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Common Stock and Stock-Based Incentive Compensation Plans (Tables)
12 Months Ended
Dec. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Common Shares Outstanding
Shares of common stock outstanding were as follows:
Year Ended
December 28,
2024
December 30,
2023
December 31,
2022
(In millions)
Balance, beginning of period1,616 1,612 1,207 
Common stock issued in the acquisition of Xilinx— — 429 
Common stock issued under employee equity plans17 17 17 
Repurchases of common stock(6)(10)(36)
Common stock repurchases for tax withholding on equity awards(5)(4)(5)
Issuance of common stock upon warrant exercise— — 
Balance, end of period1,622 1,616 1,612 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense was allocated in the Company’s Consolidated Statements of Operations as follows:
Year Ended
December 28, 2024December 30, 2023December 31, 2022
 (In millions)
Cost of sales$21 $30 $29 
Research and development1,079 1,002 697 
Marketing, general, and administrative307 352 355 
Total stock-based compensation expense before income taxes1,407 1,384 1,081 
Income tax benefit(251)(249)(179)
Total stock-based compensation expense, net of income taxes$1,156 $1,135 $902 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted-average estimated fair value of employee stock options granted during 2024, 2023 and 2022 was $68.38, $53.72 and $44.35 per share, respectively, using the following assumptions:
December 28, 2024December 30, 2023December 31, 2022
Expected volatility54.34 %
52.36% - 52.42%
51.28 %
Risk-free interest rate3.80 %
3.93% - 4.11%
3.00 %
Expected dividends— %— %— %
Expected life (in years)4.98
4.96 - 5.04
4.75
The weighted-average grant date fair values of PRSUs granted during 2024, 2023 and 2022 were $118.98, $134.87 and $121.12, respectively, using the following assumptions:
December 28, 2024December 30, 2023December 31, 2022
Expected volatility
52.68% - 53.19%
51.12% - 56.22%
50.65% - 53.51%
Risk-free interest rate
3.82% - 4.41%
4.30% - 4.36%
1.14%- 3.17%
Expected dividends— %— %— %
Expected term (in years)
2.48 - 3.00
2.17 - 3.00
2.07 - 3.07
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes stock option activity and related information:
Outstanding Number
of Shares
Weighted-
Average
Exercise
Price
Aggregate Intrinsic ValueWeighted-Average Remaining Contractual Life
(in years)
 (In millions, except share price)
Balance as of December 30, 2023$68.33 
Granted— $134.27 
Forfeited— $102.71 
Exercised(1)$22.17 
Balance as of December 28, 2024$89.73 $81 3.92
Exercisable December 28, 2024$74.61 $69 2.83
Schedule of Share-based Compensation, Restricted Stock Units, Activity
The following table summarizes time-based RSU activity and related information:
Number
of Shares
Weighted- Average Grant Date Fair Value
 
(In millions)
Unvested shares as of December 30, 202332 $100.65 
Granted12 $141.95 
Forfeited(1)$107.96 
Vested(13)$101.35 
Unvested shares as of December 28, 202430 $116.77 
Schedule of Nonvested Performance-based Units Activity
The following table summarizes PRSU activity and related information:
 Number
of Shares
Weighted-Average
Grant Date Fair Value
(In millions)
Unvested shares as of December 30, 2023$117.65 
Granted$118.98 
Forfeited— $132.80 
Vested(1)$91.15 
Unvested shares as of December 28, 2024$139.31 
Schedule of ESPP The weighted-average grant date fair value for the ESPP during 2024, 2023 and 2022 was $43.80, $31.11 and $24.71 per share, respectively, using the following assumptions:
December 28, 2024December 30, 2023December 31, 2022
Expected volatility
48.14% - 49.38%
45.74% - 49.40%
58.15% - 63.76%
Risk-free interest rate
4.42% - 5.41%
5.13% - 5.46%
1.43% - 4.52%
Expected dividends— %— %— %
Expected term (in years)0.500.500.50