chunk_id string | chunk string | source_url string | title string | chunk_idx int64 | chunk_start_char int64 | chunk_end_char int64 |
|---|---|---|---|---|---|---|
000000074::7 | ) $
6.45 $
4.91
Loss from discontinued operations attributable to CVS Health
$
— $
(0.01) $
—
Net income (loss) attributable to CVS Health
$
(0.57) $
6.44 $
4.90
Weighted average diluted shares outstanding
1,044
1,024
1,079
Dividends | 000000074 | 7 | 1,641 | 1,890 | |
000000074::8 | declared per share
$
2.00 $
2.00 $
1.70
See accompanying notes to consolidated financial statements. | 000000074 | 8 | 1,890 | 2,007 | |
000000074::9 | Page 38___FINANCEBENCH_DELIMITER___Consolidated Balance Sheets
At December 31,
In millions, except per share amounts
2018
2017
Assets:
Cash and cash equivalents
$
4,059 $
1,696
Investments
2,522
111
Accounts receivable, net
17,631
13,181
Inventories
16 | 000000074 | 9 | 2,008 | 2,276 | |
000000074::10 | ,450
15,296
Other current assets
4,581
945
Total current assets
45,243
31,229
Long-term investments
15,732
112
Property and equipment, net
11,349
10,292
Goodwill
78,678
38,451
Intangible assets, net
36,524
1 | 000000074 | 10 | 2,276 | 2,497 | |
000000074::11 | 3,630
Separate accounts assets
3,884
—
Other assets
5,046
1,417
Total assets
$
196,456 $
95,131
Liabilities:
Accounts payable
$
8,925 $
8,863
Pharmacy claims and discounts payable
12,302
10,355
Health | 000000074 | 11 | 2,497 | 2,721 | |
000000074::12 | care costs payable
5,210
5
Policyholders’ funds
2,939
—
Accrued expenses
10,711
6,581
Other insurance liabilities
1,937
23
Short-term debt
720
1,276
Current portion of long-term debt
1,265
3,545
Total current liabilities
44,009
| 000000074 | 12 | 2,721 | 2,964 | |
000000074::13 | 30,648
Long-term debt
71,444
22,181
Deferred income taxes
7,677
2,996
Separate accounts liabilities
3,884
—
Other long-term insurance liabilities
8,119
334
Other long-term liabilities
2,780
1,277
Total liabilities
137,913
57,436
| 000000074 | 13 | 2,964 | 3,205 | |
000000074::14 | Commitments and contingencies (Note 16)
Shareholders’ equity:
CVS Health shareholders’ equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding
—
—
Common stock, par value $0.01: 3,200 shares authorized; 1,720 | 000000074 | 14 | 3,205 | 3,474 | |
000000074::15 | shares issued and 1,295 shares outstanding at
December 31, 2018 and 1,712 shares issued and 1,014 shares outstanding at December 31, 2017 and capital
surplus
45,440
32,096
Treasury stock, at cost: 425 shares at December 31, 2018 and 698 shares | 000000074 | 15 | 3,474 | 3,720 | |
000000074::16 | at December 31, 2017
(28,228)
(37,796)
Retained earnings
40,911
43,556
Accumulated other comprehensive income (loss)
102
(165)
Total CVS Health shareholders’ equity
58,225
37,691
Noncontrolling interests
318
4
Total shareholders’ equ | 000000074 | 16 | 3,720 | 3,963 | |
000000074::17 | ity
58,543
37,695
Total liabilities and shareholders’ equity
$
196,456 $
95,131
See accompanying notes to consolidated financial statements. | 000000074 | 17 | 3,963 | 4,115 | |
000000074::18 | Page 40 | 000000074 | 18 | 4,116 | 4,123 | |
000000075::0 | Consolidated Statements of Operations
For the Years Ended December 31,
In millions, except per share amounts 2022 2021 2020
Revenues:
Products $ 226,616 $ 203,738 $ 190,688
Premiums 85,330 76,132 69,364
Services 9,683 11,042 7,856
Net investment income 838 1, | 000000075 | 0 | 0 | 259 | |
000000075::1 | 199 798
Total revenues 322,467 292,111 268,706
Operating costs:
Cost of products sold 196,892 175,803 163,981
Benefit costs 71,281 64,260 55,679
Opioid litigation charges 5,803 — —
Loss on assets held for sale 2,533 — —
Store impairments — 1 | 000000075 | 1 | 259 | 500 | |
000000075::2 | ,358 —
Goodwill impairment — 431 —
Operating expenses 38,212 37,066 35,135
Total operating costs 314,721 278,918 254,795
Operating income 7,746 13,193 13,911
Interest expense 2,287 2,503 2,907
Loss on early extinguishment of debt — 452 1,4 | 000000075 | 2 | 500 | 739 | |
000000075::3 | 40
Other income (169) (182) (206)
Income before income tax provision 5,628 10,420 9,770
Income tax provision 1,463 2,522 2,569
Income from continuing operations 4,165 7,898 7,201
Loss from discontinued operations, net of tax — — (9)
Net income 4,165 7,898 7,192___FINANCE | 000000075 | 3 | 739 | 1,010 | |
000000075::4 | BENCH_DELIMITER___Consolidated Balance Sheets
At December 31,
In millions, except per share amounts 2022 2021
Assets:
Cash and cash equivalents $ 12,945 $ 9,408
Investments 2,778 3,117
Accounts receivable, net 27,276 24,431
Inventories 19,090 17,760
Assets held for sale 908 —
Other current assets 2, | 000000075 | 4 | 1,010 | 1,310 | |
000000075::5 | 685 5,292
Total current assets 65,682 60,008
Long-term investments 21,096 23,025
Property and equipment, net 12,873 12,896
Operating lease right-of-use assets 17,872 19,122
Goodwill 78,150 79,121
Intangible assets, net 24,754 29,026
Separate accounts assets | 000000075 | 5 | 1,310 | 1,567 | |
000000075::6 | 3,228 5,087
Other assets 4,620 4,714
Total assets $ 228,275 $ 232,999 | 000000075 | 6 | 1,567 | 1,637 | |
000000076::0 | Usual and Customary Pricing Litigation
The Company and certain current and former directors and officers are named as a defendant in a number of lawsuits that allege that the Company’s retail
pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudica... | 000000076 | 0 | 0 | 577 | |
000000076::1 | These complaints, brought by a number of different types of plaintiffs under a variety of legal
theories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products.___FINANCEBENCH_DELIMITER___In December 2022, the Company agreed to a formal settleme... | 000000076 | 1 | 578 | 1,099 | |
000000076::2 | The agreement would resolve substantially all
opioid claims against Company entities by states and political subdivisions, but not private plaintiffs. The maximum amount payable by the Company under the
settlement would be approximately $4.3 billion in opioid remediation and $625 million in attorneys’ fees and costs an... | 000000076 | 2 | 1,100 | 1,508 | |
000000077::0 | Dividends
During 2022, 2021 and 2020, the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively. | 000000077 | 0 | 0 | 117 | |
000000078::0 | On August 19, 2022, Foot Locker, Inc. (the “Company”), issued a press release announcing that, as part of a planned succession process, Richard
A. Johnson will step down as President and Chief Executive Officer of the Company, effective September 1, 2022. | 000000078 | 0 | 0 | 255 | |
000000078::1 | Mary N. Dillon, 61, former Executive
Chair and Chief Executive Officer of Ulta Beauty, Inc., has been appointed President and Chief Executive Officer and a member of the Company’s Board
of Directors (the “Board”) and the Executive Committee of the Board, each effective September 1, 2022. A copy of the press release is ... | 000000078 | 1 | 256 | 645 | |
000000079::0 | Proposal 1. | 000000079 | 0 | 0 | 11 | |
000000079::1 | respect to the proposal to elect ten nominees to the Board of Directors (the “Board”), each for a one-year term expiring at the
annual meeting of shareholders to be held in 2023, the votes were cast for the proposal as set forth below:
Name Votes For Votes Against Abstentions Broker Non-Votes
Virginia C. Drosos 59,657... | 000000079 | 1 | 16 | 393 | |
000000079::2 | 830 5,184,437 10,721,716 6,884,223
Richard A. Johnson 54,484,293 16,105,005 77,685 6,884,223
Guillermo G. Marmol 54,193,921 5,753,395 10,719,667 6,884,223 | 000000079 | 2 | 393 | 547 | |
000000079::3 |
Darlene Nicosia 55,123,930 4,827,808 10,715,245 6,884,223
Steven Oakland 55,421,657 4,524,393 10,720,933 6,884,223
Ulice Payne, Jr. | 000000079 | 3 | 547 | 679 | |
000000079::4 | 54,993,396 4,950,917 10,722,670 6,884,223
Kimberly Underhill 55,046,260 4,906,500 10,714,223 6,884,223
Tristan Walker 55,528,794 4,419,340 10,718,849 6, | 000000079 | 4 | 680 | 832 | |
000000079::5 | 884,223
Dona D. Young 53,876,257 6,074,467 10,716,259 6,884,223
Based on the votes set forth above, each of the ten nominees to the Board was duly elected. | 000000079 | 5 | 832 | 987 | |
000000080::0 | Table of Contents
Consolidated Statements of Earnings
GENERAL MILLS, INC. | 000000080 | 0 | 0 | 73 | |
000000080::1 | SUBSIDIARIES
(In Millions, Except per Share Data)
Fiscal Year
2019
2018
2017
Net sales
$ 16,865.2
$ 15,740.4
$ 15,619.8
Cost of sales
11,108.4
10,304.8
10,052.0
Selling, general, and administrative expenses
2,935.8
| 000000080 | 1 | 77 | 366 | |
000000080::2 |
2,850.1
2,888.8
Divestitures loss
30.0
-
6.5
Restructuring, impairment, and other exit costs
275.1
165.6
180.4
Operating profit
2,515.9
2,419.9
2,492.1
Benefit plan non-service income
(87.9)
(89.4)
| 000000080 | 2 | 366 | 668 | |
000000080::3 |
(74.3)
Interest, net
521.8
373.7
295.1
Earnings before income taxes and after-tax earnings from joint ventures
2,082.0
2,135.6
2,271.3
Income taxes
367.8
57.3
655.2
After-tax earnings from joint ventures
72.0
84.7
85.0 ... | 000000080 | 3 | 668 | 995 | |
000000080::4 |
Net earnings, including earnings attributable to redeemable and noncontrolling
interests
1,786.2
2,163.0
1,701.1
Net earnings attributable to redeemable and noncontrolling interests
33.5
32.0
43.6
Net earnings attributable to General Mill... | 000000080 | 4 | 995 | 1,387 | |
000000080::5 | Earnings per share - basic
$
2.92
$
3.69
$
2.82
Earnings per share - diluted
$
2.90
$
3.64
$
2.77
Dividends per share
$
1.96
$
1.96
$
1.92
See accompanying notes to consolidated financial statements. | 000000080 | 5 | 1,387 | 1,706 | |
000000080::6 | 53___FINANCEBENCH_DELIMITER___Table of Contents
Consolidated Balance Sheets
GENERAL MILLS, INC. | 000000080 | 6 | 1,709 | 1,804 | |
000000080::7 | SUBSIDIARIES
(In Millions, Except Par Value)
May 26,
2019
May 27,
2018
ASSETS
Current assets:
Cash and cash equivalents
$
450.0
$
399.0
Receivables
1,679.7
1,684.2
Inventories
1,559.3
1,642.2
Prepaid expenses and other current asset... | 000000080 | 7 | 1,808 | 2,136 | |
000000080::8 | 97.5
398.3
Total current assets
4,186.5
4,123.7
Land, buildings, and equipment
3,787.2
4,047.2
Goodwill
13,995.8
14,065.0
Other intangible assets
7,166.8
7,445.1
Other assets
974.9
943.0
| 000000080 | 8 | 2,136 | 2,426 | |
000000080::9 |
Total assets
$
30,111.2
$
30,624.0
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
2,854.1
$
2,746.2
Current portion of long-term debt
1,396.5
1,600.1
Notes payable
1,468.7
1,549.8
Other current liabilities
... | 000000080 | 9 | 2,426 | 2,753 | |
000000080::10 | 8
1,445.8
Total current liabilities
7,087.1
7,341.9
Long-term debt
11,624.8
12,668.7
Deferred income taxes
2,031.0
2,003.8
Other liabilities
1,448.9
1,341.0
Total liabilities
22,191.8
23,355 | 000000080 | 10 | 2,753 | 3,050 | |
000000080::11 | .4
Redeemable interest
551.7
776.2
Stockholders’ equity:
Common stock, 754.6 shares issued, $0.10 par value
75.5
75.5
Additional paid-in capital
1,386.7
1,202.5
Retained earnings
14,996.7
14,459.6
Common stock in treasury, at cost, shares of ... | 000000080 | 11 | 3,050 | 3,374 | |
000000080::12 | 7 and 161.5
(6,779.0)
(7,167.5)
Accumulated other comprehensive loss
(2,625.4)
(2,429.0)
Total stockholders’ equity
7,054.5
6,141.1
Noncontrolling interests
313.2
351.3
Total equity
7,367.7
6,49 | 000000080 | 12 | 3,374 | 3,663 | |
000000080::13 | 2.4
Total liabilities and equity
$
30,111.2
$
30,624.0
See accompanying notes to consolidated financial statements. | 000000080 | 13 | 3,663 | 3,839 | |
000000080::14 | 55 | 000000080 | 14 | 3,842 | 3,844 | |
000000081::0 | 50
Consolidated Balance Sheets
GENERAL MILLS, INC. | 000000081 | 0 | 0 | 54 | |
000000081::1 | SUBSIDIARIES
(In Millions, Except Par Value)
May 31, 2020
May 26, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
1,677.8 $
450.0
Receivables
1,615.1
1,679.7
Inventories
1,426.3
1,559.3
Prepaid expenses and other current assets
402.1
497 | 000000081 | 1 | 58 | 355 | |
000000081::2 | .5
Total current assets
5,121.3
4,186.5
Land, buildings, and equipment
3,580.6
3,787.2
Goodwill
13,923.2
13,995.8
Other intangible assets
7,095.8
7,166.8
Other assets
1,085.8
974.9
Total assets
$
30,806.7 $
30,111. | 000000081 | 2 | 355 | 609 | |
000000081::3 | 2
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
3,247.7 $
2,854.1
Current portion of long-term debt
2,331.5
1,396.5
Notes payable
279.0
1,468.7
Other current liabilities
1,633.3
1,367.8
Total current liabilities
7,491.5
7,087.1
Long-ter... | 000000081 | 3 | 609 | 940 | |
000000081::4 | 0,929.0
11,624.8
Deferred income taxes
1,947.1
2,031.0
Other liabilities
1,545.0
1,448.9
Total liabilities
21,912.6
22,191.8
Redeemable interest
544.6
551.7
Stockholders' equity:
Common stock, 754.6 shares issued, $0.10 par value
75.5
| 000000081 | 4 | 940 | 1,223 | |
000000081::5 | 75.5
Additional paid-in capital
1,348.6
1,386.7
Retained earnings
15,982.1
14,996.7
Common stock in treasury, at cost, shares of 144.8 and 152.7
(6,433.3)
(6,779.0)
Accumulated other comprehensive loss
(2,914.4)
(2,625.4)
Total stockholders' equity
8,0 | 000000081 | 5 | 1,223 | 1,503 | |
000000081::6 | 58.5
7,054.5
Noncontrolling interests
291.0
313.2
Total equity
8,349.5
7,367.7
Total liabilities and equity
$
30,806.7 $
30,111.2
See accompanying notes to consolidated financial statements. | 000000081 | 6 | 1,503 | 1,716 | |
000000082::0 | 52
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. | 000000082 | 0 | 0 | 64 | |
000000082::1 | SUBSIDIARIES
(In Millions)
Fiscal Year
2020
2019
2018
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling interests $
2,210.8 $
1,786.2 $
2,163.0
Adjustments to reconcile net earnings to net cash provided by operating activities:... | 000000082 | 1 | 68 | 480 | |
000000082::2 | from joint ventures
(91.1)
(72.0)
(84.7)
Distributions of earnings from joint ventures
76.5
86.7
113.2
Stock-based compensation
94.9
84.9
77.0
Deferred income taxes
(29.6)
93.5
(504.3)
Pension and other postretirement benefit plan contributions
(31.1)
(28.8)
(31.8)
Pension and... | 000000082 | 2 | 480 | 806 | |
000000082::3 | postretirement benefit plan costs
(32.3)
6.1
4.6
Divestitures loss
-
30.0
-
Restructuring, impairment, and other exit costs
43.6
235.7
126.0
Changes in current assets and liabilities, excluding the effects of acquisitions
and divestitures
793.9
(7.5)
542.1
Other, net
45.9 ... | 000000082 | 3 | 806 | 1,161 | |
000000082::4 | by operating activities
3,676.2
2,807.0
2,841.0
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(460.8)
(537.6)
(622.7)
Acquisition, net of cash acquired
-
-
(8,035.8)
Investments in affiliates, net
(48.0)
0.1
(17.3)
Proceeds from disposal ... | 000000082 | 4 | 1,161 | 1,500 | |
000000082::5 | and equipment
1.7
14.3
1.4
Proceeds from divestitures
-
26.4
-
Other, net
20.9
(59.7)
(11.0)
Net cash used by investing activities
(486.2)
(556.5)
(8,685.4)
Cash Flows - Financing Activities
Change in notes payable
(1,158.6)
(66.3)
327.5
Issu | 000000082 | 5 | 1,500 | 1,801 | |
000000082::6 | ance of long-term debt
1,638.1
339.1
6,550.0
Payment of long-term debt
(1,396.7)
(1,493.8)
(600.1)
Proceeds from common stock issued on exercised options
263.4
241.4
99.3
Proceeds from common stock issued
-
-
969.9
Purchases of common stock for treasury
(3.4)
(1.1)
(6 | 000000082 | 6 | 1,801 | 2,113 | |
000000082::7 | 01.6)
Dividends paid
(1,195.8)
(1,181.7)
(1,139.7)
Investments in redeemable interest
-
55.7
-
Distributions to noncontrolling and redeemable interest holders
(72.5)
(38.5)
(51.8)
Other, net
(16.0)
(31.2)
(108.0)
Net cash (used) provided by financing activities
(1 | 000000082 | 7 | 2,113 | 2,411 | |
000000082::8 | ,941.5)
(2,176.4)
5,445.5
Effect of exchange rate changes on cash and cash equivalents
(20.7)
(23.1)
31.8
Increase (decrease) in cash and cash equivalents
1,227.8
51.0
(367.1)
Cash and cash equivalents - beginning of year
450.0
399.0
766.1
Cash and cash equivalents - end of year
$
1, | 000000082 | 8 | 2,411 | 2,729 | |
000000082::9 | 677.8 $
450.0 $
399.0
Cash flow from changes in current assets and liabilities, excluding the effects of
acquisitions and divestitures:
Receivables
$
37.9 $
(42.7) $
(122.7)
Inventories
103.1
53.7
15.6
Prepaid expenses and other current assets
94.2
(114.3)
(10.7)
Accounts ... | 000000082 | 9 | 2,729 | 3,056 | |
000000082::10 |
392.5
162.4
575.3
Other current liabilities
166.2
(66.6)
84.6
Changes in current assets and liabilities
$
793.9 $
(7.5) $
542.1
See accompanying notes to consolidated financial statements. | 000000082 | 10 | 3,056 | 3,270 | |
000000083::0 | 45
Consolidated Statements of Earnings
GENERAL MILLS, INC. | 000000083 | 0 | 0 | 58 | |
000000083::1 | SUBSIDIARIES
(In Millions, Except per Share Data)
Fiscal Year
2022
2021
2020
Net sales
$
18,992.8
$
18,127.0
$
17,626.6
Cost of sales
12,590.6
11,678.7
11,496.7
Selling, general, and administrative expenses
3,147.0
3,079.6
3, | 000000083 | 1 | 62 | 288 | |
000000083::2 | 151.6
Divestitures (gain) loss
(194.1)
53.5
-
Restructuring, impairment, and other exit (recoveries) costs
(26.5)
170.4
24.4
Operating profit
3,475.8
3,144.8
2,953.9
Benefit plan non-service income
(113.4)
(132.9)
(112.8)
Interest, net
379. | 000000083 | 2 | 288 | 528 | |
000000083::3 | 6
420.3
466.5
Earnings before income taxes and after-tax earnings from joint ventures
3,209.6
2,857.4
2,600.2
Income taxes
586.3
629.1
480.5
After-tax earnings from joint ventures
111.7
117.7
91.1
Net earnings, including earnings attributable to redeemable and
noncontrolling interests
2,735.0
2,346.0
| 000000083 | 3 | 528 | 832 | |
000000083::4 | 2,210.8
Net earnings attributable to redeemable and noncontrolling interests
27.7
6.2
29.6
Net earnings attributable to General Mills
$
2,707.3
$
2,339.8
$
2,181.2
Earnings per share — basic
$
4.46
$
3.81
$
3.59
Earnings per share — diluted
$
4.42
$
3.78
$
3.56
Div | 000000083 | 4 | 832 | 1,097 | |
000000083::5 | idends per share
$
2.04
$
2.02
$
1.96
See accompanying notes to consolidated financial statements.___FINANCEBENCH_DELIMITER___49
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. | 000000083 | 5 | 1,097 | 1,283 | |
000000083::6 | SUBSIDIARIES
(In Millions)
Fiscal Year
2022
2021
2020
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling interests
$
2,735.0
$
2,346.0
$
2,210.8
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortizat... | 000000083 | 6 | 1,287 | 1,668 | |
000000083::7 | (111.7)
(117.7)
(91.1)
Distributions of earnings from joint ventures
107.5
95.2
76.5
Stock-based compensation
98.7
89.9
94.9
Deferred income taxes
62.2
118.8
(29.6)
Pension and other postretirement benefit plan contributions
(31.3)
(33.4)
(31.1)
Pension and other postretirement benefit | 000000083 | 7 | 1,668 | 1,954 | |
000000083::8 | plan costs
(30.1)
(33.6)
(32.3)
Divestitures (gain) loss
(194.1)
53.5
-
Restructuring, impairment, and other exit (recoveries) costs
(117.1)
150.9
43.6
Changes in current assets and liabilities, excluding the effects of acquisition and divestitures
277.4
(155.9)
793.9
Other, net
(50.7) | 000000083 | 8 | 1,954 | 2,241 | |
000000083::9 |
(131.8)
45.9
Net cash provided by operating activities
3,316.1
2,983.2
3,676.2
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(568.7)
(530.8)
(460.8)
Acquisition
(1,201.3)
-
-
Investments in affiliates, net
15.4
15.5
(48.0)
Proceed | 000000083 | 9 | 2,241 | 2,504 | |
000000083::10 | s from disposal of land, buildings, and equipment
3.3
2.7
1.7
Proceeds from divestitures, net of cash divested
74.1
2.9
-
Other, net
(13.5)
(3.1)
20.9
Net cash used by investing activities
(1,690.7)
(512.8)
(486.2)
Cash Flows - Financing Activities
Change in notes payable
551.4
71.7
(1, | 000000083 | 10 | 2,504 | 2,791 | |
000000083::11 | 158.6)
Issuance of long-term debt
2,203.7
1,576.5
1,638.1
Payment of long-term debt
(3,140.9)
(2,609.0)
(1,396.7)
Debt exchange participation incentive cash payment
-
(201.4)
-
Proceeds from common stock issued on exercised options
161.7
74.3
263.4
Purchases of common stock for | 000000083 | 11 | 2,791 | 3,069 | |
000000083::12 | treasury
(876.8)
(301.4)
(3.4)
Dividends paid
(1,244.5)
(1,246.4)
(1,195.8)
Distributions to noncontrolling and redeemable interest holders
(129.8)
(48.9)
(72.5)
Other, net
(28.0)
(30.9)
(16.0)
Net cash used by financing activities
(2, | 000000083 | 12 | 3,069 | 3,305 | |
000000083::13 | 503.2)
(2,715.5)
(1,941.5)
Effect of exchange rate changes on cash and cash equivalents
(58.0)
72.5
(20.7)
(Decrease) increase in cash and cash equivalents
(935.8)
(172.6)
1,227.8
Cash and cash equivalents - beginning of year
1,505.2
1,677.8
450.0
Cash and cash equivalents - | 000000083 | 13 | 3,305 | 3,580 | |
000000083::14 | end of year
$
569.4
$
1,505.2
$
1,677.8
Cash flow from changes in current assets and liabilities, excluding the effects of acquisition and
divestitures:
Receivables
$
(166.3)
$
27.9
$
37.9
Inventories
(85.8)
(354.7)
103.1
Prepaid expenses and other current assets
(35.3)
(42.7 | 000000083 | 14 | 3,580 | 3,858 | |
000000083::15 | )
94.2
Accounts payable
456.7
343.1
392.5
Other current liabilities
108.1
(129.5)
166.2
Changes in current assets and liabilities
$
277.4
$
(155.9)
$
793.9
See accompanying notes to consolidated financial statements. | 000000083 | 15 | 3,858 | 4,074 | |
000000084::0 | Results of Operations
Analysis of Consolidated Sales
For discussion on results of operations and financial condition pertaining to the fiscal years 2021 and 2020 see the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022, Item 7. Management's Discussion and Analysis of Results of Operations ... | 000000084 | 0 | 0 | 446 | |
000000084::1 | These sales changes consisted of the following:
Sales increase/(decrease) due to:
2022
2021
Volume
6.9
%
12.9
%
Price
(0.8)
(0.7)
Currency
(4.8)
1.4
Total
1.3
%
13.6
% | 000000084 | 1 | 447 | 614 | |
000000085::0 | Analysis of Consolidated Earnings Before Provision for Taxes on Income
Consolidated earnings before provision for taxes on income was $21.7 billion and $22.8 billion for the years 2022 and 2021, respectively. As a percent tosales, consolidated earnings before provision for taxes on income was 22.9% and 24.3%, in 2022 a... | 000000085 | 0 | 0 | 364 | |
000000085::1 | Percentages in chart are as a percent to total sales)
Cost of Products Sold and Selling, Marketing and Administrative Expenses:
(Dollars in billions. | 000000085 | 1 | 365 | 514 | |
000000085::2 | Percentages in chart are as a percent to total sales)
Cost of products sold increased as a percent to sales driven by:
•
One-time COVID-19 vaccine manufacturing exit related costs
•
Currency impacts in the Pharmaceutical segment
•
Commodity inflation in the MedTech and Consumer Health segments
partially offset by
•
Sup... | 000000085 | 2 | 515 | 1,043 | |
000000086::0 | JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
At January 1, 2023 and January 2, 2022
(Dollars in Millions Except Share and Per Share Amounts) (Note 1)
2022
2021
Assets
Current assets
Cash and cash equivalents (Notes 1 and 2)
$
14,127
14,487
Marketable securities (Notes 1 and 2)
9,392
17 | 000000086 | 0 | 0 | 304 | |
000000086::1 | ,121
Accounts receivable trade, less allowances for doubtful accounts $203 (2021, $230)
16,160
15,283
Inventories (Notes 1 and 3)
12,483
10,387___FINANCEBENCH_DELIMITER___JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)
2022
| 000000086 | 1 | 304 | 618 | |
000000086::2 | 2021
2020
Sales to customers
$
94,943
93,775
82,584
Cost of products sold
31,089
29,855
28,427 | 000000086 | 2 | 618 | 712 | |
000000087::0 | 2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable foreign exchange and reduced COVID-19 Vaccine sales vs. prior year. | 000000087 | 0 | 0 | 167 | |
000000087::1 | Operational growth excluding COVID-19 Vaccine of 4.6%*
• 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 increasing by 10.3%*
__________________________________________________________________________________________
• 2022 Full-Year reported sales growth of 1.3% to $94.... | 000000087 | 1 | 168 | 595 | |
000000087::2 | Operational growth of 6.1%*
• 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 increasing by 3.6%*
__________________________________________________________________________________________
• Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of ... | 000000087 | 2 | 596 | 988 | |
000000088::0 | REGIONAL SALES RESULTS
Q4 % Change ($ in Millions) 2022 2021 Reported Operational1,2 Currency Adjusted Operational1,3 U.S. | 000000088 | 0 | 0 | 122 | |
000000088::1 | 12,516 $12,163 2.9% 2.9 -
2.7 International 11,190 12,641
(11.5) (1.1) (10.4)
(1.0) Worldwide $23,706 $24,804 (4.4)% 0.9 (5.3)
0.8
Full Year % Change ($ in Millions) 2022 2021 Reported Operational1,2 Currency Adjusted Operational1 | 000000088 | 1 | 124 | 354 | |
000000088::2 | ,3 U.S. | 000000088 | 2 | 354 | 361 | |
000000088::3 | $48,580 $47,156 3.0% 3.0 -
3.0 International 46,363 46,619
(0.6)% 9.1 (9.7)
9.3 Worldwide $94,943 $93,775 1.3% 6.1 (4.8)
6.2 | 000000088 | 3 | 362 | 486 | |
000000089::0 | Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the KenvueSeparation
•
Company expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, andAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vac... | 000000089 | 0 | 0 | 405 | |
000000089::1 | 0.10, reflecting increased growth of12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-point
•
Company reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefitof approximately 73.5 million shares ... | 000000089 | 1 | 405 | 873 | |
000000089::2 | %of equity stake in Kenvue
•
Company maintains its quarterly dividend of $1.19 per share
New Brunswick, N.J. | 000000089 | 2 | 873 | 981 | |
000000089::3 | (August 30, 2023)
– Johnson & Johnson (NYSE: JNJ) (“the Company”) today announced updates to its financials and2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. TheCompany has published a recorded webinar for investors to provide additional con... | 000000089 | 3 | 982 | 1,487 | |
000000089::4 | “The completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on deliveringtransformative healthcare solutions to patients,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “We are incrediblyproud of the focus and dedication of our employ... | 000000089 | 4 | 1,488 | 2,111 |
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