YTD 2025
Number of shares repurchased | 4,489 |  |  | 6,217 |
Total cost of shares repurchased (1) | $ | 384 |  |  | $ | 585 |
_____________ (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 Q2 2025 and YTD 2025.

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -SubTopic 50 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718-50/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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