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- data/3M_2018_10K.md +0 -0
- data/3M_2022_10K.md +0 -0
- data/3M_2023Q2_10Q.md +0 -0
- data/ACTIVISIONBLIZZARD_2019_10K.md +0 -0
- data/ADOBE_2015_10K.md +0 -0
- data/ADOBE_2016_10K.md +0 -0
- data/ADOBE_2017_10K.md +0 -0
- data/ADOBE_2022_10K.md +0 -0
- data/AES_2022_10K.md +0 -0
- data/AMAZON_2017_10K.md +0 -0
- data/AMAZON_2019_10K.md +0 -0
- data/AMCOR_2020_10K.md +0 -0
- data/AMCOR_2022_8K_dated-2022-07-01.md +445 -0
- data/AMCOR_2023Q2_10Q.md +0 -0
- data/AMCOR_2023Q4_EARNINGS.md +0 -0
- data/AMCOR_2023_10K.md +0 -0
- data/AMD_2015_10K.md +0 -0
- data/AMD_2022_10K.md +0 -0
- data/AMERICANEXPRESS_2022_10K.md +0 -0
- data/AMERICANWATERWORKS_2020_10K.md +0 -0
- data/AMERICANWATERWORKS_2021_10K.md +0 -0
- data/AMERICANWATERWORKS_2022_10K.md +0 -0
- data/BESTBUY_2017_10K.md +0 -0
- data/BESTBUY_2019_10K.md +0 -0
- data/BESTBUY_2023_10K.md +0 -0
- data/BESTBUY_2024Q2_10Q.md +0 -0
- data/BLOCK_2016_10K.md +0 -0
- data/BLOCK_2020_10K.md +0 -0
- data/BOEING_2018_10K.md +0 -0
- data/BOEING_2022_10K.md +0 -0
- data/COCACOLA_2017_10K.md +0 -0
- data/COCACOLA_2021_10K.md +0 -0
- data/COCACOLA_2022_10K.md +0 -0
- data/CORNING_2020_10K.md +0 -0
- data/CORNING_2021_10K.md +0 -0
- data/CORNING_2022_10K.md +0 -0
- data/COSTCO_2021_10K.md +0 -0
- data/CVSHEALTH_2018_10K.md +0 -0
- data/CVSHEALTH_2022_10K.md +0 -0
- data/FOOTLOCKER_2022_8K_dated-2022-05-20.md +261 -0
- data/FOOTLOCKER_2022_8K_dated_2022-08-19.md +0 -0
- data/GENERALMILLS_2019_10K.md +0 -0
- data/GENERALMILLS_2020_10K.md +0 -0
- data/GENERALMILLS_2022_10K.md +0 -0
- data/JOHNSON_JOHNSON_2022Q4_EARNINGS.md +0 -0
- data/JOHNSON_JOHNSON_2022_10K.md +0 -0
- data/JOHNSON_JOHNSON_2023Q2_EARNINGS.md +0 -0
- data/JOHNSON_JOHNSON_2023_8K_dated-2023-08-30.md +3387 -0
- data/JPMORGAN_2021Q1_10Q.md +0 -0
- data/JPMORGAN_2022Q2_10Q.md +0 -0
data/3M_2018_10K.md
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| 1 |
+
UNITED STATES
|
| 2 |
+
SECURITIES AND EXCHANGE COMMISSION
|
| 3 |
+
Washington, D.C. 20549
|
| 4 |
+
|
| 5 |
+
# FORM 8-K
|
| 6 |
+
|
| 7 |
+
## CURRENT REPORT
|
| 8 |
+
### Pursuant to Section 13 or 15(d)
|
| 9 |
+
### of the Securities Exchange Act of 1934
|
| 10 |
+
|
| 11 |
+
Date of Report (Date of earliest event reported): **July 1, 2022 (June 30, 2022)**
|
| 12 |
+
|
| 13 |
+
# AMCOR PLC
|
| 14 |
+
(Exact name of registrant as specified in its charter)
|
| 15 |
+
|
| 16 |
+
<table>
|
| 17 |
+
<tr>
|
| 18 |
+
<td><strong>Jersey</strong><br>State or other jurisdiction of incorporation)</td>
|
| 19 |
+
<td><strong>001-38932</strong><br>(Commission File Number)</td>
|
| 20 |
+
<td><strong>98-1455367</strong><br>(IRS Employer Identification No.)</td>
|
| 21 |
+
</tr>
|
| 22 |
+
<tr>
|
| 23 |
+
<td><strong>83 Tower Road North<br>Warmley, Bristol<br>United Kingdom</strong><br>(Address of principal executive offices)</td>
|
| 24 |
+
<td></td>
|
| 25 |
+
<td><strong>BS30 8XP</strong><br>(Zip Code)</td>
|
| 26 |
+
</tr>
|
| 27 |
+
<tr>
|
| 28 |
+
<td></td>
|
| 29 |
+
<td><strong>+44 117 9753200</strong><br>(Registrant's telephone number, including area code)</td>
|
| 30 |
+
<td></td>
|
| 31 |
+
</tr>
|
| 32 |
+
</table>
|
| 33 |
+
|
| 34 |
+
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
| 35 |
+
|
| 36 |
+
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
| 37 |
+
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
| 38 |
+
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
| 39 |
+
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
| 40 |
+
|
| 41 |
+
Securities registered pursuant to Section 12(b) of the Act:
|
| 42 |
+
|
| 43 |
+
<table>
|
| 44 |
+
<thead>
|
| 45 |
+
<tr>
|
| 46 |
+
<th>Title of each class</th>
|
| 47 |
+
<th>Trading Symbol(s)</th>
|
| 48 |
+
<th>Name of each exchange on which registered</th>
|
| 49 |
+
</tr>
|
| 50 |
+
</thead>
|
| 51 |
+
<tbody>
|
| 52 |
+
<tr>
|
| 53 |
+
<td>Ordinary Shares, par value $0.01 per share</td>
|
| 54 |
+
<td>AMCR</td>
|
| 55 |
+
<td>New York Stock Exchange</td>
|
| 56 |
+
</tr>
|
| 57 |
+
<tr>
|
| 58 |
+
<td>1.125% Guaranteed Senior Notes Due 2027</td>
|
| 59 |
+
<td>AUKF/27</td>
|
| 60 |
+
<td>New York Stock Exchange</td>
|
| 61 |
+
</tr>
|
| 62 |
+
</tbody>
|
| 63 |
+
</table>
|
| 64 |
+
|
| 65 |
+
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
| 66 |
+
|
| 67 |
+
Emerging Growth Company ☐
|
| 68 |
+
|
| 69 |
+
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|
| 70 |
+
|
| 71 |
+
Item 8.01 Other Events.
|
| 72 |
+
|
| 73 |
+
On June 30, 2022, Amcor Finance (USA), Inc. (the “Former Issuer”) and Amcor Flexibles North America, Inc. (the “Substitute Issuer”), each a wholly-owned subsidiary of Amcor plc (the “Company”), entered into a (i) Second Supplemental Indenture (the “Second Supplemental Indenture”) with the Trustee (as defined below) with respect to the Indenture, dated as of April 28, 2016 (as amended and/or supplemented to date, the “2016 Indenture” and, together with the Second Supplemental Indenture, the “2016 Indenture”), among the Former Issuer, the guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), governing the Former Issuer’s (a) 3.625% Guaranteed Senior Notes due 2026 (the “2026 Notes”) and (b) 4.500% Guaranteed Senior Notes due 2028 (the “2028 Notes” and, together with the 2026 Notes, the “Existing Notes”) and (ii) First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Second Supplemental Indenture, the “Supplemental Indentures”) with the Trustee with respect to the Indenture, dated as of June 13, 2019 (as amended and/or supplemented to date, the “2019 Indenture” and, together with the First Supplemental Indenture, the “2019 Indenture” and, together with the 2016 Indenture, the “Indentures”), among the Former Issuer, the guarantors party thereto and the Trustee, governing the Former Issuer’s (a) 3.625% Guaranteed Senior Notes due 2026 (the “New 2026 Notes”) and (b) 4.500% Guaranteed Senior Notes due 2028 (the “New 2028 Notes” and, together with the New 2026 Notes, the “New Notes”), in each case, relating to the substitution of the Substitute Issuer for the Former Issuer and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures. As disclosed in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on June 17, 2019, the New Notes were issued in June 2019 following the completion of the Former Issuer’s exchange offer to certain eligible holders of the Existing Notes.
|
| 74 |
+
|
| 75 |
+
The foregoing description of the Supplemental Indentures does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the (i) 2016 Indenture, which was included as Exhibit 4.7 to the Company’s Registration Statement on Form S-4 (File No. 333-230217), filed with the SEC on March 12, 2019 (the “Registration Statement”), including the supplemental indenture thereto, which was included as Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed with the SEC on June 17, 2019, (ii) form of 2026 Notes, which was included as Exhibit 4.8 to the Registration Statement, (iii) form of 2028 Notes, which was included as Exhibit 4.9 to the Registration Statement, (iv) 2019 Indenture, which was included as Exhibit 10.4 to the Company’s Current Report on Form 8-K, filed with the SEC on June 17, 2019, (v) Second Supplemental Indenture, which is included as Exhibit 4.6 hereto and incorporated herein by reference and (vi) First Supplemental Indenture, which is included as Exhibit 4.7 hereto and incorporated herein by reference.
|
| 76 |
+
|
| 77 |
+
Item 9.01 Financial Statements and Exhibits.
|
| 78 |
+
|
| 79 |
+
<table>
|
| 80 |
+
<thead>
|
| 81 |
+
<tr>
|
| 82 |
+
<th>Exhibit No.</th>
|
| 83 |
+
<th>Description</th>
|
| 84 |
+
</tr>
|
| 85 |
+
</thead>
|
| 86 |
+
<tbody>
|
| 87 |
+
<tr>
|
| 88 |
+
<td>4.1</td>
|
| 89 |
+
<td>Indenture, dated as of April 28, 2016, among Amcor Finance (USA), Inc., Amcor Limited, Amcor UK Finance PLC and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.7 to Amcor plc’s Registration Statement on Form S-4 (File No. 333-230217), filed on March 12, 2019).</td>
|
| 90 |
+
</tr>
|
| 91 |
+
<tr>
|
| 92 |
+
<td>4.2</td>
|
| 93 |
+
<td>Supplemental Indenture, dated as of June 13, 2019, among Amcor Finance (USA), Inc., Amcor Limited, Amcor UK Finance PLC and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 10.2 to Amcor plc’s Current Report on Form 8-K, filed on June 17, 2019).</td>
|
| 94 |
+
</tr>
|
| 95 |
+
<tr>
|
| 96 |
+
<td>4.3</td>
|
| 97 |
+
<td>Form of 3.625% Guaranteed Senior Notes due 2026 (incorporated by reference to Exhibit 4.8 to Amcor plc’s Registration Statement on Form S-4 (File No. 333-230217), filed on March 12, 2019).</td>
|
| 98 |
+
</tr>
|
| 99 |
+
<tr>
|
| 100 |
+
<td>4.4</td>
|
| 101 |
+
<td>Form of 4.500% Guaranteed Senior Notes due 2028 (incorporated by reference to Exhibit 4.9 to Amcor plc’s Registration Statement on Form S-4 (File No. 333-230217), filed on March 12, 2019).</td>
|
| 102 |
+
</tr>
|
| 103 |
+
<tr>
|
| 104 |
+
<td>4.5</td>
|
| 105 |
+
<td>Indenture, dated as of June 13, 2019, among Amcor Finance (USA), Inc., Amcor plc, Amcor Limited, Amcor Flexibles North America, Inc. (formerly known as Bemis Company, Inc.) and Amcor UK Finance PLC and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 10.4 to Amcor plc’s Current Report on Form 8-K, filed on June 17, 2019).</td>
|
| 106 |
+
</tr>
|
| 107 |
+
<tr>
|
| 108 |
+
<td>4.6</td>
|
| 109 |
+
<td>Second Supplemental Indenture, dated as of June 30, 2022, among Amcor Finance (USA), Inc., Amcor Flexibles North America, Inc. and Deutsche Bank Trust Company Americas.</td>
|
| 110 |
+
</tr>
|
| 111 |
+
<tr>
|
| 112 |
+
<td>4.7</td>
|
| 113 |
+
<td>First Supplemental Indenture, dated as of June 30, 2022, among Amcor Finance (USA), Inc., Amcor Flexibles North America, Inc. and Deutsche Bank Trust Company Americas.</td>
|
| 114 |
+
</tr>
|
| 115 |
+
<tr>
|
| 116 |
+
<td>104</td>
|
| 117 |
+
<td>Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).</td>
|
| 118 |
+
</tr>
|
| 119 |
+
</tbody>
|
| 120 |
+
</table>
|
| 121 |
+
|
| 122 |
+
SIGNATURES
|
| 123 |
+
|
| 124 |
+
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| 125 |
+
|
| 126 |
+
AMCOR PLC
|
| 127 |
+
|
| 128 |
+
By: <signature>/s/ Damien Clayton</signature>
|
| 129 |
+
Name: Damien Clayton
|
| 130 |
+
Title: Company Secretary
|
| 131 |
+
|
| 132 |
+
Dated: July 1, 2022
|
| 133 |
+
|
| 134 |
+
Exhibit 4.6
|
| 135 |
+
|
| 136 |
+
SECOND SUPPLEMENTAL INDENTURE
|
| 137 |
+
|
| 138 |
+
This SECOND SUPPLEMENTAL INDENTURE, dated as of June 30, 2022 (the “Supplemental Indenture”), among Amcor Finance (USA), Inc., a Delaware corporation (herein called the “Former Issuer”), Amcor Flexibles North America, Inc., a Missouri Corporation (herein called the “Substitute Issuer”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee under the Indenture (as defined below) (herein called the “Trustee”).
|
| 139 |
+
|
| 140 |
+
RECITALS
|
| 141 |
+
|
| 142 |
+
The Former Issuer, Amcor Pty Ltd (formerly known as Amcor Limited, the “Parent Guarantor”) and Amcor UK Finance plc (the “Initial Subsidiary Guarantor” and, together with the Parent Guarantor, the “Guarantors”) and the Trustee have entered into an Indenture dated as of April 28, 2016, as amended and/or supplemented from time to time (herein called the “Indenture”), providing for the issuance of Securities, including the Former Issuer’s (a) 3.625% Guaranteed Senior Notes due 2026 and (b) 4.500% Guaranteed Senior Notes due 2028. Capitalized terms used but not defined in this Supplemental Indenture have the same meaning provided in the Indenture.
|
| 143 |
+
|
| 144 |
+
Section 901 of the Indenture provides that, without the consent of any Holders, the Former Issuer, when authorized by a Board Resolution of the Former Issuer, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, in form reasonably satisfactory to the Trustee, to evidence the succession or substitution of another Person to the Former Issuer and the assumption by any such successor of the covenants of the Former Issuer in the Indenture and in the Securities.
|
| 145 |
+
|
| 146 |
+
The entry into this Supplemental Indenture by the Former Issuer, the Substitute Issuer and the Trustee is in all respects authorized by the provisions of the Indenture.
|
| 147 |
+
|
| 148 |
+
All things necessary to make this Supplemental Indenture a valid agreement of the Former Issuer, the Substitute Issuer and the Trustee and a valid amendment of and supplement to the Indenture have been done.
|
| 149 |
+
|
| 150 |
+
NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, the Former Issuer, the Substitute Issuer and the Trustee each hereby agree as follows:
|
| 151 |
+
|
| 152 |
+
ARTICLE ONE
|
| 153 |
+
|
| 154 |
+
Section 101. Substitution of the Issuer under the Indenture.
|
| 155 |
+
|
| 156 |
+
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Substitute Issuer hereby agrees with the Former Issuer, the Guarantors, the Trustee and the Holders of any Securities Outstanding under the Indenture that concurrently with the execution and delivery of this Supplemental Indenture by the Substitute Issuer that it shall become the Issuer for the purposes of the Indenture and for purposes of all amounts due and owing on the Securities Outstanding under the Indenture. In connection therewith, the Substitute Issuer assumes the covenants of the Former Issuer in the Indenture and in the Securities.
|
| 157 |
+
|
| 158 |
+
Section 102. Submission to Jurisdiction; Appointment of Agent for Service of Process.
|
| 159 |
+
|
| 160 |
+
The Substitute Issuer hereby appoints C T Corporation acting through its office at 28 Liberty Street, New York, New York, 10005, as its authorized agent (the “Authorized Agent”) upon which process may be served in any legal action or proceeding against it with respect to its obligations under the Indenture instituted in any federal or state court in the Borough of Manhattan, The City of New York by the Holder of any Security and agrees that service of process upon such authorized agent, together with written notice of said service to the Substitute Issuer by the Person serving the same addressed as provided in Section 102 hereof, shall be deemed in every respect effective service of process upon the Substitute Issuer in any such legal action or proceeding, and the Substitute Issuer hereby irrevocably submits to the non-exclusive jurisdiction of any such court in respect of any such legal action or proceeding and waives any objection it may have to the laying of the venue of any such legal action or proceeding. Such appointment shall be irrevocable until all amounts in respect of the principal of and any premium and interest due and to become due on or in respect of all the Securities issued under the Indenture have been paid by the Issuer or a Guarantor, as the case may be, to the Trustee pursuant to the terms thereof, the Securities and the Guarantees. Notwithstanding the foregoing, the Substitute Issuer reserves the right to appoint another Person located or with an office in the Borough of Manhattan, The City of New York, selected in its discretion, as a successor Authorized Agent, and upon acceptance of such appointment by such a successor the appointment of the prior Authorized Agent shall terminate. The Substitute Issuer shall give notice to the Trustee and all Holders of the appointment by it of a successor Authorized Agent. If for any reason C T Corporation ceases to be able to act as the Authorized Agent or to have an address in the Borough of Manhattan, The City of New York, the Substitute Issuer will appoint a successor Authorized Agent in accordance with the preceding sentence. The Substitute Issuer further agrees to take any and all action, including the filing of any and all documents and instruments as may be necessary to continue such designation and appointment of such agent in full force and effect until the Indenture has been satisfied and discharged in accordance with Article Four or Article Twelve thereof Service of process upon the Authorized Agent addressed to it at the address set forth above, as such address may be changed within the Borough of Manhattan, The City of New York by notice given by the Authorized Agent to the Trustee, together with written notice of such service mailed or delivered to the Former Issuer, the Substitute Issuer and the Guarantors shall be deemed, in every respect, effective service of process on the Substitute Issuer.
|
| 161 |
+
|
| 162 |
+
Section 103. The Trustee.
|
| 163 |
+
|
| 164 |
+
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Former Issuer and the Substitute Issuer.
|
| 165 |
+
|
| 166 |
+
ARTICLE TWO
|
| 167 |
+
Provisions of General Application
|
| 168 |
+
|
| 169 |
+
Section 201. Effective Date.
|
| 170 |
+
|
| 171 |
+
This Supplemental Indenture takes effect when each party has executed one counterpart of this deed, whether the same or different counterparts (the “Effective Date”). As of the Effective Date, the Substitute Issuer shall be deemed to be the Issuer under the Indenture.
|
| 172 |
+
|
| 173 |
+
Section 202. Governing Law.
|
| 174 |
+
|
| 175 |
+
This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York (including, without limitation, Section 5-1401 of the New York General Obligations Law or any successor to such a statute), excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State; provided, however, that the authorization and execution of this Supplemental Indenture by and on behalf of the Substitute Issuer, shall be governed by the laws of Missouri.
|
| 176 |
+
|
| 177 |
+
This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
|
| 178 |
+
|
| 179 |
+
Section 203. Effect of Headings.
|
| 180 |
+
|
| 181 |
+
The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
|
| 182 |
+
|
| 183 |
+
Section 102. Submission to Jurisdiction; Appointment of Agent for Service of Process.
|
| 184 |
+
|
| 185 |
+
The Substitute Issuer hereby appoints C T Corporation acting through its office at 28 Liberty Street, New York, New York, 10005, as its authorized agent (the “Authorized Agent”) upon which process may be served in any legal action or proceeding against it with respect to its obligations under the Indenture instituted in any federal or state court in the Borough of Manhattan, The City of New York by the Holder of any Security and agrees that service of process upon such authorized agent, together with written notice of said service to the Substitute Issuer by the Person serving the same addressed as provided in Section 102 hereof, shall be deemed in every respect effective service of process upon the Substitute Issuer in any such legal action or proceeding, and the Substitute Issuer hereby irrevocably submits to the non-exclusive jurisdiction of any such court in respect of any such legal action or proceeding and waives any objection it may have to the laying of the venue of any such legal action or proceeding. Such appointment shall be irrevocable until all amounts in respect of the principal of and any premium and interest due and to become due on or in respect of all the Securities issued under the Indenture have been paid by the Issuer or a Guarantor, as the case may be, to the Trustee pursuant to the terms thereof, the Securities and the Guarantees. Notwithstanding the foregoing, the Substitute Issuer reserves the right to appoint another Person located or with an office in the Borough of Manhattan, The City of New York, selected in its discretion, as a successor Authorized Agent, and upon acceptance of such appointment by such a successor the appointment of the prior Authorized Agent shall terminate. The Substitute Issuer shall give notice to the Trustee and all Holders of the appointment by it of a successor Authorized Agent. If for any reason C T Corporation ceases to be able to act as the Authorized Agent or to have an address in the Borough of Manhattan, The City of New York, the Substitute Issuer will appoint a successor Authorized Agent in accordance with the preceding sentence. The Substitute Issuer further agrees to take any and all action, including the filing of any and all documents and instruments as may be necessary to continue such designation and appointment of such agent in full force and effect until the Indenture has been satisfied and discharged in accordance with Article Four or Article Twelve thereof Service of process upon the Authorized Agent addressed to it at the address set forth above, as such address may be changed within the Borough of Manhattan, The City of New York by notice given by the Authorized Agent to the Trustee, together with written notice of such service mailed or delivered to the Former Issuer, the Substitute Issuer and the Guarantors shall be deemed, in every respect, effective service of process on the Substitute Issuer.
|
| 186 |
+
|
| 187 |
+
Section 103. The Trustee.
|
| 188 |
+
|
| 189 |
+
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Former Issuer and the Substitute Issuer.
|
| 190 |
+
|
| 191 |
+
ARTICLE TWO
|
| 192 |
+
Provisions of General Application
|
| 193 |
+
|
| 194 |
+
Section 201. Effective Date.
|
| 195 |
+
|
| 196 |
+
This Supplemental Indenture takes effect when each party has executed one counterpart of this deed, whether the same or different counterparts (the “Effective Date”). As of the Effective Date, the Substitute Issuer shall be deemed to be the Issuer under the Indenture.
|
| 197 |
+
|
| 198 |
+
Section 202. Governing Law.
|
| 199 |
+
|
| 200 |
+
This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York (including, without limitation, Section 5-1401 of the New York General Obligations Law or any successor to such a statute), excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State; provided, however, that the authorization and execution of this Supplemental Indenture by and on behalf of the Substitute Issuer, shall be governed by the laws of Missouri.
|
| 201 |
+
|
| 202 |
+
This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
|
| 203 |
+
|
| 204 |
+
Section 203. Effect of Headings.
|
| 205 |
+
|
| 206 |
+
The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
|
| 207 |
+
|
| 208 |
+
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.
|
| 209 |
+
|
| 210 |
+
**AMCOR FINANCE (USA), INC.**
|
| 211 |
+
|
| 212 |
+
By: <u>/s/ Robert Mermelstein</u>
|
| 213 |
+
Name: Robert Mermelstein
|
| 214 |
+
Title: President
|
| 215 |
+
|
| 216 |
+
By: <u>/s/ Sara Mattsson</u>
|
| 217 |
+
Name: Sara Mattsson
|
| 218 |
+
Title: Vice President, Chief Financial Officer & Treasurer
|
| 219 |
+
|
| 220 |
+
**AMCOR FLEXIBLES NORTH AMERICA, INC.**
|
| 221 |
+
|
| 222 |
+
By: <u>/s/ Robert Mermelstein</u>
|
| 223 |
+
Name: Robert Mermelstein
|
| 224 |
+
Title: Vice President, Tax
|
| 225 |
+
|
| 226 |
+
By: <u>/s/ Louis Fred Stephan</u>
|
| 227 |
+
Name: Louis Fred Stephan
|
| 228 |
+
Title: President
|
| 229 |
+
|
| 230 |
+
**DEUTSCHE BANK TRUST COMPANY AMERICAS,**
|
| 231 |
+
as Trustee, Registrar and Paying Agent
|
| 232 |
+
|
| 233 |
+
By: <u>/s/ Jeffrey Schoenfeld</u>
|
| 234 |
+
Name: Jeffrey Schoenfeld
|
| 235 |
+
Title: Vice President
|
| 236 |
+
|
| 237 |
+
By: <u>/s/ Kathryn Fischer</u>
|
| 238 |
+
Name: Kathryn Fischer
|
| 239 |
+
Title: Vice President
|
| 240 |
+
|
| 241 |
+
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.
|
| 242 |
+
|
| 243 |
+
**AMCOR FINANCE (USA), INC.**
|
| 244 |
+
|
| 245 |
+
By: <u>/s/ Robert Mermelstein</u>
|
| 246 |
+
Name: Robert Mermelstein
|
| 247 |
+
Title: President
|
| 248 |
+
|
| 249 |
+
By: <u>/s/ Sara Mattsson</u>
|
| 250 |
+
Name: Sara Mattsson
|
| 251 |
+
Title: Vice President, Chief Financial Officer & Treasurer
|
| 252 |
+
|
| 253 |
+
**AMCOR FLEXIBLES NORTH AMERICA, INC.**
|
| 254 |
+
|
| 255 |
+
By: <u>/s/ Robert Mermelstein</u>
|
| 256 |
+
Name: Robert Mermelstein
|
| 257 |
+
Title: Vice President, Tax
|
| 258 |
+
|
| 259 |
+
By: <u>/s/ Louis Fred Stephan</u>
|
| 260 |
+
Name: Louis Fred Stephan
|
| 261 |
+
Title: President
|
| 262 |
+
|
| 263 |
+
**DEUTSCHE BANK TRUST COMPANY AMERICAS,**
|
| 264 |
+
as Trustee, Registrar and Paying Agent
|
| 265 |
+
|
| 266 |
+
By: <u>/s/ Jeffrey Schoenfeld</u>
|
| 267 |
+
Name: Jeffrey Schoenfeld
|
| 268 |
+
Title: Vice President
|
| 269 |
+
|
| 270 |
+
By: <u>/s/ Kathryn Fischer</u>
|
| 271 |
+
Name: Kathryn Fischer
|
| 272 |
+
Title: Vice President
|
| 273 |
+
|
| 274 |
+
Exhibit 4.7
|
| 275 |
+
|
| 276 |
+
FIRST SUPPLEMENTAL INDENTURE
|
| 277 |
+
|
| 278 |
+
This FIRST SUPPLEMENTAL INDENTURE, dated as of June 30, 2022 (the “Supplemental Indenture”), among Amcor Finance (USA), Inc., a Delaware corporation (herein called the “Former Issuer”), Amcor Flexibles North America, Inc., a Missouri Corporation (formerly known as Bemis Company, Inc. and herein called the “Substitute Issuer”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee under the Indenture (as defined below) (herein called the “Trustee”).
|
| 279 |
+
|
| 280 |
+
RECITALS
|
| 281 |
+
|
| 282 |
+
The Former Issuer, Amcor plc (the “Parent Guarantor”), Amcor Pty Ltd (formerly known as Amcor Limited), the Substitute Issuer and Amcor UK Finance plc (“Amcor UK” and, together with the Parent Guarantor, Amcor Pty Ltd and the Substitute Issuer, the “Guarantors”) and the Trustee have entered into an Indenture dated as of June 13, 2019, as amended and/or supplemented from time to time (herein called the “Indenture”), providing for the issuance of Securities, including the Former Issuer’s (a) 3.625% Guaranteed Senior Notes due 2026 and (b) 4.500% Guaranteed Senior Notes due 2028. Capitalized terms used but not defined in this Supplemental Indenture have the same meaning provided in the Indenture.
|
| 283 |
+
|
| 284 |
+
Section 901 of the Indenture provides that, without the consent of any Holders, the Former Issuer, when authorized by a Board Resolution of the Former Issuer, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, in form reasonably satisfactory to the Trustee, to evidence the succession or substitution of another Person to the Former Issuer and the assumption by any such successor of the covenants of the Former Issuer in the Indenture and in the Securities.
|
| 285 |
+
|
| 286 |
+
The entry into this Supplemental Indenture by the Former Issuer, the Substitute Issuer and the Trustee is in all respects authorized by the provisions of the Indenture.
|
| 287 |
+
|
| 288 |
+
All things necessary to make this Supplemental Indenture a valid agreement of the Former Issuer, the Substitute Issuer and the Trustee and a valid amendment of and supplement to the Indenture have been done.
|
| 289 |
+
|
| 290 |
+
NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, the Former Issuer, the Substitute Issuer and the Trustee each hereby agree as follows:
|
| 291 |
+
|
| 292 |
+
ARTICLE ONE
|
| 293 |
+
|
| 294 |
+
Section 101. Substitution of the Issuer under the Indenture.
|
| 295 |
+
|
| 296 |
+
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Substitute Issuer hereby agrees with the Former Issuer, the Guarantors, the Trustee and the Holders of any Securities Outstanding under the Indenture that concurrently with the execution and delivery of this Supplemental Indenture by the Substitute Issuer that it shall become the Issuer for the purposes of the Indenture and for purposes of all amounts due and owing on the Securities Outstanding under the Indenture. In connection therewith, the Substitute Issuer assumes the covenants of the Former Issuer in the Indenture and in the Securities.
|
| 297 |
+
|
| 298 |
+
Section 102. Submission to Jurisdiction; Appointment of Agent for Service of Process.
|
| 299 |
+
|
| 300 |
+
The Substitute Issuer hereby appoints C T Corporation acting through its office at 28 Liberty Street, New York, New York, 10005, as its authorized agent (the “Authorized Agent”) upon which process may be served in any legal action or proceeding against it with respect to its obligations under the Indenture instituted in any federal or state court in the Borough of Manhattan, The City of New York by the Holder of any Security and agrees that service of process upon such authorized agent, together with written notice of said service to the Substitute Issuer by the Person serving the same addressed as provided in Section 102 hereof, shall be deemed in every respect effective service of process upon the Substitute Issuer in any such legal action or proceeding, and the Substitute Issuer hereby irrevocably submits to the non-exclusive jurisdiction of any such court in respect of any such legal action or proceeding and waives any objection it may have to the laying of the venue of any such legal action or proceeding. Such appointment shall be irrevocable until all amounts in respect of the principal of and any premium and interest due and to become due on or in respect of all the Securities issued under the Indenture have been paid by the Issuer or a Guarantor, as the case may be, to the Trustee pursuant to the terms thereof, the Securities and the Guarantees. Notwithstanding the foregoing, the Substitute Issuer reserves the right to appoint another Person located or with an office in the Borough of Manhattan, The City of New York, selected in its discretion, as a successor Authorized Agent, and upon acceptance of such appointment by such a successor the appointment of the prior Authorized Agent shall terminate. The Substitute Issuer shall give notice to the Trustee and all Holders of the appointment by it of a successor Authorized Agent. If for any reason C T Corporation ceases to be able to act as the Authorized Agent or to have an address in the Borough of Manhattan, The City of New York, the Substitute Issuer will appoint a successor Authorized Agent in accordance with the preceding sentence. The Substitute Issuer further agrees to take any and all action, including the filing of any and all documents and instruments as may be necessary to continue such designation and appointment of such agent in full force and effect until the Indenture has been satisfied and discharged in accordance with Article Four or Article Twelve thereof Service of process upon the Authorized Agent addressed to it at the address set forth above, as such address may be changed within the Borough of Manhattan, The City of New York by notice given by the Authorized Agent to the Trustee, together with written notice of such service mailed or delivered to the Former Issuer, the Substitute Issuer and the Guarantors shall be deemed, in every respect, effective service of process on the Substitute Issuer.
|
| 301 |
+
|
| 302 |
+
Section 103. The Trustee.
|
| 303 |
+
|
| 304 |
+
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Former Issuer and the Substitute Issuer.
|
| 305 |
+
|
| 306 |
+
ARTICLE TWO
|
| 307 |
+
Provisions of General Application
|
| 308 |
+
|
| 309 |
+
Section 201. Effective Date.
|
| 310 |
+
|
| 311 |
+
This Supplemental Indenture takes effect when each party has executed one counterpart of this deed, whether the same or different counterparts (the “Effective Date”). As of the Effective Date, the Substitute Issuer shall be deemed to be the Issuer under the Indenture.
|
| 312 |
+
|
| 313 |
+
Section 202. Governing Law.
|
| 314 |
+
|
| 315 |
+
This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York (including, without limitation, Section 5-1401 of the New York General Obligations Law or any successor to such a statute), excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State; provided, however, that the authorization and execution of this Supplemental Indenture by and on behalf of the Substitute Issuer, shall be governed by the laws of Missouri.
|
| 316 |
+
|
| 317 |
+
This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
|
| 318 |
+
|
| 319 |
+
Section 203. Effect of Headings.
|
| 320 |
+
|
| 321 |
+
The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
|
| 322 |
+
|
| 323 |
+
Section 102. Submission to Jurisdiction; Appointment of Agent for Service of Process.
|
| 324 |
+
|
| 325 |
+
The Substitute Issuer hereby appoints C T Corporation acting through its office at 28 Liberty Street, New York, New York, 10005, as its authorized agent (the “Authorized Agent”) upon which process may be served in any legal action or proceeding against it with respect to its obligations under the Indenture instituted in any federal or state court in the Borough of Manhattan, The City of New York by the Holder of any Security and agrees that service of process upon such authorized agent, together with written notice of said service to the Substitute Issuer by the Person serving the same addressed as provided in Section 102 hereof, shall be deemed in every respect effective service of process upon the Substitute Issuer in any such legal action or proceeding, and the Substitute Issuer hereby irrevocably submits to the non-exclusive jurisdiction of any such court in respect of any such legal action or proceeding and waives any objection it may have to the laying of the venue of any such legal action or proceeding. Such appointment shall be irrevocable until all amounts in respect of the principal of and any premium and interest due and to become due on or in respect of all the Securities issued under the Indenture have been paid by the Issuer or a Guarantor, as the case may be, to the Trustee pursuant to the terms thereof, the Securities and the Guarantees. Notwithstanding the foregoing, the Substitute Issuer reserves the right to appoint another Person located or with an office in the Borough of Manhattan, The City of New York, selected in its discretion, as a successor Authorized Agent, and upon acceptance of such appointment by such a successor the appointment of the prior Authorized Agent shall terminate. The Substitute Issuer shall give notice to the Trustee and all Holders of the appointment by it of a successor Authorized Agent. If for any reason C T Corporation ceases to be able to act as the Authorized Agent or to have an address in the Borough of Manhattan, The City of New York, the Substitute Issuer will appoint a successor Authorized Agent in accordance with the preceding sentence. The Substitute Issuer further agrees to take any and all action, including the filing of any and all documents and instruments as may be necessary to continue such designation and appointment of such agent in full force and effect until the Indenture has been satisfied and discharged in accordance with Article Four or Article Twelve thereof Service of process upon the Authorized Agent addressed to it at the address set forth above, as such address may be changed within the Borough of Manhattan, The City of New York by notice given by the Authorized Agent to the Trustee, together with written notice of such service mailed or delivered to the Former Issuer, the Substitute Issuer and the Guarantors shall be deemed, in every respect, effective service of process on the Substitute Issuer.
|
| 326 |
+
|
| 327 |
+
Section 103. The Trustee.
|
| 328 |
+
|
| 329 |
+
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Former Issuer and the Substitute Issuer.
|
| 330 |
+
|
| 331 |
+
ARTICLE TWO
|
| 332 |
+
Provisions of General Application
|
| 333 |
+
|
| 334 |
+
Section 201. Effective Date.
|
| 335 |
+
|
| 336 |
+
This Supplemental Indenture takes effect when each party has executed one counterpart of this deed, whether the same or different counterparts (the “Effective Date”). As of the Effective Date, the Substitute Issuer shall be deemed to be the Issuer under the Indenture.
|
| 337 |
+
|
| 338 |
+
Section 202. Governing Law.
|
| 339 |
+
|
| 340 |
+
This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York (including, without limitation, Section 5-1401 of the New York General Obligations Law or any successor to such a statute), excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State; provided, however, that the authorization and execution of this Supplemental Indenture by and on behalf of the Substitute Issuer, shall be governed by the laws of Missouri.
|
| 341 |
+
|
| 342 |
+
This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
|
| 343 |
+
|
| 344 |
+
Section 203. Effect of Headings.
|
| 345 |
+
|
| 346 |
+
The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
|
| 347 |
+
|
| 348 |
+
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.
|
| 349 |
+
|
| 350 |
+
**AMCOR FINANCE (USA), INC.**
|
| 351 |
+
|
| 352 |
+
By: /s/ Robert Mermelstein
|
| 353 |
+
Name: Robert Mermelstein
|
| 354 |
+
Title: President
|
| 355 |
+
|
| 356 |
+
By: /s/ Sara Mattsson
|
| 357 |
+
Name: Sara Mattsson
|
| 358 |
+
Title: Vice President, Chief Financial Officer & Treasurer
|
| 359 |
+
|
| 360 |
+
**AMCOR FLEXIBLES NORTH AMERICA, INC.**
|
| 361 |
+
|
| 362 |
+
By: /s/ Robert Mermelstein
|
| 363 |
+
Name: Robert Mermelstein
|
| 364 |
+
Title: Vice President, Tax
|
| 365 |
+
|
| 366 |
+
By: /s/ Louis Fred Stephan
|
| 367 |
+
Name: Louis Fred Stephan
|
| 368 |
+
Title: President
|
| 369 |
+
|
| 370 |
+
**DEUTSCHE BANK TRUST COMPANY AMERICAS,**
|
| 371 |
+
as Trustee, Registrar and Paying Agent
|
| 372 |
+
|
| 373 |
+
By: /s/ Jeffrey Schoenfeld
|
| 374 |
+
Name: Jeffrey Schoenfeld
|
| 375 |
+
Title: Vice President
|
| 376 |
+
|
| 377 |
+
By: /s/ Kathryn Fischer
|
| 378 |
+
Name: Kathryn Fischer
|
| 379 |
+
Title: Vice President
|
| 380 |
+
|
| 381 |
+
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.
|
| 382 |
+
|
| 383 |
+
**AMCOR FINANCE (USA), INC.**
|
| 384 |
+
|
| 385 |
+
By: /s/ Robert Mermelstein
|
| 386 |
+
Name: Robert Mermelstein
|
| 387 |
+
Title: President
|
| 388 |
+
|
| 389 |
+
By: /s/ Sara Mattsson
|
| 390 |
+
Name: Sara Mattsson
|
| 391 |
+
Title: Vice President, Chief Financial Officer & Treasurer
|
| 392 |
+
|
| 393 |
+
**AMCOR FLEXIBLES NORTH AMERICA, INC.**
|
| 394 |
+
|
| 395 |
+
By: /s/ Robert Mermelstein
|
| 396 |
+
Name: Robert Mermelstein
|
| 397 |
+
Title: Vice President, Tax
|
| 398 |
+
|
| 399 |
+
By: /s/ Louis Fred Stephan
|
| 400 |
+
Name: Louis Fred Stephan
|
| 401 |
+
Title: President
|
| 402 |
+
|
| 403 |
+
**DEUTSCHE BANK TRUST COMPANY AMERICAS,**
|
| 404 |
+
as Trustee, Registrar and Paying Agent
|
| 405 |
+
|
| 406 |
+
By: /s/ Jeffrey Schoenfeld
|
| 407 |
+
Name: Jeffrey Schoenfeld
|
| 408 |
+
Title: Vice President
|
| 409 |
+
|
| 410 |
+
By: /s/ Kathryn Fischer
|
| 411 |
+
Name: Kathryn Fischer
|
| 412 |
+
Title: Vice President
|
| 413 |
+
|
| 414 |
+
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.
|
| 415 |
+
|
| 416 |
+
**AMCOR FINANCE (USA), INC.**
|
| 417 |
+
|
| 418 |
+
By: /s/ Robert Mermelstein
|
| 419 |
+
Name: Robert Mermelstein
|
| 420 |
+
Title: President
|
| 421 |
+
|
| 422 |
+
By: /s/ Sara Mattsson
|
| 423 |
+
Name: Sara Mattsson
|
| 424 |
+
Title: Vice President, Chief Financial Officer & Treasurer
|
| 425 |
+
|
| 426 |
+
**AMCOR FLEXIBLES NORTH AMERICA, INC.**
|
| 427 |
+
|
| 428 |
+
By: /s/ Robert Mermelstein
|
| 429 |
+
Name: Robert Mermelstein
|
| 430 |
+
Title: Vice President, Tax
|
| 431 |
+
|
| 432 |
+
By: /s/ Louis Fred Stephan
|
| 433 |
+
Name: Louis Fred Stephan
|
| 434 |
+
Title: President
|
| 435 |
+
|
| 436 |
+
**DEUTSCHE BANK TRUST COMPANY AMERICAS,**
|
| 437 |
+
as Trustee, Registrar and Paying Agent
|
| 438 |
+
|
| 439 |
+
By: /s/ Jeffrey Schoenfeld
|
| 440 |
+
Name: Jeffrey Schoenfeld
|
| 441 |
+
Title: Vice President
|
| 442 |
+
|
| 443 |
+
By: /s/ Kathryn Fischer
|
| 444 |
+
Name: Kathryn Fischer
|
| 445 |
+
Title: Vice President
|
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data/BLOCK_2016_10K.md
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data/FOOTLOCKER_2022_8K_dated-2022-05-20.md
ADDED
|
@@ -0,0 +1,261 @@
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|
| 1 |
+
UNITED STATES
|
| 2 |
+
SECURITIES AND EXCHANGE COMMISSION
|
| 3 |
+
WASHINGTON, D.C. 20549
|
| 4 |
+
|
| 5 |
+
FORM 8-K
|
| 6 |
+
|
| 7 |
+
CURRENT REPORT
|
| 8 |
+
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
| 9 |
+
|
| 10 |
+
Date of report (Date of earliest event reported): May 20, 2022 (May 18, 2022)
|
| 11 |
+
|
| 12 |
+
Foot Locker, Inc.
|
| 13 |
+
(Exact name of registrant as specified in charter)
|
| 14 |
+
|
| 15 |
+
New York
|
| 16 |
+
(State or other jurisdiction
|
| 17 |
+
of incorporation)
|
| 18 |
+
|
| 19 |
+
1-10299
|
| 20 |
+
(Commission
|
| 21 |
+
File Number)
|
| 22 |
+
|
| 23 |
+
13-3513936
|
| 24 |
+
(IRS Employer
|
| 25 |
+
Identification No.)
|
| 26 |
+
|
| 27 |
+
330 West 34th Street, New York, New York 10001
|
| 28 |
+
(Address of principal executive offices) (Zip Code)
|
| 29 |
+
|
| 30 |
+
Registrant's telephone number, including area code: (212) 720-3700
|
| 31 |
+
|
| 32 |
+
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
| 33 |
+
|
| 34 |
+
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
| 35 |
+
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
| 36 |
+
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
| 37 |
+
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
| 38 |
+
|
| 39 |
+
Securities registered pursuant to Section 12(b) of the Act:
|
| 40 |
+
|
| 41 |
+
<table>
|
| 42 |
+
<thead>
|
| 43 |
+
<tr>
|
| 44 |
+
<th>Title of each class</th>
|
| 45 |
+
<th>Trading Symbol(s)</th>
|
| 46 |
+
<th>Name of each exchange on which registered</th>
|
| 47 |
+
</tr>
|
| 48 |
+
</thead>
|
| 49 |
+
<tbody>
|
| 50 |
+
<tr>
|
| 51 |
+
<td>Common Stock, par value $0.01 per share</td>
|
| 52 |
+
<td>FL</td>
|
| 53 |
+
<td>New York Stock Exchange</td>
|
| 54 |
+
</tr>
|
| 55 |
+
</tbody>
|
| 56 |
+
</table>
|
| 57 |
+
|
| 58 |
+
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
| 59 |
+
|
| 60 |
+
Emerging growth company ☐
|
| 61 |
+
|
| 62 |
+
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|
| 63 |
+
|
| 64 |
+
Item 5.07. Submission of Matters to a Vote of Security Holders.
|
| 65 |
+
|
| 66 |
+
At Foot Locker, Inc.’s (the “Company”) annual meeting of shareholders held on May 18, 2022 (the “Annual Meeting”), shareholders voted on the four proposals set forth below. For more information on the proposals, please see the 2022 Proxy Statement, the relevant portions of which are incorporated herein by reference.
|
| 67 |
+
|
| 68 |
+
As of March 21, 2022, the Company’s record date for the Annual Meeting, there were a total of 96,089,997 shares of common stock, $0.01 par value per share (“Common Stock”), outstanding and entitled to vote at the Annual Meeting. At the Annual Meeting, 77,551,206 shares of Common Stock were represented in person or by proxy and, therefore, a quorum was present.
|
| 69 |
+
|
| 70 |
+
Proposal 1. With 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:
|
| 71 |
+
|
| 72 |
+
<table>
|
| 73 |
+
<thead>
|
| 74 |
+
<tr>
|
| 75 |
+
<th>Name</th>
|
| 76 |
+
<th>Votes For</th>
|
| 77 |
+
<th>Votes Against</th>
|
| 78 |
+
<th>Abstentions</th>
|
| 79 |
+
<th>Broker Non-Votes</th>
|
| 80 |
+
</tr>
|
| 81 |
+
</thead>
|
| 82 |
+
<tbody>
|
| 83 |
+
<tr>
|
| 84 |
+
<td>Virginia C. Drosos</td>
|
| 85 |
+
<td>59,657,810</td>
|
| 86 |
+
<td>294,935</td>
|
| 87 |
+
<td>10,714,238</td>
|
| 88 |
+
<td>6,884,223</td>
|
| 89 |
+
</tr>
|
| 90 |
+
<tr>
|
| 91 |
+
<td>Alan D. Feldman</td>
|
| 92 |
+
<td>54,760,830</td>
|
| 93 |
+
<td>5,184,437</td>
|
| 94 |
+
<td>10,721,716</td>
|
| 95 |
+
<td>6,884,223</td>
|
| 96 |
+
</tr>
|
| 97 |
+
<tr>
|
| 98 |
+
<td>Richard A. Johnson</td>
|
| 99 |
+
<td>54,484,293</td>
|
| 100 |
+
<td>16,105,005</td>
|
| 101 |
+
<td>77,685</td>
|
| 102 |
+
<td>6,884,223</td>
|
| 103 |
+
</tr>
|
| 104 |
+
<tr>
|
| 105 |
+
<td>Guillermo G. Marmol</td>
|
| 106 |
+
<td>54,193,921</td>
|
| 107 |
+
<td>5,753,395</td>
|
| 108 |
+
<td>10,719,667</td>
|
| 109 |
+
<td>6,884,223</td>
|
| 110 |
+
</tr>
|
| 111 |
+
<tr>
|
| 112 |
+
<td>Darlene Nicosia</td>
|
| 113 |
+
<td>55,123,930</td>
|
| 114 |
+
<td>4,827,808</td>
|
| 115 |
+
<td>10,715,245</td>
|
| 116 |
+
<td>6,884,223</td>
|
| 117 |
+
</tr>
|
| 118 |
+
<tr>
|
| 119 |
+
<td>Steven Oakland</td>
|
| 120 |
+
<td>55,421,657</td>
|
| 121 |
+
<td>4,524,393</td>
|
| 122 |
+
<td>10,720,933</td>
|
| 123 |
+
<td>6,884,223</td>
|
| 124 |
+
</tr>
|
| 125 |
+
<tr>
|
| 126 |
+
<td>Ulice Payne, Jr.</td>
|
| 127 |
+
<td>54,993,396</td>
|
| 128 |
+
<td>4,950,917</td>
|
| 129 |
+
<td>10,722,670</td>
|
| 130 |
+
<td>6,884,223</td>
|
| 131 |
+
</tr>
|
| 132 |
+
<tr>
|
| 133 |
+
<td>Kimberly Underhill</td>
|
| 134 |
+
<td>55,046,260</td>
|
| 135 |
+
<td>4,906,500</td>
|
| 136 |
+
<td>10,714,223</td>
|
| 137 |
+
<td>6,884,223</td>
|
| 138 |
+
</tr>
|
| 139 |
+
<tr>
|
| 140 |
+
<td>Tristan Walker</td>
|
| 141 |
+
<td>55,528,794</td>
|
| 142 |
+
<td>4,419,340</td>
|
| 143 |
+
<td>10,718,849</td>
|
| 144 |
+
<td>6,884,223</td>
|
| 145 |
+
</tr>
|
| 146 |
+
<tr>
|
| 147 |
+
<td>Dona D. Young</td>
|
| 148 |
+
<td>53,876,257</td>
|
| 149 |
+
<td>6,074,467</td>
|
| 150 |
+
<td>10,716,259</td>
|
| 151 |
+
<td>6,884,223</td>
|
| 152 |
+
</tr>
|
| 153 |
+
</tbody>
|
| 154 |
+
</table>
|
| 155 |
+
|
| 156 |
+
Based on the votes set forth above, each of the ten nominees to the Board was duly elected.
|
| 157 |
+
|
| 158 |
+
Proposal 2. With respect to the proposal to approve, on an advisory basis, the Company’s named executive officers’ (“NEOs”) compensation, the votes were cast for the proposal as set forth below:
|
| 159 |
+
|
| 160 |
+
<table>
|
| 161 |
+
<thead>
|
| 162 |
+
<tr>
|
| 163 |
+
<th>Votes For</th>
|
| 164 |
+
<th>Votes Against</th>
|
| 165 |
+
<th>Abstentions</th>
|
| 166 |
+
<th>Broker Non-Votes</th>
|
| 167 |
+
</tr>
|
| 168 |
+
</thead>
|
| 169 |
+
<tbody>
|
| 170 |
+
<tr>
|
| 171 |
+
<td>57,172,731</td>
|
| 172 |
+
<td>13,324,080</td>
|
| 173 |
+
<td>170,172</td>
|
| 174 |
+
<td>6,884,223</td>
|
| 175 |
+
</tr>
|
| 176 |
+
</tbody>
|
| 177 |
+
</table>
|
| 178 |
+
|
| 179 |
+
Based on the votes set forth above, the NEOs’ compensation was approved.
|
| 180 |
+
|
| 181 |
+
Proposal 3. With respect to the proposal, on an advisory basis, whether the shareholder vote to approve the NEOs’ compensation should occur every 1, 2, or 3 years, the votes were cast for the proposal as set forth below:
|
| 182 |
+
|
| 183 |
+
<table>
|
| 184 |
+
<thead>
|
| 185 |
+
<tr>
|
| 186 |
+
<th>Votes For 1 Year</th>
|
| 187 |
+
<th>Votes For 2 Years</th>
|
| 188 |
+
<th>Votes For 3 Years</th>
|
| 189 |
+
<th>Abstentions</th>
|
| 190 |
+
<th>Broker Non-Votes</th>
|
| 191 |
+
</tr>
|
| 192 |
+
</thead>
|
| 193 |
+
<tbody>
|
| 194 |
+
<tr>
|
| 195 |
+
<td>66,076,265</td>
|
| 196 |
+
<td>43,060</td>
|
| 197 |
+
<td>4,352,683</td>
|
| 198 |
+
<td>194,975</td>
|
| 199 |
+
<td>6,884,223</td>
|
| 200 |
+
</tr>
|
| 201 |
+
</tbody>
|
| 202 |
+
</table>
|
| 203 |
+
|
| 204 |
+
Based on the votes set forth above, the Company will include an annual advisory shareholder vote to approve the NEOs’ compensation in its proxy materials until the next required frequency vote, which is expected to be held at the annual meeting of shareholders to be held in 2028.
|
| 205 |
+
|
| 206 |
+
Proposal 4. With respect to the proposal to ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the 2022 fiscal year, the votes were cast for the proposal as set forth below:
|
| 207 |
+
|
| 208 |
+
<table>
|
| 209 |
+
<thead>
|
| 210 |
+
<tr>
|
| 211 |
+
<th>Votes For</th>
|
| 212 |
+
<th>Votes Against</th>
|
| 213 |
+
<th>Abstentions</th>
|
| 214 |
+
</tr>
|
| 215 |
+
</thead>
|
| 216 |
+
<tbody>
|
| 217 |
+
<tr>
|
| 218 |
+
<td>75,612,318</td>
|
| 219 |
+
<td>1,854,695</td>
|
| 220 |
+
<td>84,193</td>
|
| 221 |
+
</tr>
|
| 222 |
+
</tbody>
|
| 223 |
+
</table>
|
| 224 |
+
|
| 225 |
+
Based on the votes set forth above, the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the 2022 fiscal year was duly ratified.
|
| 226 |
+
|
| 227 |
+
**Item 8.01. Other Events.**
|
| 228 |
+
|
| 229 |
+
On May 18, 2022, in light of Matthew McKenna’s retirement, the Board designated Ms. Nicosia as the “audit committee financial expert.” In connection with this designation, the Board determined that Ms. Nicosia qualifies as an “audit committee financial expert,” as defined by the rules under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), because of her relevant experience as president of an operating unit of a large multinational corporation. She has supervised the finance and accounting professionals responsible for, and personally analyzed and evaluated, financial statements, as well as internal controls over financial reporting. She is also familiar with audit committee functions through her service on the Company’s Audit Committee. The Board also believes that there are other directors who would also qualify for this designation.
|
| 230 |
+
|
| 231 |
+
**Item 9.01. Financial Statements and Exhibits.**
|
| 232 |
+
|
| 233 |
+
(d) **Exhibits.**
|
| 234 |
+
|
| 235 |
+
<table>
|
| 236 |
+
<thead>
|
| 237 |
+
<tr>
|
| 238 |
+
<th>Exhibit No.</th>
|
| 239 |
+
<th>Description</th>
|
| 240 |
+
</tr>
|
| 241 |
+
</thead>
|
| 242 |
+
<tbody>
|
| 243 |
+
<tr>
|
| 244 |
+
<td>104</td>
|
| 245 |
+
<td>Cover Page Interactive Data File (embedded within the Inline XBRL document).</td>
|
| 246 |
+
</tr>
|
| 247 |
+
</tbody>
|
| 248 |
+
</table>
|
| 249 |
+
|
| 250 |
+
SIGNATURE
|
| 251 |
+
|
| 252 |
+
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| 253 |
+
|
| 254 |
+
Date: May 20, 2022
|
| 255 |
+
|
| 256 |
+
FOOT LOCKER, INC.
|
| 257 |
+
|
| 258 |
+
By: /s/ Sheilagh M. Clarke
|
| 259 |
+
Name: Sheilagh M. Clarke
|
| 260 |
+
Title: Executive Vice President,
|
| 261 |
+
General Counsel and Secretary
|
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data/JOHNSON_JOHNSON_2023_8K_dated-2023-08-30.md
ADDED
|
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|
| 1 |
+
UNITED STATES
|
| 2 |
+
SECURITIES AND EXCHANGE COMMISSION
|
| 3 |
+
WASHINGTON, DC 20549
|
| 4 |
+
|
| 5 |
+
# FORM 8-K
|
| 6 |
+
|
| 7 |
+
## CURRENT REPORT
|
| 8 |
+
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
|
| 9 |
+
|
| 10 |
+
Date of report (Date of earliest event reported):
|
| 11 |
+
August 30, 2023
|
| 12 |
+
|
| 13 |
+
**Johnson & Johnson**
|
| 14 |
+
(Exact name of registrant as specified in its charter)
|
| 15 |
+
|
| 16 |
+
New Jersey
|
| 17 |
+
(State or Other Jurisdiction of Incorporation)
|
| 18 |
+
|
| 19 |
+
1-3215
|
| 20 |
+
(Commission File Number)
|
| 21 |
+
|
| 22 |
+
22-1024240
|
| 23 |
+
(IRS Employer Identification No.)
|
| 24 |
+
|
| 25 |
+
One Johnson & Johnson Plaza, New Brunswick, New Jersey 08933
|
| 26 |
+
(Address of Principal Executive Offices)
|
| 27 |
+
|
| 28 |
+
(Zip Code)
|
| 29 |
+
|
| 30 |
+
Registrant's telephone number, including area code:
|
| 31 |
+
732-524-0400
|
| 32 |
+
|
| 33 |
+
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
| 34 |
+
|
| 35 |
+
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
| 36 |
+
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
| 37 |
+
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
| 38 |
+
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
| 39 |
+
|
| 40 |
+
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
| 41 |
+
Emerging growth company ☐
|
| 42 |
+
|
| 43 |
+
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|
| 44 |
+
|
| 45 |
+
Securities registered pursuant to Section 12(b) of the Act:
|
| 46 |
+
|
| 47 |
+
<table>
|
| 48 |
+
<thead>
|
| 49 |
+
<tr>
|
| 50 |
+
<th>Title of each class</th>
|
| 51 |
+
<th>Trading Symbol(s)</th>
|
| 52 |
+
<th>Name of each exchange on which registered</th>
|
| 53 |
+
</tr>
|
| 54 |
+
</thead>
|
| 55 |
+
<tbody>
|
| 56 |
+
<tr>
|
| 57 |
+
<td>Common Stock, Par Value $1.00</td>
|
| 58 |
+
<td>JNJ</td>
|
| 59 |
+
<td>New York Stock Exchange</td>
|
| 60 |
+
</tr>
|
| 61 |
+
<tr>
|
| 62 |
+
<td>0.650% Notes Due May 2024</td>
|
| 63 |
+
<td>JNJ24C</td>
|
| 64 |
+
<td>New York Stock Exchange</td>
|
| 65 |
+
</tr>
|
| 66 |
+
<tr>
|
| 67 |
+
<td>5.50% Notes Due November 2024</td>
|
| 68 |
+
<td>JNJ24BP</td>
|
| 69 |
+
<td>New York Stock Exchange</td>
|
| 70 |
+
</tr>
|
| 71 |
+
<tr>
|
| 72 |
+
<td>1.150% Notes Due November 2028</td>
|
| 73 |
+
<td>JNJ28</td>
|
| 74 |
+
<td>New York Stock Exchange</td>
|
| 75 |
+
</tr>
|
| 76 |
+
<tr>
|
| 77 |
+
<td>1.650% Notes Due May 2035</td>
|
| 78 |
+
<td>JNJ35</td>
|
| 79 |
+
<td>New York Stock Exchange</td>
|
| 80 |
+
</tr>
|
| 81 |
+
</tbody>
|
| 82 |
+
</table>
|
| 83 |
+
|
| 84 |
+
**Item 2.02 Results of Operations and Financial Condition**
|
| 85 |
+
|
| 86 |
+
Johnson & Johnson completed an exchange offer to finalize the separation of Kenvue Inc. (the "Kenvue Separation"). On August 30, 2023, Johnson & Johnson issued the attached press release (Exhibit 99.1) providing updated financials and 2023 guidance following completion of the Kenvue Separation.
|
| 87 |
+
|
| 88 |
+
**Item 9.01 Financial Statements and Exhibits**
|
| 89 |
+
|
| 90 |
+
(d) Exhibits.
|
| 91 |
+
|
| 92 |
+
<table>
|
| 93 |
+
<thead>
|
| 94 |
+
<tr>
|
| 95 |
+
<th>Exhibit No.</th>
|
| 96 |
+
<th>Description of Exhibit</th>
|
| 97 |
+
</tr>
|
| 98 |
+
</thead>
|
| 99 |
+
<tbody>
|
| 100 |
+
<tr>
|
| 101 |
+
<td><a href="https://www.sec.gov/Archives/edgar/data/0000037133/000119312523165515/d405212dex991.htm">99.1</a></td>
|
| 102 |
+
<td>Press Release dated August 30, 2023</td>
|
| 103 |
+
</tr>
|
| 104 |
+
<tr>
|
| 105 |
+
<td><a href="https://www.sec.gov/Archives/edgar/data/0000037133/000119312523165515/d405212dex992.htm">99.2</a></td>
|
| 106 |
+
<td>Updated Financial Data</td>
|
| 107 |
+
</tr>
|
| 108 |
+
<tr>
|
| 109 |
+
<td>104</td>
|
| 110 |
+
<td>The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.</td>
|
| 111 |
+
</tr>
|
| 112 |
+
</tbody>
|
| 113 |
+
</table>
|
| 114 |
+
|
| 115 |
+
SIGNATURES
|
| 116 |
+
|
| 117 |
+
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| 118 |
+
|
| 119 |
+
Johnson & Johnson
|
| 120 |
+
(Registrant)
|
| 121 |
+
|
| 122 |
+
Date: August 30, 2023
|
| 123 |
+
By: /s/ Robert J. Decker, Jr.
|
| 124 |
+
Robert J. Decker, Jr.
|
| 125 |
+
Controller
|
| 126 |
+
(Principal Accounting Officer)
|
| 127 |
+
|
| 128 |
+
Unless otherwise noted, the financial results and earnings guidance included below have been recast to reflect the continuing operations of Johnson & Johnson.
|
| 129 |
+
|
| 130 |
+
**FINANCIAL RESULTS:**
|
| 131 |
+
|
| 132 |
+
<table>
|
| 133 |
+
<thead>
|
| 134 |
+
<tr>
|
| 135 |
+
<th rowspan="2">($ in Millions, except EPS)</th>
|
| 136 |
+
<th colspan="3">SIX MONTHS</th>
|
| 137 |
+
</tr>
|
| 138 |
+
<tr>
|
| 139 |
+
<th>2023</th>
|
| 140 |
+
<th>2022</th>
|
| 141 |
+
<th>% Change</th>
|
| 142 |
+
</tr>
|
| 143 |
+
</thead>
|
| 144 |
+
<tbody>
|
| 145 |
+
<tr>
|
| 146 |
+
<td>Reported Sales</td>
|
| 147 |
+
<td>$42,413</td>
|
| 148 |
+
<td>$40,055</td>
|
| 149 |
+
<td>5.9%</td>
|
| 150 |
+
</tr>
|
| 151 |
+
<tr>
|
| 152 |
+
<td>Net Earnings</td>
|
| 153 |
+
<td>$4,885</td>
|
| 154 |
+
<td>$8,833</td>
|
| 155 |
+
<td>(44.7)%</td>
|
| 156 |
+
</tr>
|
| 157 |
+
<tr>
|
| 158 |
+
<td>EPS (diluted)</td>
|
| 159 |
+
<td>$1.86</td>
|
| 160 |
+
<td>$3.31</td>
|
| 161 |
+
<td>(43.8)%</td>
|
| 162 |
+
</tr>
|
| 163 |
+
</tbody>
|
| 164 |
+
</table>
|
| 165 |
+
|
| 166 |
+
<table>
|
| 167 |
+
<thead>
|
| 168 |
+
<tr>
|
| 169 |
+
<th rowspan="2">Non-GAAP* ($ in Millions, except EPS)</th>
|
| 170 |
+
<th colspan="3">SIX MONTHS</th>
|
| 171 |
+
</tr>
|
| 172 |
+
<tr>
|
| 173 |
+
<th>2023</th>
|
| 174 |
+
<th>2022</th>
|
| 175 |
+
<th>% Change</th>
|
| 176 |
+
</tr>
|
| 177 |
+
</thead>
|
| 178 |
+
<tbody>
|
| 179 |
+
<tr>
|
| 180 |
+
<td>Operational Sales<sup>1,2</sup></td>
|
| 181 |
+
<td></td>
|
| 182 |
+
<td></td>
|
| 183 |
+
<td>8.0%</td>
|
| 184 |
+
</tr>
|
| 185 |
+
<tr>
|
| 186 |
+
<td>Adjusted Operational Sales<sup>1,3</sup></td>
|
| 187 |
+
<td></td>
|
| 188 |
+
<td></td>
|
| 189 |
+
<td>6.4%</td>
|
| 190 |
+
</tr>
|
| 191 |
+
<tr>
|
| 192 |
+
<td>Adjusted Net Earnings<sup>1,4</sup></td>
|
| 193 |
+
<td>$13,070</td>
|
| 194 |
+
<td>$12,426</td>
|
| 195 |
+
<td>5.2%</td>
|
| 196 |
+
</tr>
|
| 197 |
+
<tr>
|
| 198 |
+
<td>Adjusted EPS (diluted)<sup>1,4</sup></td>
|
| 199 |
+
<td>$4.97</td>
|
| 200 |
+
<td>$4.66</td>
|
| 201 |
+
<td>6.7%</td>
|
| 202 |
+
</tr>
|
| 203 |
+
</tbody>
|
| 204 |
+
</table>
|
| 205 |
+
|
| 206 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 207 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 208 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 209 |
+
<sup>4</sup> Excludes intangible amortization expense and special items
|
| 210 |
+
Note: values may have been rounded
|
| 211 |
+
|
| 212 |
+
**REGIONAL SALES RESULTS:**
|
| 213 |
+
|
| 214 |
+
<table>
|
| 215 |
+
<thead>
|
| 216 |
+
<tr>
|
| 217 |
+
<th rowspan="2">($ in Millions)</th>
|
| 218 |
+
<th colspan="4">% Change</th>
|
| 219 |
+
</tr>
|
| 220 |
+
<tr>
|
| 221 |
+
<th>2023</th>
|
| 222 |
+
<th>2022</th>
|
| 223 |
+
<th>Reported</th>
|
| 224 |
+
<th>Operational<sup>1,2</sup></th>
|
| 225 |
+
<th>Currency</th>
|
| 226 |
+
<th>Adjusted Operational<sup>1,3</sup></th>
|
| 227 |
+
</tr>
|
| 228 |
+
</thead>
|
| 229 |
+
<tbody>
|
| 230 |
+
<tr>
|
| 231 |
+
<td>U.S.</td>
|
| 232 |
+
<td>$22,439</td>
|
| 233 |
+
<td>$20,367</td>
|
| 234 |
+
<td>10.2%</td>
|
| 235 |
+
<td>10.2</td>
|
| 236 |
+
<td>-</td>
|
| 237 |
+
<td>7.6</td>
|
| 238 |
+
</tr>
|
| 239 |
+
<tr>
|
| 240 |
+
<td>International</td>
|
| 241 |
+
<td>19,974</td>
|
| 242 |
+
<td>19,688</td>
|
| 243 |
+
<td>1.5</td>
|
| 244 |
+
<td>5.8</td>
|
| 245 |
+
<td>(4.3)</td>
|
| 246 |
+
<td>5.4</td>
|
| 247 |
+
</tr>
|
| 248 |
+
<tr>
|
| 249 |
+
<td>Worldwide</td>
|
| 250 |
+
<td>$42,413</td>
|
| 251 |
+
<td>$40,055</td>
|
| 252 |
+
<td>5.9%</td>
|
| 253 |
+
<td>8.0</td>
|
| 254 |
+
<td>(2.1)</td>
|
| 255 |
+
<td>6.4</td>
|
| 256 |
+
</tr>
|
| 257 |
+
</tbody>
|
| 258 |
+
</table>
|
| 259 |
+
|
| 260 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 261 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 262 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 263 |
+
Note: values may have been rounded
|
| 264 |
+
|
| 265 |
+
**SEGMENT SALES RESULTS:**
|
| 266 |
+
|
| 267 |
+
<table>
|
| 268 |
+
<thead>
|
| 269 |
+
<tr>
|
| 270 |
+
<th rowspan="2">($ in Millions)</th>
|
| 271 |
+
<th colspan="4">% Change</th>
|
| 272 |
+
</tr>
|
| 273 |
+
<tr>
|
| 274 |
+
<th>2023</th>
|
| 275 |
+
<th>2022</th>
|
| 276 |
+
<th>Reported</th>
|
| 277 |
+
<th>Operational<sup>1,2</sup></th>
|
| 278 |
+
<th>Currency</th>
|
| 279 |
+
<th>Adjusted Operational<sup>1,3</sup></th>
|
| 280 |
+
</tr>
|
| 281 |
+
</thead>
|
| 282 |
+
<tbody>
|
| 283 |
+
<tr>
|
| 284 |
+
<td>Pharmaceutical</td>
|
| 285 |
+
<td>27,144</td>
|
| 286 |
+
<td>26,186</td>
|
| 287 |
+
<td>3.7</td>
|
| 288 |
+
<td>5.5</td>
|
| 289 |
+
<td>(1.8)</td>
|
| 290 |
+
<td>5.6</td>
|
| 291 |
+
</tr>
|
| 292 |
+
<tr>
|
| 293 |
+
<td>MedTech</td>
|
| 294 |
+
<td>15,269</td>
|
| 295 |
+
<td>13,869</td>
|
| 296 |
+
<td>10.1</td>
|
| 297 |
+
<td>12.8</td>
|
| 298 |
+
<td>(2.7)</td>
|
| 299 |
+
<td>8.1</td>
|
| 300 |
+
</tr>
|
| 301 |
+
<tr>
|
| 302 |
+
<td>Worldwide</td>
|
| 303 |
+
<td>$42,413</td>
|
| 304 |
+
<td>$40,055</td>
|
| 305 |
+
<td>5.9%</td>
|
| 306 |
+
<td>8.0</td>
|
| 307 |
+
<td>(2.1)</td>
|
| 308 |
+
<td>6.4</td>
|
| 309 |
+
</tr>
|
| 310 |
+
</tbody>
|
| 311 |
+
</table>
|
| 312 |
+
|
| 313 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 314 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 315 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 316 |
+
Note: Values may have been rounded
|
| 317 |
+
|
| 318 |
+
Unless otherwise noted, the financial results and earnings guidance included below have been recast to reflect the continuing operations of Johnson & Johnson.
|
| 319 |
+
|
| 320 |
+
**FINANCIAL RESULTS:**
|
| 321 |
+
|
| 322 |
+
<table>
|
| 323 |
+
<thead>
|
| 324 |
+
<tr>
|
| 325 |
+
<th rowspan="2">($ in Millions, except EPS)</th>
|
| 326 |
+
<th colspan="3">SIX MONTHS</th>
|
| 327 |
+
</tr>
|
| 328 |
+
<tr>
|
| 329 |
+
<th>2023</th>
|
| 330 |
+
<th>2022</th>
|
| 331 |
+
<th>% Change</th>
|
| 332 |
+
</tr>
|
| 333 |
+
</thead>
|
| 334 |
+
<tbody>
|
| 335 |
+
<tr>
|
| 336 |
+
<td>Reported Sales</td>
|
| 337 |
+
<td>$42,413</td>
|
| 338 |
+
<td>$40,055</td>
|
| 339 |
+
<td>5.9%</td>
|
| 340 |
+
</tr>
|
| 341 |
+
<tr>
|
| 342 |
+
<td>Net Earnings</td>
|
| 343 |
+
<td>$4,885</td>
|
| 344 |
+
<td>$8,833</td>
|
| 345 |
+
<td>(44.7)%</td>
|
| 346 |
+
</tr>
|
| 347 |
+
<tr>
|
| 348 |
+
<td>EPS (diluted)</td>
|
| 349 |
+
<td>$1.86</td>
|
| 350 |
+
<td>$3.31</td>
|
| 351 |
+
<td>(43.8)%</td>
|
| 352 |
+
</tr>
|
| 353 |
+
</tbody>
|
| 354 |
+
</table>
|
| 355 |
+
|
| 356 |
+
<table>
|
| 357 |
+
<thead>
|
| 358 |
+
<tr>
|
| 359 |
+
<th rowspan="2">Non-GAAP* ($ in Millions, except EPS)</th>
|
| 360 |
+
<th colspan="3">SIX MONTHS</th>
|
| 361 |
+
</tr>
|
| 362 |
+
<tr>
|
| 363 |
+
<th>2023</th>
|
| 364 |
+
<th>2022</th>
|
| 365 |
+
<th>% Change</th>
|
| 366 |
+
</tr>
|
| 367 |
+
</thead>
|
| 368 |
+
<tbody>
|
| 369 |
+
<tr>
|
| 370 |
+
<td>Operational Sales<sup>1,2</sup></td>
|
| 371 |
+
<td></td>
|
| 372 |
+
<td></td>
|
| 373 |
+
<td>8.0%</td>
|
| 374 |
+
</tr>
|
| 375 |
+
<tr>
|
| 376 |
+
<td>Adjusted Operational Sales<sup>1,3</sup></td>
|
| 377 |
+
<td></td>
|
| 378 |
+
<td></td>
|
| 379 |
+
<td>6.4%</td>
|
| 380 |
+
</tr>
|
| 381 |
+
<tr>
|
| 382 |
+
<td>Adjusted Net Earnings<sup>1,4</sup></td>
|
| 383 |
+
<td>$13,070</td>
|
| 384 |
+
<td>$12,426</td>
|
| 385 |
+
<td>5.2%</td>
|
| 386 |
+
</tr>
|
| 387 |
+
<tr>
|
| 388 |
+
<td>Adjusted EPS (diluted)<sup>1,4</sup></td>
|
| 389 |
+
<td>$4.97</td>
|
| 390 |
+
<td>$4.66</td>
|
| 391 |
+
<td>6.7%</td>
|
| 392 |
+
</tr>
|
| 393 |
+
</tbody>
|
| 394 |
+
</table>
|
| 395 |
+
|
| 396 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 397 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 398 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 399 |
+
<sup>4</sup> Excludes intangible amortization expense and special items
|
| 400 |
+
Note: values may have been rounded
|
| 401 |
+
|
| 402 |
+
**REGIONAL SALES RESULTS:**
|
| 403 |
+
|
| 404 |
+
<table>
|
| 405 |
+
<thead>
|
| 406 |
+
<tr>
|
| 407 |
+
<th rowspan="2">($ in Millions)</th>
|
| 408 |
+
<th colspan="4">% Change</th>
|
| 409 |
+
</tr>
|
| 410 |
+
<tr>
|
| 411 |
+
<th>2023</th>
|
| 412 |
+
<th>2022</th>
|
| 413 |
+
<th>Reported</th>
|
| 414 |
+
<th>Operational<sup>1,2</sup></th>
|
| 415 |
+
<th>Currency</th>
|
| 416 |
+
<th>Adjusted Operational<sup>1,3</sup></th>
|
| 417 |
+
</tr>
|
| 418 |
+
</thead>
|
| 419 |
+
<tbody>
|
| 420 |
+
<tr>
|
| 421 |
+
<td>U.S.</td>
|
| 422 |
+
<td>$22,439</td>
|
| 423 |
+
<td>$20,367</td>
|
| 424 |
+
<td>10.2%</td>
|
| 425 |
+
<td>10.2</td>
|
| 426 |
+
<td>-</td>
|
| 427 |
+
<td>7.6</td>
|
| 428 |
+
</tr>
|
| 429 |
+
<tr>
|
| 430 |
+
<td>International</td>
|
| 431 |
+
<td>19,974</td>
|
| 432 |
+
<td>19,688</td>
|
| 433 |
+
<td>1.5</td>
|
| 434 |
+
<td>5.8</td>
|
| 435 |
+
<td>(4.3)</td>
|
| 436 |
+
<td>5.4</td>
|
| 437 |
+
</tr>
|
| 438 |
+
<tr>
|
| 439 |
+
<td>Worldwide</td>
|
| 440 |
+
<td>$42,413</td>
|
| 441 |
+
<td>$40,055</td>
|
| 442 |
+
<td>5.9%</td>
|
| 443 |
+
<td>8.0</td>
|
| 444 |
+
<td>(2.1)</td>
|
| 445 |
+
<td>6.4</td>
|
| 446 |
+
</tr>
|
| 447 |
+
</tbody>
|
| 448 |
+
</table>
|
| 449 |
+
|
| 450 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 451 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 452 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 453 |
+
Note: values may have been rounded
|
| 454 |
+
|
| 455 |
+
**SEGMENT SALES RESULTS:**
|
| 456 |
+
|
| 457 |
+
<table>
|
| 458 |
+
<thead>
|
| 459 |
+
<tr>
|
| 460 |
+
<th rowspan="2">($ in Millions)</th>
|
| 461 |
+
<th colspan="4">% Change</th>
|
| 462 |
+
</tr>
|
| 463 |
+
<tr>
|
| 464 |
+
<th>2023</th>
|
| 465 |
+
<th>2022</th>
|
| 466 |
+
<th>Reported</th>
|
| 467 |
+
<th>Operational<sup>1,2</sup></th>
|
| 468 |
+
<th>Currency</th>
|
| 469 |
+
<th>Adjusted Operational<sup>1,3</sup></th>
|
| 470 |
+
</tr>
|
| 471 |
+
</thead>
|
| 472 |
+
<tbody>
|
| 473 |
+
<tr>
|
| 474 |
+
<td>Pharmaceutical</td>
|
| 475 |
+
<td>27,144</td>
|
| 476 |
+
<td>26,186</td>
|
| 477 |
+
<td>3.7</td>
|
| 478 |
+
<td>5.5</td>
|
| 479 |
+
<td>(1.8)</td>
|
| 480 |
+
<td>5.6</td>
|
| 481 |
+
</tr>
|
| 482 |
+
<tr>
|
| 483 |
+
<td>MedTech</td>
|
| 484 |
+
<td>15,269</td>
|
| 485 |
+
<td>13,869</td>
|
| 486 |
+
<td>10.1</td>
|
| 487 |
+
<td>12.8</td>
|
| 488 |
+
<td>(2.7)</td>
|
| 489 |
+
<td>8.1</td>
|
| 490 |
+
</tr>
|
| 491 |
+
<tr>
|
| 492 |
+
<td>Worldwide</td>
|
| 493 |
+
<td>$42,413</td>
|
| 494 |
+
<td>$40,055</td>
|
| 495 |
+
<td>5.9%</td>
|
| 496 |
+
<td>8.0</td>
|
| 497 |
+
<td>(2.1)</td>
|
| 498 |
+
<td>6.4</td>
|
| 499 |
+
</tr>
|
| 500 |
+
</tbody>
|
| 501 |
+
</table>
|
| 502 |
+
|
| 503 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 504 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 505 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 506 |
+
Note: Values may have been rounded
|
| 507 |
+
|
| 508 |
+
Unless otherwise noted, the financial results and earnings guidance included below have been recast to reflect the continuing operations of Johnson & Johnson.
|
| 509 |
+
|
| 510 |
+
**FINANCIAL RESULTS:**
|
| 511 |
+
|
| 512 |
+
<table>
|
| 513 |
+
<thead>
|
| 514 |
+
<tr>
|
| 515 |
+
<th rowspan="2">($ in Millions, except EPS)</th>
|
| 516 |
+
<th colspan="3">SIX MONTHS</th>
|
| 517 |
+
</tr>
|
| 518 |
+
<tr>
|
| 519 |
+
<th>2023</th>
|
| 520 |
+
<th>2022</th>
|
| 521 |
+
<th>% Change</th>
|
| 522 |
+
</tr>
|
| 523 |
+
</thead>
|
| 524 |
+
<tbody>
|
| 525 |
+
<tr>
|
| 526 |
+
<td>Reported Sales</td>
|
| 527 |
+
<td>$42,413</td>
|
| 528 |
+
<td>$40,055</td>
|
| 529 |
+
<td>5.9%</td>
|
| 530 |
+
</tr>
|
| 531 |
+
<tr>
|
| 532 |
+
<td>Net Earnings</td>
|
| 533 |
+
<td>$4,885</td>
|
| 534 |
+
<td>$8,833</td>
|
| 535 |
+
<td>(44.7)%</td>
|
| 536 |
+
</tr>
|
| 537 |
+
<tr>
|
| 538 |
+
<td>EPS (diluted)</td>
|
| 539 |
+
<td>$1.86</td>
|
| 540 |
+
<td>$3.31</td>
|
| 541 |
+
<td>(43.8)%</td>
|
| 542 |
+
</tr>
|
| 543 |
+
</tbody>
|
| 544 |
+
</table>
|
| 545 |
+
|
| 546 |
+
<table>
|
| 547 |
+
<thead>
|
| 548 |
+
<tr>
|
| 549 |
+
<th rowspan="2">Non-GAAP* ($ in Millions, except EPS)</th>
|
| 550 |
+
<th colspan="3">SIX MONTHS</th>
|
| 551 |
+
</tr>
|
| 552 |
+
<tr>
|
| 553 |
+
<th>2023</th>
|
| 554 |
+
<th>2022</th>
|
| 555 |
+
<th>% Change</th>
|
| 556 |
+
</tr>
|
| 557 |
+
</thead>
|
| 558 |
+
<tbody>
|
| 559 |
+
<tr>
|
| 560 |
+
<td>Operational Sales<sup>1,2</sup></td>
|
| 561 |
+
<td></td>
|
| 562 |
+
<td></td>
|
| 563 |
+
<td>8.0%</td>
|
| 564 |
+
</tr>
|
| 565 |
+
<tr>
|
| 566 |
+
<td>Adjusted Operational Sales<sup>1,3</sup></td>
|
| 567 |
+
<td></td>
|
| 568 |
+
<td></td>
|
| 569 |
+
<td>6.4%</td>
|
| 570 |
+
</tr>
|
| 571 |
+
<tr>
|
| 572 |
+
<td>Adjusted Net Earnings<sup>1,4</sup></td>
|
| 573 |
+
<td>$13,070</td>
|
| 574 |
+
<td>$12,426</td>
|
| 575 |
+
<td>5.2%</td>
|
| 576 |
+
</tr>
|
| 577 |
+
<tr>
|
| 578 |
+
<td>Adjusted EPS (diluted)<sup>1,4</sup></td>
|
| 579 |
+
<td>$4.97</td>
|
| 580 |
+
<td>$4.66</td>
|
| 581 |
+
<td>6.7%</td>
|
| 582 |
+
</tr>
|
| 583 |
+
</tbody>
|
| 584 |
+
</table>
|
| 585 |
+
|
| 586 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 587 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 588 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 589 |
+
<sup>4</sup> Excludes intangible amortization expense and special items
|
| 590 |
+
Note: values may have been rounded
|
| 591 |
+
|
| 592 |
+
**REGIONAL SALES RESULTS:**
|
| 593 |
+
|
| 594 |
+
<table>
|
| 595 |
+
<thead>
|
| 596 |
+
<tr>
|
| 597 |
+
<th rowspan="2">($ in Millions)</th>
|
| 598 |
+
<th colspan="4">% Change</th>
|
| 599 |
+
</tr>
|
| 600 |
+
<tr>
|
| 601 |
+
<th>2023</th>
|
| 602 |
+
<th>2022</th>
|
| 603 |
+
<th>Reported</th>
|
| 604 |
+
<th>Operational<sup>1,2</sup></th>
|
| 605 |
+
<th>Currency</th>
|
| 606 |
+
<th>Adjusted Operational<sup>1,3</sup></th>
|
| 607 |
+
</tr>
|
| 608 |
+
</thead>
|
| 609 |
+
<tbody>
|
| 610 |
+
<tr>
|
| 611 |
+
<td>U.S.</td>
|
| 612 |
+
<td>$22,439</td>
|
| 613 |
+
<td>$20,367</td>
|
| 614 |
+
<td>10.2%</td>
|
| 615 |
+
<td>10.2</td>
|
| 616 |
+
<td>-</td>
|
| 617 |
+
<td>7.6</td>
|
| 618 |
+
</tr>
|
| 619 |
+
<tr>
|
| 620 |
+
<td>International</td>
|
| 621 |
+
<td>19,974</td>
|
| 622 |
+
<td>19,688</td>
|
| 623 |
+
<td>1.5</td>
|
| 624 |
+
<td>5.8</td>
|
| 625 |
+
<td>(4.3)</td>
|
| 626 |
+
<td>5.4</td>
|
| 627 |
+
</tr>
|
| 628 |
+
<tr>
|
| 629 |
+
<td>Worldwide</td>
|
| 630 |
+
<td>$42,413</td>
|
| 631 |
+
<td>$40,055</td>
|
| 632 |
+
<td>5.9%</td>
|
| 633 |
+
<td>8.0</td>
|
| 634 |
+
<td>(2.1)</td>
|
| 635 |
+
<td>6.4</td>
|
| 636 |
+
</tr>
|
| 637 |
+
</tbody>
|
| 638 |
+
</table>
|
| 639 |
+
|
| 640 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 641 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 642 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 643 |
+
Note: values may have been rounded
|
| 644 |
+
|
| 645 |
+
**SEGMENT SALES RESULTS:**
|
| 646 |
+
|
| 647 |
+
<table>
|
| 648 |
+
<thead>
|
| 649 |
+
<tr>
|
| 650 |
+
<th rowspan="2">($ in Millions)</th>
|
| 651 |
+
<th colspan="4">% Change</th>
|
| 652 |
+
</tr>
|
| 653 |
+
<tr>
|
| 654 |
+
<th>2023</th>
|
| 655 |
+
<th>2022</th>
|
| 656 |
+
<th>Reported</th>
|
| 657 |
+
<th>Operational<sup>1,2</sup></th>
|
| 658 |
+
<th>Currency</th>
|
| 659 |
+
<th>Adjusted Operational<sup>1,3</sup></th>
|
| 660 |
+
</tr>
|
| 661 |
+
</thead>
|
| 662 |
+
<tbody>
|
| 663 |
+
<tr>
|
| 664 |
+
<td>Pharmaceutical</td>
|
| 665 |
+
<td>27,144</td>
|
| 666 |
+
<td>26,186</td>
|
| 667 |
+
<td>3.7</td>
|
| 668 |
+
<td>5.5</td>
|
| 669 |
+
<td>(1.8)</td>
|
| 670 |
+
<td>5.6</td>
|
| 671 |
+
</tr>
|
| 672 |
+
<tr>
|
| 673 |
+
<td>MedTech</td>
|
| 674 |
+
<td>15,269</td>
|
| 675 |
+
<td>13,869</td>
|
| 676 |
+
<td>10.1</td>
|
| 677 |
+
<td>12.8</td>
|
| 678 |
+
<td>(2.7)</td>
|
| 679 |
+
<td>8.1</td>
|
| 680 |
+
</tr>
|
| 681 |
+
<tr>
|
| 682 |
+
<td>Worldwide</td>
|
| 683 |
+
<td>$42,413</td>
|
| 684 |
+
<td>$40,055</td>
|
| 685 |
+
<td>5.9%</td>
|
| 686 |
+
<td>8.0</td>
|
| 687 |
+
<td>(2.1)</td>
|
| 688 |
+
<td>6.4</td>
|
| 689 |
+
</tr>
|
| 690 |
+
</tbody>
|
| 691 |
+
</table>
|
| 692 |
+
|
| 693 |
+
<sup>1</sup> Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
| 694 |
+
<sup>2</sup> Excludes the impact of translational currency
|
| 695 |
+
<sup>3</sup> Excludes the net impact of acquisitions and divestitures and translational currency
|
| 696 |
+
Note: Values may have been rounded
|
| 697 |
+
|
| 698 |
+
**UPDATED FULL-YEAR 2023 GUIDANCE:**
|
| 699 |
+
|
| 700 |
+
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
|
| 701 |
+
|
| 702 |
+
<table>
|
| 703 |
+
<thead>
|
| 704 |
+
<tr>
|
| 705 |
+
<th>($ in Billions, except EPS; Shares in Millions)</th>
|
| 706 |
+
<th>August 2023 (excl. Consumer Health)</th>
|
| 707 |
+
<th>July 2023 (incl. Consumer Health)<sup>6</sup></th>
|
| 708 |
+
</tr>
|
| 709 |
+
</thead>
|
| 710 |
+
<tbody>
|
| 711 |
+
<tr>
|
| 712 |
+
<td>Adjusted Operational Sales<sup>1,2,5</sup><br>Change vs. Prior Year / Mid-point</td>
|
| 713 |
+
<td>6.2% – 7.2% / 6.7%</td>
|
| 714 |
+
<td>6.0% – 7.0% / 6.5%</td>
|
| 715 |
+
</tr>
|
| 716 |
+
<tr>
|
| 717 |
+
<td>Operational Sales<sup>2,5</sup> / Mid-point<br>Change vs. Prior Year / Mid-point</td>
|
| 718 |
+
<td>$83.6B – $84.4B / $84.0B<br>7.5% – 8.5% / 8.0%</td>
|
| 719 |
+
<td>$99.3B – $100.3B / $99.8B<br>7.0% – 8.0% / 7.5%</td>
|
| 720 |
+
</tr>
|
| 721 |
+
<tr>
|
| 722 |
+
<td>Reported Sales<sup>3,5</sup> / Mid-point<br>Change vs. Prior Year / Mid-point</td>
|
| 723 |
+
<td>$83.2B – $84.0B / $83.6B<br>7.0% – 8.0% / 7.5%</td>
|
| 724 |
+
<td>$98.8B – $99.8B / $99.3B<br>6.5% – 7.5% / 7.0%</td>
|
| 725 |
+
</tr>
|
| 726 |
+
<tr>
|
| 727 |
+
<td>Adjusted Operational EPS (Diluted)<sup>2,4</sup> / Mid-point<br>Change vs. Prior Year / Mid-point</td>
|
| 728 |
+
<td>$9.90 – $10.00 / $9.95<br>11.0% – 12.0% / 11.5%</td>
|
| 729 |
+
<td>$10.60 – $10.70 / $10.65<br>4.5% – 5.5% / 5.0%</td>
|
| 730 |
+
</tr>
|
| 731 |
+
<tr>
|
| 732 |
+
<td>Adjusted EPS (Diluted)<sup>3,4</sup> / Mid-point<br>Change vs. Prior Year / Mid-point</td>
|
| 733 |
+
<td>$10.00 – $10.10 / $10.05<br>12.0% – 13.0% / 12.5%</td>
|
| 734 |
+
<td>$10.70 – $10.80 / $10.75<br>5.5% – 6.5% / 6.0%</td>
|
| 735 |
+
</tr>
|
| 736 |
+
<tr>
|
| 737 |
+
<td>Average Shares Outstanding (Diluted)</td>
|
| 738 |
+
<td>~2,557.2<sup>8</sup></td>
|
| 739 |
+
<td>2,630.7<sup>7</sup></td>
|
| 740 |
+
</tr>
|
| 741 |
+
</tbody>
|
| 742 |
+
</table>
|
| 743 |
+
|
| 744 |
+
<sup>1</sup>Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
|
| 745 |
+
<sup>2</sup>Non-GAAP financial measure; excludes the impact of translational currency
|
| 746 |
+
<sup>3</sup>Calculated using Euro Average Rate: July 2023 = $1.09 (Illustrative purposes only)
|
| 747 |
+
<sup>4</sup>Non-GAAP financial measure; excludes intangible amortization expense and special items
|
| 748 |
+
<sup>5</sup>Excludes COVID-19 Vaccine
|
| 749 |
+
<sup>6</sup>The July 2023 financial measures that were previously communicated reflect amounts before the separation of Kenvue and therefore include the Consumer Health results
|
| 750 |
+
<sup>7</sup>Average shares outstanding (Diluted) as reported on Q2 2023 Form 10-Q
|
| 751 |
+
<sup>8</sup>Full Year 2023 Projected Average Shares Outstanding (Diluted) only reflects impact from the Kenvue exchange offer
|
| 752 |
+
Note: percentages may have been rounded
|
| 753 |
+
|
| 754 |
+
Following completion of the Kenvue exchange offer, the Company has reduced its outstanding share count by the approximately 191 million shares of common stock accepted in the exchange offer.
|
| 755 |
+
|
| 756 |
+
The weighted average shares outstanding used in the calculation of the August 2023 Guidance for Adjusted Diluted EPS reflects the net reduction of approximately 73.5 million shares of Johnson & Johnson outstanding common stock as a result of the Kenvue exchange offer. Because this net reduction occurred on August 23, 2023, Johnson & Johnson will recognize only a partial-year benefit of $0.28 to its full-year 2023 Adjusted Diluted EPS.
|
| 757 |
+
|
| 758 |
+
The Company generated $13.2 billion in cash proceeds as result of the Kenvue debt offering and initial public offering. Additionally, Johnson & Johnson maintains a 9.5% stake in Kenvue common stock, which provides the Company the opportunity to monetize the retained stake in a tax efficient manner in the next year, subject to a
|
| 759 |
+
|
| 760 |
+
current 90-day lockup agreement. Johnson & Johnson is under no obligation to do so if market conditions are not supportive.
|
| 761 |
+
|
| 762 |
+
The Company will maintain its quarterly dividend of $1.19 per share.
|
| 763 |
+
|
| 764 |
+
**WEBINAR INFORMATION:**
|
| 765 |
+
Johnson & Johnson has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance found in this release. This webinar, along with supplemental information, may be accessed by visiting the Investors section of the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations).
|
| 766 |
+
|
| 767 |
+
**ABOUT JOHNSON & JOHNSON:**
|
| 768 |
+
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.
|
| 769 |
+
|
| 770 |
+
**NON-GAAP FINANCIAL MEASURES:**
|
| 771 |
+
* "Operational sales growth" excluding the impact of translational currency, "adjusted operational sales growth" excluding the net impact of acquisitions and divestitures and translational currency, as well as "adjusted net earnings", "adjusted diluted earnings per share" and "adjusted operational diluted earnings per share" excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the release and the Investors section of the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations).
|
| 772 |
+
|
| 773 |
+
Copies of the financial schedules accompanying this release are available on the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations). These schedules include supplementary sales data, a condensed consolidated statement of earnings, and reconciliations of non-GAAP financial measures.
|
| 774 |
+
|
| 775 |
+
current 90-day lockup agreement. Johnson & Johnson is under no obligation to do so if market conditions are not supportive.
|
| 776 |
+
|
| 777 |
+
The Company will maintain its quarterly dividend of $1.19 per share.
|
| 778 |
+
|
| 779 |
+
**WEBINAR INFORMATION:**
|
| 780 |
+
Johnson & Johnson has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance found in this release. This webinar, along with supplemental information, may be accessed by visiting the Investors section of the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations).
|
| 781 |
+
|
| 782 |
+
**ABOUT JOHNSON & JOHNSON:**
|
| 783 |
+
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.
|
| 784 |
+
|
| 785 |
+
**NON-GAAP FINANCIAL MEASURES:**
|
| 786 |
+
* "Operational sales growth" excluding the impact of translational currency, "adjusted operational sales growth" excluding the net impact of acquisitions and divestitures and translational currency, as well as "adjusted net earnings", "adjusted diluted earnings per share" and "adjusted operational diluted earnings per share" excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the release and the Investors section of the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations).
|
| 787 |
+
|
| 788 |
+
Copies of the financial schedules accompanying this release are available on the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations). These schedules include supplementary sales data, a condensed consolidated statement of earnings, and reconciliations of non-GAAP financial measures.
|
| 789 |
+
|
| 790 |
+
current 90-day lockup agreement. Johnson & Johnson is under no obligation to do so if market conditions are not supportive.
|
| 791 |
+
|
| 792 |
+
The Company will maintain its quarterly dividend of $1.19 per share.
|
| 793 |
+
|
| 794 |
+
**WEBINAR INFORMATION:**
|
| 795 |
+
Johnson & Johnson has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance found in this release. This webinar, along with supplemental information, may be accessed by visiting the Investors section of the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations).
|
| 796 |
+
|
| 797 |
+
**ABOUT JOHNSON & JOHNSON:**
|
| 798 |
+
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.
|
| 799 |
+
|
| 800 |
+
**NON-GAAP FINANCIAL MEASURES:**
|
| 801 |
+
* "Operational sales growth" excluding the impact of translational currency, "adjusted operational sales growth" excluding the net impact of acquisitions and divestitures and translational currency, as well as "adjusted net earnings", "adjusted diluted earnings per share" and "adjusted operational diluted earnings per share" excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the release and the Investors section of the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations).
|
| 802 |
+
|
| 803 |
+
Copies of the financial schedules accompanying this release are available on the Company's website at [webcasts & presentations](https://www.jnj.com/investors/webcasts-presentations). These schedules include supplementary sales data, a condensed consolidated statement of earnings, and reconciliations of non-GAAP financial measures.
|
| 804 |
+
|
| 805 |
+
**NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:**
|
| 806 |
+
|
| 807 |
+
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to realize the anticipated benefits from the separation of the Company’s Consumer Health business; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.
|
| 808 |
+
|
| 809 |
+
**Press Contacts:**
|
| 810 |
+
Jake Sargent
|
| 811 |
+
media-relations@its.jnj.com
|
| 812 |
+
|
| 813 |
+
**Investor Contacts:**
|
| 814 |
+
Jessica Moore
|
| 815 |
+
investor-relations@its.jnj.com
|
| 816 |
+
|
| 817 |
+
**NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:**
|
| 818 |
+
|
| 819 |
+
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to realize the anticipated benefits from the separation of the Company’s Consumer Health business; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.
|
| 820 |
+
|
| 821 |
+
**Press Contacts:**
|
| 822 |
+
Jake Sargent
|
| 823 |
+
media-relations@its.jnj.com
|
| 824 |
+
|
| 825 |
+
**Investor Contacts:**
|
| 826 |
+
Jessica Moore
|
| 827 |
+
investor-relations@its.jnj.com
|
| 828 |
+
|
| 829 |
+
Johnson & Johnson and Subsidiaries
|
| 830 |
+
Reconciliation of Non-GAAP Financial Measure
|
| 831 |
+
|
| 832 |
+
Adjusted Operational Sales Growth (A)
|
| 833 |
+
2023 ACTUAL vs. 2022 ACTUAL
|
| 834 |
+
|
| 835 |
+
<table>
|
| 836 |
+
<thead>
|
| 837 |
+
<tr>
|
| 838 |
+
<th></th>
|
| 839 |
+
<th>Q1</th>
|
| 840 |
+
<th>Q2</th>
|
| 841 |
+
<th>SIX MONTHS</th>
|
| 842 |
+
</tr>
|
| 843 |
+
</thead>
|
| 844 |
+
<tbody>
|
| 845 |
+
<tr>
|
| 846 |
+
<td><b>WW As Reported</b></td>
|
| 847 |
+
<td><b>5.3 %</b></td>
|
| 848 |
+
<td><b>6.5 %</b></td>
|
| 849 |
+
<td><b>5.9 %</b></td>
|
| 850 |
+
</tr>
|
| 851 |
+
<tr>
|
| 852 |
+
<td>U.S.</td>
|
| 853 |
+
<td>9.4 %</td>
|
| 854 |
+
<td>10.9 %</td>
|
| 855 |
+
<td>10.2 %</td>
|
| 856 |
+
</tr>
|
| 857 |
+
<tr>
|
| 858 |
+
<td>International</td>
|
| 859 |
+
<td>1.3 %</td>
|
| 860 |
+
<td>1.6 %</td>
|
| 861 |
+
<td>1.5 %</td>
|
| 862 |
+
</tr>
|
| 863 |
+
<tr>
|
| 864 |
+
<td><b>WW Currency</b></td>
|
| 865 |
+
<td><b>(3.2)</b></td>
|
| 866 |
+
<td><b>(1.0)</b></td>
|
| 867 |
+
<td><b>(2.1)</b></td>
|
| 868 |
+
</tr>
|
| 869 |
+
<tr>
|
| 870 |
+
<td>U.S.</td>
|
| 871 |
+
<td>—</td>
|
| 872 |
+
<td>—</td>
|
| 873 |
+
<td>—</td>
|
| 874 |
+
</tr>
|
| 875 |
+
<tr>
|
| 876 |
+
<td>International</td>
|
| 877 |
+
<td>(6.4)</td>
|
| 878 |
+
<td>(2.2)</td>
|
| 879 |
+
<td>(4.3)</td>
|
| 880 |
+
</tr>
|
| 881 |
+
<tr>
|
| 882 |
+
<td><b>WW Operational</b></td>
|
| 883 |
+
<td><b>8.5 %</b></td>
|
| 884 |
+
<td><b>7.5 %</b></td>
|
| 885 |
+
<td><b>8.0 %</b></td>
|
| 886 |
+
</tr>
|
| 887 |
+
<tr>
|
| 888 |
+
<td>U.S.</td>
|
| 889 |
+
<td>9.4 %</td>
|
| 890 |
+
<td>10.9 %</td>
|
| 891 |
+
<td>10.2 %</td>
|
| 892 |
+
</tr>
|
| 893 |
+
<tr>
|
| 894 |
+
<td>International</td>
|
| 895 |
+
<td>7.7 %</td>
|
| 896 |
+
<td>3.8 %</td>
|
| 897 |
+
<td>5.8 %</td>
|
| 898 |
+
</tr>
|
| 899 |
+
<tr>
|
| 900 |
+
<td><b>Abiomed</b></td>
|
| 901 |
+
<td><b>(1.6)</b></td>
|
| 902 |
+
<td><b>(1.6)</b></td>
|
| 903 |
+
<td><b>(1.6)</b></td>
|
| 904 |
+
</tr>
|
| 905 |
+
<tr>
|
| 906 |
+
<td>U.S.</td>
|
| 907 |
+
<td>(2.7)</td>
|
| 908 |
+
<td>(2.6)</td>
|
| 909 |
+
<td>(2.6)</td>
|
| 910 |
+
</tr>
|
| 911 |
+
<tr>
|
| 912 |
+
<td>International</td>
|
| 913 |
+
<td>(0.6)</td>
|
| 914 |
+
<td>(0.6)</td>
|
| 915 |
+
<td>(0.6)</td>
|
| 916 |
+
</tr>
|
| 917 |
+
<tr>
|
| 918 |
+
<td><b>All Other Acquisitions and Divestitures</b></td>
|
| 919 |
+
<td><b>0.0</b></td>
|
| 920 |
+
<td><b>0.1</b></td>
|
| 921 |
+
<td><b>0.0</b></td>
|
| 922 |
+
</tr>
|
| 923 |
+
<tr>
|
| 924 |
+
<td>U.S.</td>
|
| 925 |
+
<td>0.0</td>
|
| 926 |
+
<td>0.0</td>
|
| 927 |
+
<td>0.0</td>
|
| 928 |
+
</tr>
|
| 929 |
+
<tr>
|
| 930 |
+
<td>International</td>
|
| 931 |
+
<td>0.1</td>
|
| 932 |
+
<td>0.2</td>
|
| 933 |
+
<td>0.2</td>
|
| 934 |
+
</tr>
|
| 935 |
+
<tr>
|
| 936 |
+
<td><b>WW Adjusted Operational</b></td>
|
| 937 |
+
<td><b>6.9 %</b></td>
|
| 938 |
+
<td><b>6.0 %</b></td>
|
| 939 |
+
<td><b>6.4 %</b></td>
|
| 940 |
+
</tr>
|
| 941 |
+
<tr>
|
| 942 |
+
<td>U.S.</td>
|
| 943 |
+
<td>6.7 %</td>
|
| 944 |
+
<td>8.3 %</td>
|
| 945 |
+
<td>7.6 %</td>
|
| 946 |
+
</tr>
|
| 947 |
+
<tr>
|
| 948 |
+
<td>International</td>
|
| 949 |
+
<td>7.2 %</td>
|
| 950 |
+
<td>3.4 %</td>
|
| 951 |
+
<td>5.4 %</td>
|
| 952 |
+
</tr>
|
| 953 |
+
</tbody>
|
| 954 |
+
</table>
|
| 955 |
+
|
| 956 |
+
Note: Percentages are based on actual, non-rounded figures and may not sum
|
| 957 |
+
|
| 958 |
+
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth” excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company’s businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company’s results of operations without including all events during a period and may not provide a comparable view of the Company’s performance to that of other companies in the health care industry.
|
| 959 |
+
|
| 960 |
+
Johnson & Johnson and
|
| 961 |
+
Subsidiaries
|
| 962 |
+
Reconciliation of Non-GAAP Financial
|
| 963 |
+
Measure
|
| 964 |
+
|
| 965 |
+
Adjusted Operational Sales Growth (A)
|
| 966 |
+
2022 ACTUAL vs. 2021 ACTUAL
|
| 967 |
+
|
| 968 |
+
<table>
|
| 969 |
+
<thead>
|
| 970 |
+
<tr>
|
| 971 |
+
<th></th>
|
| 972 |
+
<th>Q1</th>
|
| 973 |
+
<th>Q2</th>
|
| 974 |
+
<th>SIX MONTHS</th>
|
| 975 |
+
<th>Q3</th>
|
| 976 |
+
<th>NINE MONTHS</th>
|
| 977 |
+
<th>Q4</th>
|
| 978 |
+
<th>TWELVE MONTHS</th>
|
| 979 |
+
</tr>
|
| 980 |
+
</thead>
|
| 981 |
+
<tbody>
|
| 982 |
+
<tr>
|
| 983 |
+
<td><b>WW As Reported</b></td>
|
| 984 |
+
<td><b>6.2 %</b></td>
|
| 985 |
+
<td><b>3.9 %</b></td>
|
| 986 |
+
<td><b>5.0 %</b></td>
|
| 987 |
+
<td><b>2.4 %</b></td>
|
| 988 |
+
<td><b>4.1 %</b></td>
|
| 989 |
+
<td><b>(5.4)%</b></td>
|
| 990 |
+
<td><b>1.6 %</b></td>
|
| 991 |
+
</tr>
|
| 992 |
+
<tr>
|
| 993 |
+
<td>U.S.</td>
|
| 994 |
+
<td>3.8 %</td>
|
| 995 |
+
<td>3.4 %</td>
|
| 996 |
+
<td>3.6 %</td>
|
| 997 |
+
<td>4.4 %</td>
|
| 998 |
+
<td>3.8 %</td>
|
| 999 |
+
<td>1.7 %</td>
|
| 1000 |
+
<td>3.3 %</td>
|
| 1001 |
+
</tr>
|
| 1002 |
+
<tr>
|
| 1003 |
+
<td>International</td>
|
| 1004 |
+
<td>8.7 %</td>
|
| 1005 |
+
<td>4.5 %</td>
|
| 1006 |
+
<td>6.6 %</td>
|
| 1007 |
+
<td>0.1 %</td>
|
| 1008 |
+
<td>4.5 %</td>
|
| 1009 |
+
<td>(12.7)%</td>
|
| 1010 |
+
<td>(0.2)%</td>
|
| 1011 |
+
</tr>
|
| 1012 |
+
<tr>
|
| 1013 |
+
<td><b>WW Currency</b></td>
|
| 1014 |
+
<td><b>(2.9)</b></td>
|
| 1015 |
+
<td><b>(5.2)</b></td>
|
| 1016 |
+
<td><b>(4.1)</b></td>
|
| 1017 |
+
<td><b>(6.3)</b></td>
|
| 1018 |
+
<td><b>(4.8)</b></td>
|
| 1019 |
+
<td><b>(5.3)</b></td>
|
| 1020 |
+
<td><b>(4.9)</b></td>
|
| 1021 |
+
</tr>
|
| 1022 |
+
<tr>
|
| 1023 |
+
<td>U.S.</td>
|
| 1024 |
+
<td>—</td>
|
| 1025 |
+
<td>—</td>
|
| 1026 |
+
<td>—</td>
|
| 1027 |
+
<td>—</td>
|
| 1028 |
+
<td>—</td>
|
| 1029 |
+
<td>—</td>
|
| 1030 |
+
<td>—</td>
|
| 1031 |
+
</tr>
|
| 1032 |
+
<tr>
|
| 1033 |
+
<td>International</td>
|
| 1034 |
+
<td>(5.8)</td>
|
| 1035 |
+
<td>(10.9)</td>
|
| 1036 |
+
<td>(8.4)</td>
|
| 1037 |
+
<td>(13.5)</td>
|
| 1038 |
+
<td>(10.0)</td>
|
| 1039 |
+
<td>(10.8)</td>
|
| 1040 |
+
<td>(10.2)</td>
|
| 1041 |
+
</tr>
|
| 1042 |
+
<tr>
|
| 1043 |
+
<td><b>WW Operational</b></td>
|
| 1044 |
+
<td><b>9.1 %</b></td>
|
| 1045 |
+
<td><b>9.1 %</b></td>
|
| 1046 |
+
<td><b>9.1 %</b></td>
|
| 1047 |
+
<td><b>8.7 %</b></td>
|
| 1048 |
+
<td><b>8.9 %</b></td>
|
| 1049 |
+
<td><b>(0.1)%</b></td>
|
| 1050 |
+
<td><b>6.5 %</b></td>
|
| 1051 |
+
</tr>
|
| 1052 |
+
<tr>
|
| 1053 |
+
<td>U.S.</td>
|
| 1054 |
+
<td>3.8 %</td>
|
| 1055 |
+
<td>3.4 %</td>
|
| 1056 |
+
<td>3.6 %</td>
|
| 1057 |
+
<td>4.4 %</td>
|
| 1058 |
+
<td>3.8 %</td>
|
| 1059 |
+
<td>1.7 %</td>
|
| 1060 |
+
<td>3.3 %</td>
|
| 1061 |
+
</tr>
|
| 1062 |
+
<tr>
|
| 1063 |
+
<td>International</td>
|
| 1064 |
+
<td>14.5 %</td>
|
| 1065 |
+
<td>15.4 %</td>
|
| 1066 |
+
<td>15.0 %</td>
|
| 1067 |
+
<td>13.6 %</td>
|
| 1068 |
+
<td>14.5 %</td>
|
| 1069 |
+
<td>(1.9)%</td>
|
| 1070 |
+
<td>10.0 %</td>
|
| 1071 |
+
</tr>
|
| 1072 |
+
<tr>
|
| 1073 |
+
<td><b>Abiomed</b></td>
|
| 1074 |
+
<td></td>
|
| 1075 |
+
<td></td>
|
| 1076 |
+
<td></td>
|
| 1077 |
+
<td></td>
|
| 1078 |
+
<td></td>
|
| 1079 |
+
<td><b>(0.1)</b></td>
|
| 1080 |
+
<td></td>
|
| 1081 |
+
</tr>
|
| 1082 |
+
<tr>
|
| 1083 |
+
<td>U.S.</td>
|
| 1084 |
+
<td></td>
|
| 1085 |
+
<td></td>
|
| 1086 |
+
<td></td>
|
| 1087 |
+
<td></td>
|
| 1088 |
+
<td></td>
|
| 1089 |
+
<td>(0.3)</td>
|
| 1090 |
+
<td></td>
|
| 1091 |
+
</tr>
|
| 1092 |
+
<tr>
|
| 1093 |
+
<td>International</td>
|
| 1094 |
+
<td></td>
|
| 1095 |
+
<td></td>
|
| 1096 |
+
<td></td>
|
| 1097 |
+
<td></td>
|
| 1098 |
+
<td></td>
|
| 1099 |
+
<td>0.0</td>
|
| 1100 |
+
<td></td>
|
| 1101 |
+
</tr>
|
| 1102 |
+
<tr>
|
| 1103 |
+
<td><b>All Other Acquisitions and Divestitures</b></td>
|
| 1104 |
+
<td><b>0.0</b></td>
|
| 1105 |
+
<td><b>0.1</b></td>
|
| 1106 |
+
<td><b>0.1</b></td>
|
| 1107 |
+
<td><b>0.1</b></td>
|
| 1108 |
+
<td><b>0.1</b></td>
|
| 1109 |
+
<td><b>0.1</b></td>
|
| 1110 |
+
<td><b>0.0</b></td>
|
| 1111 |
+
</tr>
|
| 1112 |
+
<tr>
|
| 1113 |
+
<td>U.S.</td>
|
| 1114 |
+
<td>0.0</td>
|
| 1115 |
+
<td>0.1</td>
|
| 1116 |
+
<td>0.0</td>
|
| 1117 |
+
<td>0.1</td>
|
| 1118 |
+
<td>0.0</td>
|
| 1119 |
+
<td>0.1</td>
|
| 1120 |
+
<td>0.0</td>
|
| 1121 |
+
</tr>
|
| 1122 |
+
<tr>
|
| 1123 |
+
<td>International</td>
|
| 1124 |
+
<td>0.0</td>
|
| 1125 |
+
<td>0.1</td>
|
| 1126 |
+
<td>0.1</td>
|
| 1127 |
+
<td>0.1</td>
|
| 1128 |
+
<td>0.1</td>
|
| 1129 |
+
<td>0.1</td>
|
| 1130 |
+
<td>0.1</td>
|
| 1131 |
+
</tr>
|
| 1132 |
+
<tr>
|
| 1133 |
+
<td><b>WW Adjusted Operational</b></td>
|
| 1134 |
+
<td><b>9.1 %</b></td>
|
| 1135 |
+
<td><b>9.2 %</b></td>
|
| 1136 |
+
<td><b>9.2 %</b></td>
|
| 1137 |
+
<td><b>8.8 %</b></td>
|
| 1138 |
+
<td><b>9.0 %</b></td>
|
| 1139 |
+
<td><b>(0.1)%</b></td>
|
| 1140 |
+
<td><b>6.5 %</b></td>
|
| 1141 |
+
</tr>
|
| 1142 |
+
<tr>
|
| 1143 |
+
<td>U.S.</td>
|
| 1144 |
+
<td>3.8 %</td>
|
| 1145 |
+
<td>3.5 %</td>
|
| 1146 |
+
<td>3.6 %</td>
|
| 1147 |
+
<td>4.5 %</td>
|
| 1148 |
+
<td>3.8 %</td>
|
| 1149 |
+
<td>1.5 %</td>
|
| 1150 |
+
<td>3.3 %</td>
|
| 1151 |
+
</tr>
|
| 1152 |
+
<tr>
|
| 1153 |
+
<td>International</td>
|
| 1154 |
+
<td>14.5 %</td>
|
| 1155 |
+
<td>15.5 %</td>
|
| 1156 |
+
<td>15.1 %</td>
|
| 1157 |
+
<td>13.7 %</td>
|
| 1158 |
+
<td>14.6 %</td>
|
| 1159 |
+
<td>(1.8)%</td>
|
| 1160 |
+
<td>10.1 %</td>
|
| 1161 |
+
</tr>
|
| 1162 |
+
</tbody>
|
| 1163 |
+
</table>
|
| 1164 |
+
|
| 1165 |
+
Note: Percentages are based on actual, non-rounded figures and may not sum
|
| 1166 |
+
|
| 1167 |
+
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth” excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company’s businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company’s results of operations without including all events during a period and may not provide a comparable view of the Company’s performance to that of other companies in the health care industry.
|
| 1168 |
+
|
| 1169 |
+
Johnson & Johnson and Subsidiaries
|
| 1170 |
+
Reconciliation of Non-GAAP Financial Measures
|
| 1171 |
+
Q1 2023 - Income Before Tax by Segment from Continuing Operations
|
| 1172 |
+
|
| 1173 |
+
(Dollars in Millions)
|
| 1174 |
+
|
| 1175 |
+
<table>
|
| 1176 |
+
<thead>
|
| 1177 |
+
<tr>
|
| 1178 |
+
<th></th>
|
| 1179 |
+
<th>Pharmaceutical</th>
|
| 1180 |
+
<th>MedTech</th>
|
| 1181 |
+
<th>Unallocated</th>
|
| 1182 |
+
<th>Worldwide Total</th>
|
| 1183 |
+
</tr>
|
| 1184 |
+
</thead>
|
| 1185 |
+
<tbody>
|
| 1186 |
+
<tr>
|
| 1187 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1188 |
+
<td>$ 4,402</td>
|
| 1189 |
+
<td>1,409</td>
|
| 1190 |
+
<td>(7,098)</td>
|
| 1191 |
+
<td>(1,287)</td>
|
| 1192 |
+
</tr>
|
| 1193 |
+
<tr>
|
| 1194 |
+
<td>% to Sales</td>
|
| 1195 |
+
<td><b>32.8 %</b></td>
|
| 1196 |
+
<td><b>18.8 %</b></td>
|
| 1197 |
+
<td><b>(34.0) %</b></td>
|
| 1198 |
+
<td><b>(6.2) %</b></td>
|
| 1199 |
+
</tr>
|
| 1200 |
+
<tr>
|
| 1201 |
+
<td>Intangible asset amortization expense</td>
|
| 1202 |
+
<td>739</td>
|
| 1203 |
+
<td>383</td>
|
| 1204 |
+
<td>—</td>
|
| 1205 |
+
<td>1,122</td>
|
| 1206 |
+
</tr>
|
| 1207 |
+
<tr>
|
| 1208 |
+
<td>In-process research and development Impairments</td>
|
| 1209 |
+
<td>—</td>
|
| 1210 |
+
<td>49</td>
|
| 1211 |
+
<td>—</td>
|
| 1212 |
+
<td>49</td>
|
| 1213 |
+
</tr>
|
| 1214 |
+
<tr>
|
| 1215 |
+
<td>Litigation Related</td>
|
| 1216 |
+
<td>—</td>
|
| 1217 |
+
<td>—</td>
|
| 1218 |
+
<td>6,900</td>
|
| 1219 |
+
<td>6,900</td>
|
| 1220 |
+
</tr>
|
| 1221 |
+
<tr>
|
| 1222 |
+
<td>Loss/(gain) on securities</td>
|
| 1223 |
+
<td>38</td>
|
| 1224 |
+
<td>34</td>
|
| 1225 |
+
<td>—</td>
|
| 1226 |
+
<td>72</td>
|
| 1227 |
+
</tr>
|
| 1228 |
+
<tr>
|
| 1229 |
+
<td>Restructuring related</td>
|
| 1230 |
+
<td>130</td>
|
| 1231 |
+
<td>—</td>
|
| 1232 |
+
<td>—</td>
|
| 1233 |
+
<td>130</td>
|
| 1234 |
+
</tr>
|
| 1235 |
+
<tr>
|
| 1236 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 1237 |
+
<td>—</td>
|
| 1238 |
+
<td>42</td>
|
| 1239 |
+
<td>—</td>
|
| 1240 |
+
<td>42</td>
|
| 1241 |
+
</tr>
|
| 1242 |
+
<tr>
|
| 1243 |
+
<td>Medical Device Regulation</td>
|
| 1244 |
+
<td>—</td>
|
| 1245 |
+
<td>64</td>
|
| 1246 |
+
<td>—</td>
|
| 1247 |
+
<td>64</td>
|
| 1248 |
+
</tr>
|
| 1249 |
+
<tr>
|
| 1250 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 1251 |
+
<td>444</td>
|
| 1252 |
+
<td>—</td>
|
| 1253 |
+
<td>—</td>
|
| 1254 |
+
<td>444</td>
|
| 1255 |
+
</tr>
|
| 1256 |
+
<tr>
|
| 1257 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1258 |
+
<td>$ 5,753</td>
|
| 1259 |
+
<td>1,981</td>
|
| 1260 |
+
<td>(198)</td>
|
| 1261 |
+
<td>7,536</td>
|
| 1262 |
+
</tr>
|
| 1263 |
+
<tr>
|
| 1264 |
+
<td>% to Sales</td>
|
| 1265 |
+
<td><b>42.9 %</b></td>
|
| 1266 |
+
<td><b>26.5 %</b></td>
|
| 1267 |
+
<td><b>(0.9) %</b></td>
|
| 1268 |
+
<td><b>36.1 %</b></td>
|
| 1269 |
+
</tr>
|
| 1270 |
+
</tbody>
|
| 1271 |
+
</table>
|
| 1272 |
+
|
| 1273 |
+
Johnson & Johnson and Subsidiaries
|
| 1274 |
+
Reconciliation of Non-GAAP Financial Measures
|
| 1275 |
+
Q2 2023 QTD - Income Before Tax by Segment from Continuing Operations
|
| 1276 |
+
|
| 1277 |
+
<table>
|
| 1278 |
+
<thead>
|
| 1279 |
+
<tr>
|
| 1280 |
+
<th>(Dollars in Millions)</th>
|
| 1281 |
+
<th>Pharmaceutical</th>
|
| 1282 |
+
<th>MedTech</th>
|
| 1283 |
+
<th>Unallocated</th>
|
| 1284 |
+
<th>Worldwide Total</th>
|
| 1285 |
+
</tr>
|
| 1286 |
+
</thead>
|
| 1287 |
+
<tbody>
|
| 1288 |
+
<tr>
|
| 1289 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1290 |
+
<td>$ 4,812</td>
|
| 1291 |
+
<td>1,671</td>
|
| 1292 |
+
<td>(177)</td>
|
| 1293 |
+
<td>6,306</td>
|
| 1294 |
+
</tr>
|
| 1295 |
+
<tr>
|
| 1296 |
+
<td>% to Sales</td>
|
| 1297 |
+
<td>35.0 %</td>
|
| 1298 |
+
<td>21.5 %</td>
|
| 1299 |
+
<td>(0.8) %</td>
|
| 1300 |
+
<td>29.3 %</td>
|
| 1301 |
+
</tr>
|
| 1302 |
+
<tr>
|
| 1303 |
+
<td>Intangible asset amortization expense</td>
|
| 1304 |
+
<td>748</td>
|
| 1305 |
+
<td>382</td>
|
| 1306 |
+
<td>—</td>
|
| 1307 |
+
<td>1,130</td>
|
| 1308 |
+
</tr>
|
| 1309 |
+
<tr>
|
| 1310 |
+
<td>In-process research and development Impairments</td>
|
| 1311 |
+
<td>—</td>
|
| 1312 |
+
<td>—</td>
|
| 1313 |
+
<td>—</td>
|
| 1314 |
+
<td>—</td>
|
| 1315 |
+
</tr>
|
| 1316 |
+
<tr>
|
| 1317 |
+
<td>Litigation Related</td>
|
| 1318 |
+
<td>(93)</td>
|
| 1319 |
+
<td>60</td>
|
| 1320 |
+
<td>170</td>
|
| 1321 |
+
<td>137</td>
|
| 1322 |
+
</tr>
|
| 1323 |
+
<tr>
|
| 1324 |
+
<td>Loss/(gain) on securities</td>
|
| 1325 |
+
<td>38</td>
|
| 1326 |
+
<td>(39)</td>
|
| 1327 |
+
<td>—</td>
|
| 1328 |
+
<td>(1)</td>
|
| 1329 |
+
</tr>
|
| 1330 |
+
<tr>
|
| 1331 |
+
<td>Restructuring related</td>
|
| 1332 |
+
<td>145</td>
|
| 1333 |
+
<td>—</td>
|
| 1334 |
+
<td>—</td>
|
| 1335 |
+
<td>145</td>
|
| 1336 |
+
</tr>
|
| 1337 |
+
<tr>
|
| 1338 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 1339 |
+
<td>—</td>
|
| 1340 |
+
<td>38</td>
|
| 1341 |
+
<td>—</td>
|
| 1342 |
+
<td>38</td>
|
| 1343 |
+
</tr>
|
| 1344 |
+
<tr>
|
| 1345 |
+
<td>Medical Device Regulation</td>
|
| 1346 |
+
<td>—</td>
|
| 1347 |
+
<td>85</td>
|
| 1348 |
+
<td>—</td>
|
| 1349 |
+
<td>85</td>
|
| 1350 |
+
</tr>
|
| 1351 |
+
<tr>
|
| 1352 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 1353 |
+
<td>165</td>
|
| 1354 |
+
<td>—</td>
|
| 1355 |
+
<td>—</td>
|
| 1356 |
+
<td>165</td>
|
| 1357 |
+
</tr>
|
| 1358 |
+
<tr>
|
| 1359 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1360 |
+
<td>$ 5,815</td>
|
| 1361 |
+
<td>2,197</td>
|
| 1362 |
+
<td>(7)</td>
|
| 1363 |
+
<td>8,005</td>
|
| 1364 |
+
</tr>
|
| 1365 |
+
<tr>
|
| 1366 |
+
<td>% to Sales</td>
|
| 1367 |
+
<td>42.3 %</td>
|
| 1368 |
+
<td>28.2 %</td>
|
| 1369 |
+
<td>0.0 %</td>
|
| 1370 |
+
<td>37.2 %</td>
|
| 1371 |
+
</tr>
|
| 1372 |
+
</tbody>
|
| 1373 |
+
</table>
|
| 1374 |
+
|
| 1375 |
+
Q2 2023 YTD - Income Before Tax by Segment from Continuing Operations
|
| 1376 |
+
|
| 1377 |
+
<table>
|
| 1378 |
+
<thead>
|
| 1379 |
+
<tr>
|
| 1380 |
+
<th>(Dollars in Millions)</th>
|
| 1381 |
+
<th>Pharmaceutical</th>
|
| 1382 |
+
<th>MedTech</th>
|
| 1383 |
+
<th>Unallocated</th>
|
| 1384 |
+
<th>Worldwide Total</th>
|
| 1385 |
+
</tr>
|
| 1386 |
+
</thead>
|
| 1387 |
+
<tbody>
|
| 1388 |
+
<tr>
|
| 1389 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1390 |
+
<td>$ 9,214</td>
|
| 1391 |
+
<td>3,080</td>
|
| 1392 |
+
<td>(7,275)</td>
|
| 1393 |
+
<td>5,019</td>
|
| 1394 |
+
</tr>
|
| 1395 |
+
<tr>
|
| 1396 |
+
<td>% to Sales</td>
|
| 1397 |
+
<td>33.9 %</td>
|
| 1398 |
+
<td>20.2 %</td>
|
| 1399 |
+
<td>(17.2) %</td>
|
| 1400 |
+
<td>11.8 %</td>
|
| 1401 |
+
</tr>
|
| 1402 |
+
<tr>
|
| 1403 |
+
<td>Intangible asset amortization expense</td>
|
| 1404 |
+
<td>1,487</td>
|
| 1405 |
+
<td>765</td>
|
| 1406 |
+
<td>—</td>
|
| 1407 |
+
<td>2,252</td>
|
| 1408 |
+
</tr>
|
| 1409 |
+
<tr>
|
| 1410 |
+
<td>In-process research and development Impairments</td>
|
| 1411 |
+
<td>—</td>
|
| 1412 |
+
<td>49</td>
|
| 1413 |
+
<td>—</td>
|
| 1414 |
+
<td>49</td>
|
| 1415 |
+
</tr>
|
| 1416 |
+
<tr>
|
| 1417 |
+
<td>Litigation Related</td>
|
| 1418 |
+
<td>(93)</td>
|
| 1419 |
+
<td>60</td>
|
| 1420 |
+
<td>7,070</td>
|
| 1421 |
+
<td>7,037</td>
|
| 1422 |
+
</tr>
|
| 1423 |
+
<tr>
|
| 1424 |
+
<td>Loss/(gain) on securities</td>
|
| 1425 |
+
<td>76</td>
|
| 1426 |
+
<td>(5)</td>
|
| 1427 |
+
<td>—</td>
|
| 1428 |
+
<td>71</td>
|
| 1429 |
+
</tr>
|
| 1430 |
+
<tr>
|
| 1431 |
+
<td>Restructuring related</td>
|
| 1432 |
+
<td>275</td>
|
| 1433 |
+
<td>—</td>
|
| 1434 |
+
<td>—</td>
|
| 1435 |
+
<td>275</td>
|
| 1436 |
+
</tr>
|
| 1437 |
+
<tr>
|
| 1438 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 1439 |
+
<td>—</td>
|
| 1440 |
+
<td>80</td>
|
| 1441 |
+
<td>—</td>
|
| 1442 |
+
<td>80</td>
|
| 1443 |
+
</tr>
|
| 1444 |
+
<tr>
|
| 1445 |
+
<td>Medical Device Regulation</td>
|
| 1446 |
+
<td>—</td>
|
| 1447 |
+
<td>149</td>
|
| 1448 |
+
<td>—</td>
|
| 1449 |
+
<td>149</td>
|
| 1450 |
+
</tr>
|
| 1451 |
+
<tr>
|
| 1452 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 1453 |
+
<td>609</td>
|
| 1454 |
+
<td>—</td>
|
| 1455 |
+
<td>—</td>
|
| 1456 |
+
<td>609</td>
|
| 1457 |
+
</tr>
|
| 1458 |
+
<tr>
|
| 1459 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1460 |
+
<td>$ 11,568</td>
|
| 1461 |
+
<td>4,178</td>
|
| 1462 |
+
<td>(205)</td>
|
| 1463 |
+
<td>15,541</td>
|
| 1464 |
+
</tr>
|
| 1465 |
+
<tr>
|
| 1466 |
+
<td>% to Sales</td>
|
| 1467 |
+
<td>42.6 %</td>
|
| 1468 |
+
<td>27.4 %</td>
|
| 1469 |
+
<td>(0.5) %</td>
|
| 1470 |
+
<td>36.6 %</td>
|
| 1471 |
+
</tr>
|
| 1472 |
+
</tbody>
|
| 1473 |
+
</table>
|
| 1474 |
+
|
| 1475 |
+
Johnson & Johnson and Subsidiaries
|
| 1476 |
+
Reconciliation of Non-GAAP Financial Measures
|
| 1477 |
+
Q1 2022 - Income Before Tax by Segment from Continuing Operations
|
| 1478 |
+
|
| 1479 |
+
(Dollars in Millions)
|
| 1480 |
+
|
| 1481 |
+
<table>
|
| 1482 |
+
<thead>
|
| 1483 |
+
<tr>
|
| 1484 |
+
<th></th>
|
| 1485 |
+
<th>Pharmaceutical</th>
|
| 1486 |
+
<th>MedTech</th>
|
| 1487 |
+
<th>Unallocated</th>
|
| 1488 |
+
<th>Worldwide Total</th>
|
| 1489 |
+
</tr>
|
| 1490 |
+
</thead>
|
| 1491 |
+
<tbody>
|
| 1492 |
+
<tr>
|
| 1493 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1494 |
+
<td>$ 3,873</td>
|
| 1495 |
+
<td>1,441</td>
|
| 1496 |
+
<td>(111)</td>
|
| 1497 |
+
<td>5,203</td>
|
| 1498 |
+
</tr>
|
| 1499 |
+
<tr>
|
| 1500 |
+
<td>% to Sales</td>
|
| 1501 |
+
<td><b>30.1 %</b></td>
|
| 1502 |
+
<td><b>20.7 %</b></td>
|
| 1503 |
+
<td><b>(0.6) %</b></td>
|
| 1504 |
+
<td><b>26.2 %</b></td>
|
| 1505 |
+
</tr>
|
| 1506 |
+
<tr>
|
| 1507 |
+
<td>Intangible asset amortization expense</td>
|
| 1508 |
+
<td>760</td>
|
| 1509 |
+
<td>254</td>
|
| 1510 |
+
<td>—</td>
|
| 1511 |
+
<td>1,014</td>
|
| 1512 |
+
</tr>
|
| 1513 |
+
<tr>
|
| 1514 |
+
<td>In-process research and development Impairments</td>
|
| 1515 |
+
<td>610</td>
|
| 1516 |
+
<td>—</td>
|
| 1517 |
+
<td>—</td>
|
| 1518 |
+
<td>610</td>
|
| 1519 |
+
</tr>
|
| 1520 |
+
<tr>
|
| 1521 |
+
<td>Loss/(gain) on securities</td>
|
| 1522 |
+
<td>394</td>
|
| 1523 |
+
<td>17</td>
|
| 1524 |
+
<td>—</td>
|
| 1525 |
+
<td>411</td>
|
| 1526 |
+
</tr>
|
| 1527 |
+
<tr>
|
| 1528 |
+
<td>Restructuring related</td>
|
| 1529 |
+
<td>(14)</td>
|
| 1530 |
+
<td>72</td>
|
| 1531 |
+
<td>—</td>
|
| 1532 |
+
<td>58</td>
|
| 1533 |
+
</tr>
|
| 1534 |
+
<tr>
|
| 1535 |
+
<td>Medical Device Regulation</td>
|
| 1536 |
+
<td>—</td>
|
| 1537 |
+
<td>60</td>
|
| 1538 |
+
<td>—</td>
|
| 1539 |
+
<td>60</td>
|
| 1540 |
+
</tr>
|
| 1541 |
+
<tr>
|
| 1542 |
+
<td>Other</td>
|
| 1543 |
+
<td>—</td>
|
| 1544 |
+
<td>—</td>
|
| 1545 |
+
<td>(7)</td>
|
| 1546 |
+
<td>(7)</td>
|
| 1547 |
+
</tr>
|
| 1548 |
+
<tr>
|
| 1549 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1550 |
+
<td>$ 5,623</td>
|
| 1551 |
+
<td>1,844</td>
|
| 1552 |
+
<td>(118)</td>
|
| 1553 |
+
<td>7,349</td>
|
| 1554 |
+
</tr>
|
| 1555 |
+
<tr>
|
| 1556 |
+
<td>% to Sales</td>
|
| 1557 |
+
<td><b>43.7 %</b></td>
|
| 1558 |
+
<td><b>26.5 %</b></td>
|
| 1559 |
+
<td><b>(0.6) %</b></td>
|
| 1560 |
+
<td><b>37.0 %</b></td>
|
| 1561 |
+
</tr>
|
| 1562 |
+
</tbody>
|
| 1563 |
+
</table>
|
| 1564 |
+
|
| 1565 |
+
Johnson & Johnson and Subsidiaries
|
| 1566 |
+
Reconciliation of Non-GAAP Financial Measures
|
| 1567 |
+
Q2 2022 QTD - Income Before Tax by Segment from Continuing Operations
|
| 1568 |
+
|
| 1569 |
+
(Dollars in Millions)
|
| 1570 |
+
<table>
|
| 1571 |
+
<thead>
|
| 1572 |
+
<tr>
|
| 1573 |
+
<th></th>
|
| 1574 |
+
<th>Pharmaceutical</th>
|
| 1575 |
+
<th>MedTech</th>
|
| 1576 |
+
<th>Unallocated</th>
|
| 1577 |
+
<th>Worldwide Total</th>
|
| 1578 |
+
</tr>
|
| 1579 |
+
</thead>
|
| 1580 |
+
<tbody>
|
| 1581 |
+
<tr>
|
| 1582 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1583 |
+
<td>$ 4,365</td>
|
| 1584 |
+
<td>1,110</td>
|
| 1585 |
+
<td>(331)</td>
|
| 1586 |
+
<td>5,144</td>
|
| 1587 |
+
</tr>
|
| 1588 |
+
<tr>
|
| 1589 |
+
<td>% to Sales</td>
|
| 1590 |
+
<td><b>32.8 %</b></td>
|
| 1591 |
+
<td><b>16.1 %</b></td>
|
| 1592 |
+
<td><b>(1.6) %</b></td>
|
| 1593 |
+
<td><b>25.4 %</b></td>
|
| 1594 |
+
</tr>
|
| 1595 |
+
<tr>
|
| 1596 |
+
<td>Intangible asset amortization expense</td>
|
| 1597 |
+
<td>736</td>
|
| 1598 |
+
<td>259</td>
|
| 1599 |
+
<td>—</td>
|
| 1600 |
+
<td>995</td>
|
| 1601 |
+
</tr>
|
| 1602 |
+
<tr>
|
| 1603 |
+
<td>Litigation Related</td>
|
| 1604 |
+
<td>21</td>
|
| 1605 |
+
<td>264</td>
|
| 1606 |
+
<td>100</td>
|
| 1607 |
+
<td>385</td>
|
| 1608 |
+
</tr>
|
| 1609 |
+
<tr>
|
| 1610 |
+
<td>Loss/(gain) on securities</td>
|
| 1611 |
+
<td>102</td>
|
| 1612 |
+
<td>7</td>
|
| 1613 |
+
<td>—</td>
|
| 1614 |
+
<td>109</td>
|
| 1615 |
+
</tr>
|
| 1616 |
+
<tr>
|
| 1617 |
+
<td>Restructuring related</td>
|
| 1618 |
+
<td>23</td>
|
| 1619 |
+
<td>80</td>
|
| 1620 |
+
<td>—</td>
|
| 1621 |
+
<td>103</td>
|
| 1622 |
+
</tr>
|
| 1623 |
+
<tr>
|
| 1624 |
+
<td>Medical Device Regulation</td>
|
| 1625 |
+
<td>—</td>
|
| 1626 |
+
<td>70</td>
|
| 1627 |
+
<td>—</td>
|
| 1628 |
+
<td>70</td>
|
| 1629 |
+
</tr>
|
| 1630 |
+
<tr>
|
| 1631 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 1632 |
+
<td>276</td>
|
| 1633 |
+
<td>—</td>
|
| 1634 |
+
<td>—</td>
|
| 1635 |
+
<td>276</td>
|
| 1636 |
+
</tr>
|
| 1637 |
+
<tr>
|
| 1638 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1639 |
+
<td>$ 5,523</td>
|
| 1640 |
+
<td>1,790</td>
|
| 1641 |
+
<td>(231)</td>
|
| 1642 |
+
<td>7,082</td>
|
| 1643 |
+
</tr>
|
| 1644 |
+
<tr>
|
| 1645 |
+
<td>% to Sales</td>
|
| 1646 |
+
<td><b>41.5 %</b></td>
|
| 1647 |
+
<td><b>25.9 %</b></td>
|
| 1648 |
+
<td><b>(1.1) %</b></td>
|
| 1649 |
+
<td><b>35.0 %</b></td>
|
| 1650 |
+
</tr>
|
| 1651 |
+
</tbody>
|
| 1652 |
+
</table>
|
| 1653 |
+
|
| 1654 |
+
Q2 2022 YTD - Income Before Tax by Segment from Continuing Operations
|
| 1655 |
+
|
| 1656 |
+
(Dollars in Millions)
|
| 1657 |
+
<table>
|
| 1658 |
+
<thead>
|
| 1659 |
+
<tr>
|
| 1660 |
+
<th></th>
|
| 1661 |
+
<th>Pharmaceutical</th>
|
| 1662 |
+
<th>MedTech</th>
|
| 1663 |
+
<th>Unallocated</th>
|
| 1664 |
+
<th>Worldwide Total</th>
|
| 1665 |
+
</tr>
|
| 1666 |
+
</thead>
|
| 1667 |
+
<tbody>
|
| 1668 |
+
<tr>
|
| 1669 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1670 |
+
<td>$ 8,238</td>
|
| 1671 |
+
<td>2,551</td>
|
| 1672 |
+
<td>(442)</td>
|
| 1673 |
+
<td>10,347</td>
|
| 1674 |
+
</tr>
|
| 1675 |
+
<tr>
|
| 1676 |
+
<td>% to Sales</td>
|
| 1677 |
+
<td><b>31.5 %</b></td>
|
| 1678 |
+
<td><b>18.4 %</b></td>
|
| 1679 |
+
<td><b>(1.1) %</b></td>
|
| 1680 |
+
<td><b>25.8 %</b></td>
|
| 1681 |
+
</tr>
|
| 1682 |
+
<tr>
|
| 1683 |
+
<td>Intangible asset amortization expense</td>
|
| 1684 |
+
<td>1,496</td>
|
| 1685 |
+
<td>513</td>
|
| 1686 |
+
<td>—</td>
|
| 1687 |
+
<td>2,009</td>
|
| 1688 |
+
</tr>
|
| 1689 |
+
<tr>
|
| 1690 |
+
<td>In-process research and development Impairments</td>
|
| 1691 |
+
<td>610</td>
|
| 1692 |
+
<td>—</td>
|
| 1693 |
+
<td>—</td>
|
| 1694 |
+
<td>610</td>
|
| 1695 |
+
</tr>
|
| 1696 |
+
<tr>
|
| 1697 |
+
<td>Litigation Related</td>
|
| 1698 |
+
<td>21</td>
|
| 1699 |
+
<td>264</td>
|
| 1700 |
+
<td>100</td>
|
| 1701 |
+
<td>385</td>
|
| 1702 |
+
</tr>
|
| 1703 |
+
<tr>
|
| 1704 |
+
<td>Loss/(gain) on securities</td>
|
| 1705 |
+
<td>496</td>
|
| 1706 |
+
<td>24</td>
|
| 1707 |
+
<td>—</td>
|
| 1708 |
+
<td>520</td>
|
| 1709 |
+
</tr>
|
| 1710 |
+
<tr>
|
| 1711 |
+
<td>Restructuring related</td>
|
| 1712 |
+
<td>9</td>
|
| 1713 |
+
<td>152</td>
|
| 1714 |
+
<td>—</td>
|
| 1715 |
+
<td>161</td>
|
| 1716 |
+
</tr>
|
| 1717 |
+
<tr>
|
| 1718 |
+
<td>Medical Device Regulation</td>
|
| 1719 |
+
<td>—</td>
|
| 1720 |
+
<td>130</td>
|
| 1721 |
+
<td>—</td>
|
| 1722 |
+
<td>130</td>
|
| 1723 |
+
</tr>
|
| 1724 |
+
<tr>
|
| 1725 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 1726 |
+
<td>276</td>
|
| 1727 |
+
<td>—</td>
|
| 1728 |
+
<td>—</td>
|
| 1729 |
+
<td>276</td>
|
| 1730 |
+
</tr>
|
| 1731 |
+
<tr>
|
| 1732 |
+
<td>Other</td>
|
| 1733 |
+
<td>—</td>
|
| 1734 |
+
<td>—</td>
|
| 1735 |
+
<td>(7)</td>
|
| 1736 |
+
<td>(7)</td>
|
| 1737 |
+
</tr>
|
| 1738 |
+
<tr>
|
| 1739 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1740 |
+
<td>$ 11,146</td>
|
| 1741 |
+
<td>3,634</td>
|
| 1742 |
+
<td>(349)</td>
|
| 1743 |
+
<td>14,431</td>
|
| 1744 |
+
</tr>
|
| 1745 |
+
<tr>
|
| 1746 |
+
<td>% to Sales</td>
|
| 1747 |
+
<td><b>42.6 %</b></td>
|
| 1748 |
+
<td><b>26.2 %</b></td>
|
| 1749 |
+
<td><b>(0.9) %</b></td>
|
| 1750 |
+
<td><b>36.0 %</b></td>
|
| 1751 |
+
</tr>
|
| 1752 |
+
</tbody>
|
| 1753 |
+
</table>
|
| 1754 |
+
|
| 1755 |
+
Johnson & Johnson and Subsidiaries
|
| 1756 |
+
Reconciliation of Non-GAAP Financial Measures
|
| 1757 |
+
Q3 2022 QTD - Income Before Tax by Segment from Continuing Operations
|
| 1758 |
+
|
| 1759 |
+
(Dollars in Millions)
|
| 1760 |
+
<table>
|
| 1761 |
+
<thead>
|
| 1762 |
+
<tr>
|
| 1763 |
+
<th></th>
|
| 1764 |
+
<th>Pharmaceutical</th>
|
| 1765 |
+
<th>MedTech</th>
|
| 1766 |
+
<th>Unallocated</th>
|
| 1767 |
+
<th>Worldwide Total</th>
|
| 1768 |
+
</tr>
|
| 1769 |
+
</thead>
|
| 1770 |
+
<tbody>
|
| 1771 |
+
<tr>
|
| 1772 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1773 |
+
<td>$ 4,186</td>
|
| 1774 |
+
<td>1,090</td>
|
| 1775 |
+
<td>(104)</td>
|
| 1776 |
+
<td>5,172</td>
|
| 1777 |
+
</tr>
|
| 1778 |
+
<tr>
|
| 1779 |
+
<td>% to Sales</td>
|
| 1780 |
+
<td>31.7 %</td>
|
| 1781 |
+
<td>16.1 %</td>
|
| 1782 |
+
<td>(0.5) %</td>
|
| 1783 |
+
<td>25.9 %</td>
|
| 1784 |
+
</tr>
|
| 1785 |
+
<tr>
|
| 1786 |
+
<td>Intangible asset amortization expense</td>
|
| 1787 |
+
<td>698</td>
|
| 1788 |
+
<td>260</td>
|
| 1789 |
+
<td>—</td>
|
| 1790 |
+
<td>958</td>
|
| 1791 |
+
</tr>
|
| 1792 |
+
<tr>
|
| 1793 |
+
<td>Litigation Related</td>
|
| 1794 |
+
<td>7</td>
|
| 1795 |
+
<td>212</td>
|
| 1796 |
+
<td>—</td>
|
| 1797 |
+
<td>219</td>
|
| 1798 |
+
</tr>
|
| 1799 |
+
<tr>
|
| 1800 |
+
<td>Loss/(gain) on securities</td>
|
| 1801 |
+
<td>177</td>
|
| 1802 |
+
<td>(13)</td>
|
| 1803 |
+
<td>—</td>
|
| 1804 |
+
<td>164</td>
|
| 1805 |
+
</tr>
|
| 1806 |
+
<tr>
|
| 1807 |
+
<td>Restructuring related</td>
|
| 1808 |
+
<td>23</td>
|
| 1809 |
+
<td>69</td>
|
| 1810 |
+
<td>—</td>
|
| 1811 |
+
<td>92</td>
|
| 1812 |
+
</tr>
|
| 1813 |
+
<tr>
|
| 1814 |
+
<td>Medical Device Regulation</td>
|
| 1815 |
+
<td>—</td>
|
| 1816 |
+
<td>78</td>
|
| 1817 |
+
<td>—</td>
|
| 1818 |
+
<td>78</td>
|
| 1819 |
+
</tr>
|
| 1820 |
+
<tr>
|
| 1821 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 1822 |
+
<td>377</td>
|
| 1823 |
+
<td>—</td>
|
| 1824 |
+
<td>—</td>
|
| 1825 |
+
<td>377</td>
|
| 1826 |
+
</tr>
|
| 1827 |
+
<tr>
|
| 1828 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1829 |
+
<td>$ 5,468</td>
|
| 1830 |
+
<td>1,696</td>
|
| 1831 |
+
<td>(104)</td>
|
| 1832 |
+
<td>7,060</td>
|
| 1833 |
+
</tr>
|
| 1834 |
+
<tr>
|
| 1835 |
+
<td>% to Sales</td>
|
| 1836 |
+
<td>41.4 %</td>
|
| 1837 |
+
<td>25.0 %</td>
|
| 1838 |
+
<td>(0.5) %</td>
|
| 1839 |
+
<td>35.3 %</td>
|
| 1840 |
+
</tr>
|
| 1841 |
+
</tbody>
|
| 1842 |
+
</table>
|
| 1843 |
+
|
| 1844 |
+
Q3 2022 YTD - Income Before Tax by Segment from Continuing Operations
|
| 1845 |
+
|
| 1846 |
+
(Dollars in Millions)
|
| 1847 |
+
<table>
|
| 1848 |
+
<thead>
|
| 1849 |
+
<tr>
|
| 1850 |
+
<th></th>
|
| 1851 |
+
<th>Pharmaceutical</th>
|
| 1852 |
+
<th>MedTech</th>
|
| 1853 |
+
<th>Unallocated</th>
|
| 1854 |
+
<th>Worldwide Total</th>
|
| 1855 |
+
</tr>
|
| 1856 |
+
</thead>
|
| 1857 |
+
<tbody>
|
| 1858 |
+
<tr>
|
| 1859 |
+
<td>Reported Income Before Tax by Segment from Continuing Operations</td>
|
| 1860 |
+
<td>$ 12,424</td>
|
| 1861 |
+
<td>3,641</td>
|
| 1862 |
+
<td>(546)</td>
|
| 1863 |
+
<td>15,519</td>
|
| 1864 |
+
</tr>
|
| 1865 |
+
<tr>
|
| 1866 |
+
<td>% to Sales</td>
|
| 1867 |
+
<td>31.5 %</td>
|
| 1868 |
+
<td>17.6 %</td>
|
| 1869 |
+
<td>(0.9) %</td>
|
| 1870 |
+
<td>25.8 %</td>
|
| 1871 |
+
</tr>
|
| 1872 |
+
<tr>
|
| 1873 |
+
<td>Intangible asset amortization expense</td>
|
| 1874 |
+
<td>2,194</td>
|
| 1875 |
+
<td>773</td>
|
| 1876 |
+
<td>—</td>
|
| 1877 |
+
<td>2,967</td>
|
| 1878 |
+
</tr>
|
| 1879 |
+
<tr>
|
| 1880 |
+
<td>In-process research and development Impairments</td>
|
| 1881 |
+
<td>610</td>
|
| 1882 |
+
<td>—</td>
|
| 1883 |
+
<td>—</td>
|
| 1884 |
+
<td>610</td>
|
| 1885 |
+
</tr>
|
| 1886 |
+
<tr>
|
| 1887 |
+
<td>Litigation Related</td>
|
| 1888 |
+
<td>28</td>
|
| 1889 |
+
<td>476</td>
|
| 1890 |
+
<td>100</td>
|
| 1891 |
+
<td>604</td>
|
| 1892 |
+
</tr>
|
| 1893 |
+
<tr>
|
| 1894 |
+
<td>Loss/(gain) on securities</td>
|
| 1895 |
+
<td>673</td>
|
| 1896 |
+
<td>11</td>
|
| 1897 |
+
<td>—</td>
|
| 1898 |
+
<td>684</td>
|
| 1899 |
+
</tr>
|
| 1900 |
+
<tr>
|
| 1901 |
+
<td>Restructuring related</td>
|
| 1902 |
+
<td>32</td>
|
| 1903 |
+
<td>221</td>
|
| 1904 |
+
<td>—</td>
|
| 1905 |
+
<td>253</td>
|
| 1906 |
+
</tr>
|
| 1907 |
+
<tr>
|
| 1908 |
+
<td>Medical Device Regulation</td>
|
| 1909 |
+
<td>—</td>
|
| 1910 |
+
<td>208</td>
|
| 1911 |
+
<td>—</td>
|
| 1912 |
+
<td>208</td>
|
| 1913 |
+
</tr>
|
| 1914 |
+
<tr>
|
| 1915 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 1916 |
+
<td>653</td>
|
| 1917 |
+
<td>—</td>
|
| 1918 |
+
<td>—</td>
|
| 1919 |
+
<td>653</td>
|
| 1920 |
+
</tr>
|
| 1921 |
+
<tr>
|
| 1922 |
+
<td>Other</td>
|
| 1923 |
+
<td>—</td>
|
| 1924 |
+
<td>—</td>
|
| 1925 |
+
<td>(7)</td>
|
| 1926 |
+
<td>(7)</td>
|
| 1927 |
+
</tr>
|
| 1928 |
+
<tr>
|
| 1929 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 1930 |
+
<td>$ 16,614</td>
|
| 1931 |
+
<td>5,330</td>
|
| 1932 |
+
<td>(453)</td>
|
| 1933 |
+
<td>21,491</td>
|
| 1934 |
+
</tr>
|
| 1935 |
+
<tr>
|
| 1936 |
+
<td>% to Sales</td>
|
| 1937 |
+
<td>42.2 %</td>
|
| 1938 |
+
<td>25.8 %</td>
|
| 1939 |
+
<td>(0.8) %</td>
|
| 1940 |
+
<td>35.8 %</td>
|
| 1941 |
+
</tr>
|
| 1942 |
+
</tbody>
|
| 1943 |
+
</table>
|
| 1944 |
+
|
| 1945 |
+
Johnson & Johnson and Subsidiaries
|
| 1946 |
+
Reconciliation of Non-GAAP Financial Measures
|
| 1947 |
+
Q4 2022 QTD - Income Before Tax by Segment from Continuing Operations
|
| 1948 |
+
|
| 1949 |
+
(Dollars in Millions)
|
| 1950 |
+
Reported Income Before Tax by Segment from Continuing Operations
|
| 1951 |
+
% to Sales
|
| 1952 |
+
|
| 1953 |
+
<table>
|
| 1954 |
+
<thead>
|
| 1955 |
+
<tr>
|
| 1956 |
+
<th></th>
|
| 1957 |
+
<th>Pharmaceutical</th>
|
| 1958 |
+
<th>MedTech</th>
|
| 1959 |
+
<th>Unallocated</th>
|
| 1960 |
+
<th>Worldwide Total</th>
|
| 1961 |
+
</tr>
|
| 1962 |
+
</thead>
|
| 1963 |
+
<tbody>
|
| 1964 |
+
<tr>
|
| 1965 |
+
<td></td>
|
| 1966 |
+
<td>$ 3,223</td>
|
| 1967 |
+
<td>806</td>
|
| 1968 |
+
<td>(189)</td>
|
| 1969 |
+
<td>3,840</td>
|
| 1970 |
+
</tr>
|
| 1971 |
+
<tr>
|
| 1972 |
+
<td></td>
|
| 1973 |
+
<td><b>24.5 %</b></td>
|
| 1974 |
+
<td><b>11.9 %</b></td>
|
| 1975 |
+
<td><b>(0.9) %</b></td>
|
| 1976 |
+
<td><b>19.3 %</b></td>
|
| 1977 |
+
</tr>
|
| 1978 |
+
<tr>
|
| 1979 |
+
<td>Intangible asset amortization expense</td>
|
| 1980 |
+
<td>717</td>
|
| 1981 |
+
<td>260</td>
|
| 1982 |
+
<td>—</td>
|
| 1983 |
+
<td>977</td>
|
| 1984 |
+
</tr>
|
| 1985 |
+
<tr>
|
| 1986 |
+
<td>In-process research and development Impairments</td>
|
| 1987 |
+
<td>173</td>
|
| 1988 |
+
<td>—</td>
|
| 1989 |
+
<td>—</td>
|
| 1990 |
+
<td>173</td>
|
| 1991 |
+
</tr>
|
| 1992 |
+
<tr>
|
| 1993 |
+
<td>Litigation Related</td>
|
| 1994 |
+
<td>76</td>
|
| 1995 |
+
<td>136</td>
|
| 1996 |
+
<td>50</td>
|
| 1997 |
+
<td>262</td>
|
| 1998 |
+
</tr>
|
| 1999 |
+
<tr>
|
| 2000 |
+
<td>Loss/(gain) on securities</td>
|
| 2001 |
+
<td>23</td>
|
| 2002 |
+
<td>(17)</td>
|
| 2003 |
+
<td>—</td>
|
| 2004 |
+
<td>6</td>
|
| 2005 |
+
</tr>
|
| 2006 |
+
<tr>
|
| 2007 |
+
<td>Restructuring related</td>
|
| 2008 |
+
<td>31</td>
|
| 2009 |
+
<td>88</td>
|
| 2010 |
+
<td>—</td>
|
| 2011 |
+
<td>119</td>
|
| 2012 |
+
</tr>
|
| 2013 |
+
<tr>
|
| 2014 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 2015 |
+
<td>(104)</td>
|
| 2016 |
+
<td>300</td>
|
| 2017 |
+
<td>—</td>
|
| 2018 |
+
<td>196</td>
|
| 2019 |
+
</tr>
|
| 2020 |
+
<tr>
|
| 2021 |
+
<td>Medical Device Regulation</td>
|
| 2022 |
+
<td>—</td>
|
| 2023 |
+
<td>88</td>
|
| 2024 |
+
<td>—</td>
|
| 2025 |
+
<td>88</td>
|
| 2026 |
+
</tr>
|
| 2027 |
+
<tr>
|
| 2028 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 2029 |
+
<td>821</td>
|
| 2030 |
+
<td>—</td>
|
| 2031 |
+
<td>—</td>
|
| 2032 |
+
<td>821</td>
|
| 2033 |
+
</tr>
|
| 2034 |
+
<tr>
|
| 2035 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 2036 |
+
<td>$ 4,960</td>
|
| 2037 |
+
<td>1,661</td>
|
| 2038 |
+
<td>(139)</td>
|
| 2039 |
+
<td>6,482</td>
|
| 2040 |
+
</tr>
|
| 2041 |
+
<tr>
|
| 2042 |
+
<td>% to Sales</td>
|
| 2043 |
+
<td><b>37.7 %</b></td>
|
| 2044 |
+
<td><b>24.5 %</b></td>
|
| 2045 |
+
<td><b>(0.7) %</b></td>
|
| 2046 |
+
<td><b>32.5 %</b></td>
|
| 2047 |
+
</tr>
|
| 2048 |
+
</tbody>
|
| 2049 |
+
</table>
|
| 2050 |
+
|
| 2051 |
+
Q4 2022 YTD - Income Before Tax by Segment from Continuing Operations
|
| 2052 |
+
|
| 2053 |
+
(Dollars in Millions)
|
| 2054 |
+
Reported Income Before Tax by Segment from Continuing Operations
|
| 2055 |
+
% to Sales
|
| 2056 |
+
|
| 2057 |
+
<table>
|
| 2058 |
+
<thead>
|
| 2059 |
+
<tr>
|
| 2060 |
+
<th></th>
|
| 2061 |
+
<th>Pharmaceutical</th>
|
| 2062 |
+
<th>MedTech</th>
|
| 2063 |
+
<th>Unallocated</th>
|
| 2064 |
+
<th>Worldwide Total</th>
|
| 2065 |
+
</tr>
|
| 2066 |
+
</thead>
|
| 2067 |
+
<tbody>
|
| 2068 |
+
<tr>
|
| 2069 |
+
<td></td>
|
| 2070 |
+
<td>$ 15,647</td>
|
| 2071 |
+
<td>4,447</td>
|
| 2072 |
+
<td>(735)</td>
|
| 2073 |
+
<td>19,359</td>
|
| 2074 |
+
</tr>
|
| 2075 |
+
<tr>
|
| 2076 |
+
<td></td>
|
| 2077 |
+
<td><b>29.8 %</b></td>
|
| 2078 |
+
<td><b>16.2 %</b></td>
|
| 2079 |
+
<td><b>(0.9) %</b></td>
|
| 2080 |
+
<td><b>24.2 %</b></td>
|
| 2081 |
+
</tr>
|
| 2082 |
+
<tr>
|
| 2083 |
+
<td>Intangible asset amortization expense</td>
|
| 2084 |
+
<td>2,911</td>
|
| 2085 |
+
<td>1,033</td>
|
| 2086 |
+
<td>—</td>
|
| 2087 |
+
<td>3,944</td>
|
| 2088 |
+
</tr>
|
| 2089 |
+
<tr>
|
| 2090 |
+
<td>In-process research and development Impairments</td>
|
| 2091 |
+
<td>783</td>
|
| 2092 |
+
<td>—</td>
|
| 2093 |
+
<td>—</td>
|
| 2094 |
+
<td>783</td>
|
| 2095 |
+
</tr>
|
| 2096 |
+
<tr>
|
| 2097 |
+
<td>Litigation Related</td>
|
| 2098 |
+
<td>104</td>
|
| 2099 |
+
<td>612</td>
|
| 2100 |
+
<td>150</td>
|
| 2101 |
+
<td>866</td>
|
| 2102 |
+
</tr>
|
| 2103 |
+
<tr>
|
| 2104 |
+
<td>Loss/(gain) on securities</td>
|
| 2105 |
+
<td>696</td>
|
| 2106 |
+
<td>(6)</td>
|
| 2107 |
+
<td>—</td>
|
| 2108 |
+
<td>690</td>
|
| 2109 |
+
</tr>
|
| 2110 |
+
<tr>
|
| 2111 |
+
<td>Restructuring related</td>
|
| 2112 |
+
<td>63</td>
|
| 2113 |
+
<td>309</td>
|
| 2114 |
+
<td>—</td>
|
| 2115 |
+
<td>372</td>
|
| 2116 |
+
</tr>
|
| 2117 |
+
<tr>
|
| 2118 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 2119 |
+
<td>(104)</td>
|
| 2120 |
+
<td>300</td>
|
| 2121 |
+
<td>—</td>
|
| 2122 |
+
<td>196</td>
|
| 2123 |
+
</tr>
|
| 2124 |
+
<tr>
|
| 2125 |
+
<td>Medical Device Regulation</td>
|
| 2126 |
+
<td>—</td>
|
| 2127 |
+
<td>296</td>
|
| 2128 |
+
<td>—</td>
|
| 2129 |
+
<td>296</td>
|
| 2130 |
+
</tr>
|
| 2131 |
+
<tr>
|
| 2132 |
+
<td>COVID-19 Vaccine related costs</td>
|
| 2133 |
+
<td>1,474</td>
|
| 2134 |
+
<td>—</td>
|
| 2135 |
+
<td>—</td>
|
| 2136 |
+
<td>1,474</td>
|
| 2137 |
+
</tr>
|
| 2138 |
+
<tr>
|
| 2139 |
+
<td>Other</td>
|
| 2140 |
+
<td>—</td>
|
| 2141 |
+
<td>—</td>
|
| 2142 |
+
<td>(7)</td>
|
| 2143 |
+
<td>(7)</td>
|
| 2144 |
+
</tr>
|
| 2145 |
+
<tr>
|
| 2146 |
+
<td>Adjusted Income Before Tax by Segment from Continuing Operations</td>
|
| 2147 |
+
<td>$ 21,574</td>
|
| 2148 |
+
<td>6,991</td>
|
| 2149 |
+
<td>(592)</td>
|
| 2150 |
+
<td>27,973</td>
|
| 2151 |
+
</tr>
|
| 2152 |
+
<tr>
|
| 2153 |
+
<td>% to Sales</td>
|
| 2154 |
+
<td><b>41.0 %</b></td>
|
| 2155 |
+
<td><b>25.5 %</b></td>
|
| 2156 |
+
<td><b>(0.7) %</b></td>
|
| 2157 |
+
<td><b>35.0 %</b></td>
|
| 2158 |
+
</tr>
|
| 2159 |
+
</tbody>
|
| 2160 |
+
</table>
|
| 2161 |
+
|
| 2162 |
+
Johnson & Johnson and Subsidiaries
|
| 2163 |
+
GAAP to Non-GAAP Reconciliation
|
| 2164 |
+
$ in Millions
|
| 2165 |
+
|
| 2166 |
+
<table>
|
| 2167 |
+
<thead>
|
| 2168 |
+
<tr>
|
| 2169 |
+
<th>First Quarter</th>
|
| 2170 |
+
<th>First Quarter April 2, 2023 GAAP</th>
|
| 2171 |
+
<th>Intangible asset amortization</th>
|
| 2172 |
+
<th>Litigation related</th>
|
| 2173 |
+
<th>In-process research and development Impairments</th>
|
| 2174 |
+
<th>Restructuring related</th>
|
| 2175 |
+
<th>Acquisition, integration and divestiture related</th>
|
| 2176 |
+
<th>(Loss)/gain on securities</th>
|
| 2177 |
+
<th>Medical Device Regulation</th>
|
| 2178 |
+
<th>COVID-19 Vaccine Related Costs</th>
|
| 2179 |
+
<th>Consumer Health separation tax related costs</th>
|
| 2180 |
+
<th>Tax legislation and other tax related</th>
|
| 2181 |
+
<th>First Quarter April 2, 2023 Non-GAAP</th>
|
| 2182 |
+
</tr>
|
| 2183 |
+
</thead>
|
| 2184 |
+
<tbody>
|
| 2185 |
+
<tr>
|
| 2186 |
+
<td>Cost of products sold</td>
|
| 2187 |
+
<td>$ 6,687</td>
|
| 2188 |
+
<td>(1,118)</td>
|
| 2189 |
+
<td></td>
|
| 2190 |
+
<td></td>
|
| 2191 |
+
<td></td>
|
| 2192 |
+
<td></td>
|
| 2193 |
+
<td></td>
|
| 2194 |
+
<td>(23)</td>
|
| 2195 |
+
<td>(206)</td>
|
| 2196 |
+
<td></td>
|
| 2197 |
+
<td></td>
|
| 2198 |
+
<td>5,340</td>
|
| 2199 |
+
</tr>
|
| 2200 |
+
<tr>
|
| 2201 |
+
<td>Selling, marketing and admin expenses</td>
|
| 2202 |
+
<td>4,906</td>
|
| 2203 |
+
<td></td>
|
| 2204 |
+
<td></td>
|
| 2205 |
+
<td></td>
|
| 2206 |
+
<td></td>
|
| 2207 |
+
<td></td>
|
| 2208 |
+
<td></td>
|
| 2209 |
+
<td>(7)</td>
|
| 2210 |
+
<td></td>
|
| 2211 |
+
<td></td>
|
| 2212 |
+
<td></td>
|
| 2213 |
+
<td>4,899</td>
|
| 2214 |
+
</tr>
|
| 2215 |
+
<tr>
|
| 2216 |
+
<td>Research and development expense</td>
|
| 2217 |
+
<td>3,455</td>
|
| 2218 |
+
<td></td>
|
| 2219 |
+
<td></td>
|
| 2220 |
+
<td></td>
|
| 2221 |
+
<td></td>
|
| 2222 |
+
<td>(16)</td>
|
| 2223 |
+
<td></td>
|
| 2224 |
+
<td>(34)</td>
|
| 2225 |
+
<td>(16)</td>
|
| 2226 |
+
<td></td>
|
| 2227 |
+
<td></td>
|
| 2228 |
+
<td>3,389</td>
|
| 2229 |
+
</tr>
|
| 2230 |
+
<tr>
|
| 2231 |
+
<td>Other (Income) / Expense</td>
|
| 2232 |
+
<td>6,940</td>
|
| 2233 |
+
<td>(4)</td>
|
| 2234 |
+
<td>(6,900)</td>
|
| 2235 |
+
<td></td>
|
| 2236 |
+
<td></td>
|
| 2237 |
+
<td>(26)</td>
|
| 2238 |
+
<td>(72)</td>
|
| 2239 |
+
<td></td>
|
| 2240 |
+
<td>(222)</td>
|
| 2241 |
+
<td></td>
|
| 2242 |
+
<td></td>
|
| 2243 |
+
<td>(284)</td>
|
| 2244 |
+
</tr>
|
| 2245 |
+
<tr>
|
| 2246 |
+
<td>In-process research and development Impairments</td>
|
| 2247 |
+
<td>49</td>
|
| 2248 |
+
<td></td>
|
| 2249 |
+
<td></td>
|
| 2250 |
+
<td>(49)</td>
|
| 2251 |
+
<td></td>
|
| 2252 |
+
<td></td>
|
| 2253 |
+
<td></td>
|
| 2254 |
+
<td></td>
|
| 2255 |
+
<td></td>
|
| 2256 |
+
<td></td>
|
| 2257 |
+
<td></td>
|
| 2258 |
+
<td>—</td>
|
| 2259 |
+
</tr>
|
| 2260 |
+
<tr>
|
| 2261 |
+
<td>Interest (Income) / Expense</td>
|
| 2262 |
+
<td>14</td>
|
| 2263 |
+
<td></td>
|
| 2264 |
+
<td></td>
|
| 2265 |
+
<td></td>
|
| 2266 |
+
<td></td>
|
| 2267 |
+
<td></td>
|
| 2268 |
+
<td></td>
|
| 2269 |
+
<td></td>
|
| 2270 |
+
<td></td>
|
| 2271 |
+
<td></td>
|
| 2272 |
+
<td></td>
|
| 2273 |
+
<td>14</td>
|
| 2274 |
+
</tr>
|
| 2275 |
+
<tr>
|
| 2276 |
+
<td>Restructuring</td>
|
| 2277 |
+
<td>130</td>
|
| 2278 |
+
<td></td>
|
| 2279 |
+
<td></td>
|
| 2280 |
+
<td></td>
|
| 2281 |
+
<td>(130)</td>
|
| 2282 |
+
<td></td>
|
| 2283 |
+
<td></td>
|
| 2284 |
+
<td></td>
|
| 2285 |
+
<td></td>
|
| 2286 |
+
<td></td>
|
| 2287 |
+
<td></td>
|
| 2288 |
+
<td>—</td>
|
| 2289 |
+
</tr>
|
| 2290 |
+
<tr>
|
| 2291 |
+
<td>Provision for/(Benefit from) taxes on income</td>
|
| 2292 |
+
<td>(796)</td>
|
| 2293 |
+
<td>177</td>
|
| 2294 |
+
<td>1,622</td>
|
| 2295 |
+
<td>11</td>
|
| 2296 |
+
<td>32</td>
|
| 2297 |
+
<td>5</td>
|
| 2298 |
+
<td>16</td>
|
| 2299 |
+
<td>12</td>
|
| 2300 |
+
<td>105</td>
|
| 2301 |
+
<td>(11)</td>
|
| 2302 |
+
<td>23</td>
|
| 2303 |
+
<td>1,196</td>
|
| 2304 |
+
</tr>
|
| 2305 |
+
<tr>
|
| 2306 |
+
<td>Net Earnings/(Loss) from Continuing Operations</td>
|
| 2307 |
+
<td>$ (491)</td>
|
| 2308 |
+
<td>945</td>
|
| 2309 |
+
<td>5,278</td>
|
| 2310 |
+
<td>38</td>
|
| 2311 |
+
<td>98</td>
|
| 2312 |
+
<td>37</td>
|
| 2313 |
+
<td>56</td>
|
| 2314 |
+
<td>52</td>
|
| 2315 |
+
<td>339</td>
|
| 2316 |
+
<td>11</td>
|
| 2317 |
+
<td>(23)</td>
|
| 2318 |
+
<td>6,340</td>
|
| 2319 |
+
</tr>
|
| 2320 |
+
<tr>
|
| 2321 |
+
<td>Second Quarter</td>
|
| 2322 |
+
<td>Second Quarter July 2, 2023 GAAP</td>
|
| 2323 |
+
<td>Intangible asset amortization</td>
|
| 2324 |
+
<td>Litigation related</td>
|
| 2325 |
+
<td>In-process research and development Impairments</td>
|
| 2326 |
+
<td>Restructuring related</td>
|
| 2327 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 2328 |
+
<td>(Loss)/gain on securities</td>
|
| 2329 |
+
<td>Medical Device Regulation</td>
|
| 2330 |
+
<td>COVID-19 Vaccine Related Costs</td>
|
| 2331 |
+
<td>Consumer Health separation tax related costs</td>
|
| 2332 |
+
<td>Tax legislation and other tax related</td>
|
| 2333 |
+
<td>Second Quarter July 2, 2023 Non-GAAP</td>
|
| 2334 |
+
</tr>
|
| 2335 |
+
<tr>
|
| 2336 |
+
<td>Cost of products sold</td>
|
| 2337 |
+
<td>$ 6,462</td>
|
| 2338 |
+
<td>(1,130)</td>
|
| 2339 |
+
<td></td>
|
| 2340 |
+
<td></td>
|
| 2341 |
+
<td></td>
|
| 2342 |
+
<td></td>
|
| 2343 |
+
<td></td>
|
| 2344 |
+
<td>(34)</td>
|
| 2345 |
+
<td>38</td>
|
| 2346 |
+
<td></td>
|
| 2347 |
+
<td>—</td>
|
| 2348 |
+
<td>5,336</td>
|
| 2349 |
+
</tr>
|
| 2350 |
+
<tr>
|
| 2351 |
+
<td>Selling, marketing and admin expenses</td>
|
| 2352 |
+
<td>5,396</td>
|
| 2353 |
+
<td></td>
|
| 2354 |
+
<td></td>
|
| 2355 |
+
<td></td>
|
| 2356 |
+
<td></td>
|
| 2357 |
+
<td></td>
|
| 2358 |
+
<td></td>
|
| 2359 |
+
<td>(8)</td>
|
| 2360 |
+
<td></td>
|
| 2361 |
+
<td></td>
|
| 2362 |
+
<td></td>
|
| 2363 |
+
<td>5,388</td>
|
| 2364 |
+
</tr>
|
| 2365 |
+
<tr>
|
| 2366 |
+
<td>Research and development expense</td>
|
| 2367 |
+
<td>3,703</td>
|
| 2368 |
+
<td></td>
|
| 2369 |
+
<td></td>
|
| 2370 |
+
<td></td>
|
| 2371 |
+
<td></td>
|
| 2372 |
+
<td>(38)</td>
|
| 2373 |
+
<td>1</td>
|
| 2374 |
+
<td>(44)</td>
|
| 2375 |
+
<td>(46)</td>
|
| 2376 |
+
<td></td>
|
| 2377 |
+
<td></td>
|
| 2378 |
+
<td>3,613</td>
|
| 2379 |
+
</tr>
|
| 2380 |
+
<tr>
|
| 2381 |
+
<td>Other (Income) / Expense</td>
|
| 2382 |
+
<td>(384)</td>
|
| 2383 |
+
<td></td>
|
| 2384 |
+
<td>(137)</td>
|
| 2385 |
+
<td></td>
|
| 2386 |
+
<td></td>
|
| 2387 |
+
<td></td>
|
| 2388 |
+
<td></td>
|
| 2389 |
+
<td></td>
|
| 2390 |
+
<td>(156)</td>
|
| 2391 |
+
<td></td>
|
| 2392 |
+
<td></td>
|
| 2393 |
+
<td>(714)</td>
|
| 2394 |
+
</tr>
|
| 2395 |
+
<tr>
|
| 2396 |
+
<td>In-process research and development Impairments</td>
|
| 2397 |
+
<td>—</td>
|
| 2398 |
+
<td></td>
|
| 2399 |
+
<td></td>
|
| 2400 |
+
<td></td>
|
| 2401 |
+
<td></td>
|
| 2402 |
+
<td></td>
|
| 2403 |
+
<td></td>
|
| 2404 |
+
<td></td>
|
| 2405 |
+
<td></td>
|
| 2406 |
+
<td></td>
|
| 2407 |
+
<td></td>
|
| 2408 |
+
<td>—</td>
|
| 2409 |
+
</tr>
|
| 2410 |
+
<tr>
|
| 2411 |
+
<td>Interest (Income)/Expense</td>
|
| 2412 |
+
<td>(109)</td>
|
| 2413 |
+
<td></td>
|
| 2414 |
+
<td></td>
|
| 2415 |
+
<td></td>
|
| 2416 |
+
<td></td>
|
| 2417 |
+
<td></td>
|
| 2418 |
+
<td></td>
|
| 2419 |
+
<td></td>
|
| 2420 |
+
<td></td>
|
| 2421 |
+
<td></td>
|
| 2422 |
+
<td></td>
|
| 2423 |
+
<td>(109)</td>
|
| 2424 |
+
</tr>
|
| 2425 |
+
<tr>
|
| 2426 |
+
<td>Restructuring</td>
|
| 2427 |
+
<td>145</td>
|
| 2428 |
+
<td></td>
|
| 2429 |
+
<td></td>
|
| 2430 |
+
<td></td>
|
| 2431 |
+
<td>(145)</td>
|
| 2432 |
+
<td></td>
|
| 2433 |
+
<td></td>
|
| 2434 |
+
<td></td>
|
| 2435 |
+
<td></td>
|
| 2436 |
+
<td></td>
|
| 2437 |
+
<td></td>
|
| 2438 |
+
<td>—</td>
|
| 2439 |
+
</tr>
|
| 2440 |
+
<tr>
|
| 2441 |
+
<td>Provision for taxes on income</td>
|
| 2442 |
+
<td>930</td>
|
| 2443 |
+
<td>177</td>
|
| 2444 |
+
<td>29</td>
|
| 2445 |
+
<td></td>
|
| 2446 |
+
<td>37</td>
|
| 2447 |
+
<td>12</td>
|
| 2448 |
+
<td>(1)</td>
|
| 2449 |
+
<td>15</td>
|
| 2450 |
+
<td>38</td>
|
| 2451 |
+
<td>17</td>
|
| 2452 |
+
<td>21</td>
|
| 2453 |
+
<td>1,275</td>
|
| 2454 |
+
</tr>
|
| 2455 |
+
<tr>
|
| 2456 |
+
<td>Net Earnings from Continuing Operations</td>
|
| 2457 |
+
<td>$ 5,376</td>
|
| 2458 |
+
<td>953</td>
|
| 2459 |
+
<td>108</td>
|
| 2460 |
+
<td>—</td>
|
| 2461 |
+
<td>108</td>
|
| 2462 |
+
<td>26</td>
|
| 2463 |
+
<td>—</td>
|
| 2464 |
+
<td>71</td>
|
| 2465 |
+
<td>126</td>
|
| 2466 |
+
<td>(17)</td>
|
| 2467 |
+
<td>(21)</td>
|
| 2468 |
+
<td>6,730</td>
|
| 2469 |
+
</tr>
|
| 2470 |
+
<tr>
|
| 2471 |
+
<td>Six Months</td>
|
| 2472 |
+
<td>Six Months July 2, 2023 GAAP</td>
|
| 2473 |
+
<td>Intangible asset amortization</td>
|
| 2474 |
+
<td>Litigation related</td>
|
| 2475 |
+
<td>In-process research and development Impairments</td>
|
| 2476 |
+
<td>Restructuring related</td>
|
| 2477 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 2478 |
+
<td>(Loss)/gain on securities</td>
|
| 2479 |
+
<td>Medical Device Regulation</td>
|
| 2480 |
+
<td>COVID-19 Vaccine Related Costs</td>
|
| 2481 |
+
<td>Consumer Health separation tax related costs</td>
|
| 2482 |
+
<td>Tax legislation and other tax related</td>
|
| 2483 |
+
<td>Six Months July 2, 2023 Non-GAAP</td>
|
| 2484 |
+
</tr>
|
| 2485 |
+
<tr>
|
| 2486 |
+
<td>Cost of products sold</td>
|
| 2487 |
+
<td>$ 13,149</td>
|
| 2488 |
+
<td>(2,248)</td>
|
| 2489 |
+
<td></td>
|
| 2490 |
+
<td></td>
|
| 2491 |
+
<td></td>
|
| 2492 |
+
<td></td>
|
| 2493 |
+
<td></td>
|
| 2494 |
+
<td>(57)</td>
|
| 2495 |
+
<td>(168)</td>
|
| 2496 |
+
<td></td>
|
| 2497 |
+
<td></td>
|
| 2498 |
+
<td>10,676</td>
|
| 2499 |
+
</tr>
|
| 2500 |
+
<tr>
|
| 2501 |
+
<td>Selling, marketing and admin expenses</td>
|
| 2502 |
+
<td>10,302</td>
|
| 2503 |
+
<td></td>
|
| 2504 |
+
<td></td>
|
| 2505 |
+
<td></td>
|
| 2506 |
+
<td></td>
|
| 2507 |
+
<td></td>
|
| 2508 |
+
<td></td>
|
| 2509 |
+
<td>(15)</td>
|
| 2510 |
+
<td></td>
|
| 2511 |
+
<td></td>
|
| 2512 |
+
<td></td>
|
| 2513 |
+
<td>10,287</td>
|
| 2514 |
+
</tr>
|
| 2515 |
+
<tr>
|
| 2516 |
+
<td>Research and development expense</td>
|
| 2517 |
+
<td>7,158</td>
|
| 2518 |
+
<td></td>
|
| 2519 |
+
<td></td>
|
| 2520 |
+
<td></td>
|
| 2521 |
+
<td></td>
|
| 2522 |
+
<td>(16)</td>
|
| 2523 |
+
<td></td>
|
| 2524 |
+
<td>(78)</td>
|
| 2525 |
+
<td>(62)</td>
|
| 2526 |
+
<td></td>
|
| 2527 |
+
<td></td>
|
| 2528 |
+
<td>7,002</td>
|
| 2529 |
+
</tr>
|
| 2530 |
+
<tr>
|
| 2531 |
+
<td>Other (Income) / Expense</td>
|
| 2532 |
+
<td>6,556</td>
|
| 2533 |
+
<td>(4)</td>
|
| 2534 |
+
<td>(7,037)</td>
|
| 2535 |
+
<td></td>
|
| 2536 |
+
<td></td>
|
| 2537 |
+
<td>(64)</td>
|
| 2538 |
+
<td>(71)</td>
|
| 2539 |
+
<td></td>
|
| 2540 |
+
<td>(378)</td>
|
| 2541 |
+
<td></td>
|
| 2542 |
+
<td></td>
|
| 2543 |
+
<td>(998)</td>
|
| 2544 |
+
</tr>
|
| 2545 |
+
<tr>
|
| 2546 |
+
<td>In-process research and development Impairments</td>
|
| 2547 |
+
<td>49</td>
|
| 2548 |
+
<td></td>
|
| 2549 |
+
<td></td>
|
| 2550 |
+
<td>(49)</td>
|
| 2551 |
+
<td></td>
|
| 2552 |
+
<td></td>
|
| 2553 |
+
<td></td>
|
| 2554 |
+
<td></td>
|
| 2555 |
+
<td></td>
|
| 2556 |
+
<td></td>
|
| 2557 |
+
<td></td>
|
| 2558 |
+
<td>—</td>
|
| 2559 |
+
</tr>
|
| 2560 |
+
<tr>
|
| 2561 |
+
<td>Interest (Income)/Expense</td>
|
| 2562 |
+
<td>(95)</td>
|
| 2563 |
+
<td></td>
|
| 2564 |
+
<td></td>
|
| 2565 |
+
<td></td>
|
| 2566 |
+
<td></td>
|
| 2567 |
+
<td></td>
|
| 2568 |
+
<td></td>
|
| 2569 |
+
<td></td>
|
| 2570 |
+
<td></td>
|
| 2571 |
+
<td></td>
|
| 2572 |
+
<td></td>
|
| 2573 |
+
<td>(95)</td>
|
| 2574 |
+
</tr>
|
| 2575 |
+
<tr>
|
| 2576 |
+
<td>Restructuring</td>
|
| 2577 |
+
<td>275</td>
|
| 2578 |
+
<td></td>
|
| 2579 |
+
<td></td>
|
| 2580 |
+
<td></td>
|
| 2581 |
+
<td>(275)</td>
|
| 2582 |
+
<td></td>
|
| 2583 |
+
<td></td>
|
| 2584 |
+
<td></td>
|
| 2585 |
+
<td></td>
|
| 2586 |
+
<td></td>
|
| 2587 |
+
<td></td>
|
| 2588 |
+
<td>—</td>
|
| 2589 |
+
</tr>
|
| 2590 |
+
<tr>
|
| 2591 |
+
<td>Provision for taxes on income</td>
|
| 2592 |
+
<td>134</td>
|
| 2593 |
+
<td>354</td>
|
| 2594 |
+
<td>1,651</td>
|
| 2595 |
+
<td>11</td>
|
| 2596 |
+
<td>69</td>
|
| 2597 |
+
<td>17</td>
|
| 2598 |
+
<td>15</td>
|
| 2599 |
+
<td>27</td>
|
| 2600 |
+
<td>143</td>
|
| 2601 |
+
<td>6</td>
|
| 2602 |
+
<td>44</td>
|
| 2603 |
+
<td>2,471</td>
|
| 2604 |
+
</tr>
|
| 2605 |
+
<tr>
|
| 2606 |
+
<td>Net Earnings from Continuing Operations</td>
|
| 2607 |
+
<td>$ 4,885</td>
|
| 2608 |
+
<td>1,898</td>
|
| 2609 |
+
<td>5,386</td>
|
| 2610 |
+
<td>38</td>
|
| 2611 |
+
<td>206</td>
|
| 2612 |
+
<td>63</td>
|
| 2613 |
+
<td>56</td>
|
| 2614 |
+
<td>123</td>
|
| 2615 |
+
<td>465</td>
|
| 2616 |
+
<td>(6)</td>
|
| 2617 |
+
<td>(44)</td>
|
| 2618 |
+
<td>13,070</td>
|
| 2619 |
+
</tr>
|
| 2620 |
+
</tbody>
|
| 2621 |
+
</table>
|
| 2622 |
+
|
| 2623 |
+
Johnson & Johnson and Subsidiaries
|
| 2624 |
+
GAAP to Non-GAAP Reconciliation
|
| 2625 |
+
$ in Millions
|
| 2626 |
+
|
| 2627 |
+
<table>
|
| 2628 |
+
<thead>
|
| 2629 |
+
<tr>
|
| 2630 |
+
<th rowspan="2">First Quarter</th>
|
| 2631 |
+
<th rowspan="2">First Quarter April 3, 2022 GAAP</th>
|
| 2632 |
+
<th rowspan="2">Intangible asset amortization</th>
|
| 2633 |
+
<th rowspan="2">Litigation related</th>
|
| 2634 |
+
<th rowspan="2">In-process research and development Impairments</th>
|
| 2635 |
+
<th rowspan="2">Restructuring related</th>
|
| 2636 |
+
<th rowspan="2">(Loss)/gain on securities</th>
|
| 2637 |
+
<th rowspan="2">Medical Device Regulation</th>
|
| 2638 |
+
<th rowspan="2">COVID-19 Vaccine Related Costs</th>
|
| 2639 |
+
<th rowspan="2">Consumer Health separation tax related costs</th>
|
| 2640 |
+
<th rowspan="2">Tax legislation and other tax related</th>
|
| 2641 |
+
<th rowspan="2">Other</th>
|
| 2642 |
+
<th rowspan="2">First Quarter April 3, 2022 Non-GAAP</th>
|
| 2643 |
+
</tr>
|
| 2644 |
+
<tr>
|
| 2645 |
+
</tr>
|
| 2646 |
+
</thead>
|
| 2647 |
+
<tbody>
|
| 2648 |
+
<tr>
|
| 2649 |
+
<td>Cost of products sold</td>
|
| 2650 |
+
<td>$</td>
|
| 2651 |
+
<td>6,018</td>
|
| 2652 |
+
<td>(1,014)</td>
|
| 2653 |
+
<td></td>
|
| 2654 |
+
<td>(14)</td>
|
| 2655 |
+
<td></td>
|
| 2656 |
+
<td>(22)</td>
|
| 2657 |
+
<td></td>
|
| 2658 |
+
<td></td>
|
| 2659 |
+
<td></td>
|
| 2660 |
+
<td></td>
|
| 2661 |
+
<td>4,968</td>
|
| 2662 |
+
</tr>
|
| 2663 |
+
<tr>
|
| 2664 |
+
<td>Selling, marketing and admin expenses</td>
|
| 2665 |
+
<td></td>
|
| 2666 |
+
<td>4,812</td>
|
| 2667 |
+
<td></td>
|
| 2668 |
+
<td></td>
|
| 2669 |
+
<td></td>
|
| 2670 |
+
<td></td>
|
| 2671 |
+
<td>(6)</td>
|
| 2672 |
+
<td></td>
|
| 2673 |
+
<td></td>
|
| 2674 |
+
<td></td>
|
| 2675 |
+
<td></td>
|
| 2676 |
+
<td>4,806</td>
|
| 2677 |
+
</tr>
|
| 2678 |
+
<tr>
|
| 2679 |
+
<td>Research and development expense</td>
|
| 2680 |
+
<td></td>
|
| 2681 |
+
<td>3,355</td>
|
| 2682 |
+
<td></td>
|
| 2683 |
+
<td></td>
|
| 2684 |
+
<td></td>
|
| 2685 |
+
<td></td>
|
| 2686 |
+
<td>(32)</td>
|
| 2687 |
+
<td></td>
|
| 2688 |
+
<td></td>
|
| 2689 |
+
<td></td>
|
| 2690 |
+
<td></td>
|
| 2691 |
+
<td>3,323</td>
|
| 2692 |
+
</tr>
|
| 2693 |
+
<tr>
|
| 2694 |
+
<td>Other (Income) / Expense</td>
|
| 2695 |
+
<td></td>
|
| 2696 |
+
<td>(210)</td>
|
| 2697 |
+
<td></td>
|
| 2698 |
+
<td></td>
|
| 2699 |
+
<td>20</td>
|
| 2700 |
+
<td>(411)</td>
|
| 2701 |
+
<td></td>
|
| 2702 |
+
<td></td>
|
| 2703 |
+
<td></td>
|
| 2704 |
+
<td></td>
|
| 2705 |
+
<td>7</td>
|
| 2706 |
+
<td>(594)</td>
|
| 2707 |
+
</tr>
|
| 2708 |
+
<tr>
|
| 2709 |
+
<td>In-process research and development Impairments</td>
|
| 2710 |
+
<td></td>
|
| 2711 |
+
<td>610</td>
|
| 2712 |
+
<td></td>
|
| 2713 |
+
<td></td>
|
| 2714 |
+
<td>(610)</td>
|
| 2715 |
+
<td></td>
|
| 2716 |
+
<td></td>
|
| 2717 |
+
<td></td>
|
| 2718 |
+
<td></td>
|
| 2719 |
+
<td></td>
|
| 2720 |
+
<td></td>
|
| 2721 |
+
<td>—</td>
|
| 2722 |
+
</tr>
|
| 2723 |
+
<tr>
|
| 2724 |
+
<td>Restructuring</td>
|
| 2725 |
+
<td></td>
|
| 2726 |
+
<td>64</td>
|
| 2727 |
+
<td></td>
|
| 2728 |
+
<td></td>
|
| 2729 |
+
<td>(64)</td>
|
| 2730 |
+
<td></td>
|
| 2731 |
+
<td></td>
|
| 2732 |
+
<td></td>
|
| 2733 |
+
<td></td>
|
| 2734 |
+
<td></td>
|
| 2735 |
+
<td></td>
|
| 2736 |
+
<td>—</td>
|
| 2737 |
+
</tr>
|
| 2738 |
+
<tr>
|
| 2739 |
+
<td>Provision for taxes on income</td>
|
| 2740 |
+
<td></td>
|
| 2741 |
+
<td>632</td>
|
| 2742 |
+
<td>148</td>
|
| 2743 |
+
<td>(53)</td>
|
| 2744 |
+
<td>138</td>
|
| 2745 |
+
<td>8</td>
|
| 2746 |
+
<td>96</td>
|
| 2747 |
+
<td>11</td>
|
| 2748 |
+
<td>(96)</td>
|
| 2749 |
+
<td>79</td>
|
| 2750 |
+
<td>(2)</td>
|
| 2751 |
+
<td>961</td>
|
| 2752 |
+
</tr>
|
| 2753 |
+
<tr>
|
| 2754 |
+
<td>Net Earnings from Continuing Operations</td>
|
| 2755 |
+
<td>$</td>
|
| 2756 |
+
<td>4,571</td>
|
| 2757 |
+
<td>866</td>
|
| 2758 |
+
<td>53</td>
|
| 2759 |
+
<td>472</td>
|
| 2760 |
+
<td>50</td>
|
| 2761 |
+
<td>315</td>
|
| 2762 |
+
<td>49</td>
|
| 2763 |
+
<td>96</td>
|
| 2764 |
+
<td>(79)</td>
|
| 2765 |
+
<td>(5)</td>
|
| 2766 |
+
<td>6,388</td>
|
| 2767 |
+
</tr>
|
| 2768 |
+
<tr>
|
| 2769 |
+
<td>Second Quarter</td>
|
| 2770 |
+
<td></td>
|
| 2771 |
+
<td></td>
|
| 2772 |
+
<td></td>
|
| 2773 |
+
<td></td>
|
| 2774 |
+
<td></td>
|
| 2775 |
+
<td></td>
|
| 2776 |
+
<td></td>
|
| 2777 |
+
<td></td>
|
| 2778 |
+
<td></td>
|
| 2779 |
+
<td></td>
|
| 2780 |
+
<td></td>
|
| 2781 |
+
<td></td>
|
| 2782 |
+
</tr>
|
| 2783 |
+
<tr>
|
| 2784 |
+
<td></td>
|
| 2785 |
+
<td>Second Quarter July 3, 2022 GAAP</td>
|
| 2786 |
+
<td>Intangible asset amortization</td>
|
| 2787 |
+
<td>Litigation related</td>
|
| 2788 |
+
<td>In-process research and development Impairments</td>
|
| 2789 |
+
<td>Restructuring related</td>
|
| 2790 |
+
<td>(Loss)/gain on securities</td>
|
| 2791 |
+
<td>Medical Device Regulation</td>
|
| 2792 |
+
<td>COVID-19 Vaccine Related Costs</td>
|
| 2793 |
+
<td>Consumer Health separation tax related costs</td>
|
| 2794 |
+
<td>Tax legislation and other tax related</td>
|
| 2795 |
+
<td>Other</td>
|
| 2796 |
+
<td>Second Quarter July 3, 2022 Non-GAAP</td>
|
| 2797 |
+
</tr>
|
| 2798 |
+
<tr>
|
| 2799 |
+
<td>Cost of products sold</td>
|
| 2800 |
+
<td>$</td>
|
| 2801 |
+
<td>6,322</td>
|
| 2802 |
+
<td>(995)</td>
|
| 2803 |
+
<td></td>
|
| 2804 |
+
<td>(14)</td>
|
| 2805 |
+
<td></td>
|
| 2806 |
+
<td>(25)</td>
|
| 2807 |
+
<td>(194)</td>
|
| 2808 |
+
<td></td>
|
| 2809 |
+
<td></td>
|
| 2810 |
+
<td></td>
|
| 2811 |
+
<td>5,094</td>
|
| 2812 |
+
</tr>
|
| 2813 |
+
<tr>
|
| 2814 |
+
<td>Selling, marketing and admin expenses</td>
|
| 2815 |
+
<td></td>
|
| 2816 |
+
<td>5,120</td>
|
| 2817 |
+
<td></td>
|
| 2818 |
+
<td></td>
|
| 2819 |
+
<td></td>
|
| 2820 |
+
<td></td>
|
| 2821 |
+
<td>(6)</td>
|
| 2822 |
+
<td></td>
|
| 2823 |
+
<td></td>
|
| 2824 |
+
<td></td>
|
| 2825 |
+
<td></td>
|
| 2826 |
+
<td>5,114</td>
|
| 2827 |
+
</tr>
|
| 2828 |
+
<tr>
|
| 2829 |
+
<td>Research and development expense</td>
|
| 2830 |
+
<td></td>
|
| 2831 |
+
<td>3,585</td>
|
| 2832 |
+
<td></td>
|
| 2833 |
+
<td></td>
|
| 2834 |
+
<td></td>
|
| 2835 |
+
<td></td>
|
| 2836 |
+
<td>(39)</td>
|
| 2837 |
+
<td>(110)</td>
|
| 2838 |
+
<td></td>
|
| 2839 |
+
<td></td>
|
| 2840 |
+
<td></td>
|
| 2841 |
+
<td>3,436</td>
|
| 2842 |
+
</tr>
|
| 2843 |
+
<tr>
|
| 2844 |
+
<td>Other (Income) / Expense</td>
|
| 2845 |
+
<td></td>
|
| 2846 |
+
<td>(1)</td>
|
| 2847 |
+
<td>(385)</td>
|
| 2848 |
+
<td></td>
|
| 2849 |
+
<td>(18)</td>
|
| 2850 |
+
<td>(109)</td>
|
| 2851 |
+
<td></td>
|
| 2852 |
+
<td>28</td>
|
| 2853 |
+
<td></td>
|
| 2854 |
+
<td></td>
|
| 2855 |
+
<td></td>
|
| 2856 |
+
<td>(485)</td>
|
| 2857 |
+
</tr>
|
| 2858 |
+
<tr>
|
| 2859 |
+
<td>In-process research and development Impairments</td>
|
| 2860 |
+
<td></td>
|
| 2861 |
+
<td>—</td>
|
| 2862 |
+
<td></td>
|
| 2863 |
+
<td></td>
|
| 2864 |
+
<td></td>
|
| 2865 |
+
<td></td>
|
| 2866 |
+
<td></td>
|
| 2867 |
+
<td></td>
|
| 2868 |
+
<td></td>
|
| 2869 |
+
<td></td>
|
| 2870 |
+
<td></td>
|
| 2871 |
+
<td>—</td>
|
| 2872 |
+
</tr>
|
| 2873 |
+
<tr>
|
| 2874 |
+
<td>Restructuring</td>
|
| 2875 |
+
<td></td>
|
| 2876 |
+
<td>71</td>
|
| 2877 |
+
<td></td>
|
| 2878 |
+
<td></td>
|
| 2879 |
+
<td>(71)</td>
|
| 2880 |
+
<td></td>
|
| 2881 |
+
<td></td>
|
| 2882 |
+
<td></td>
|
| 2883 |
+
<td></td>
|
| 2884 |
+
<td></td>
|
| 2885 |
+
<td></td>
|
| 2886 |
+
<td>—</td>
|
| 2887 |
+
</tr>
|
| 2888 |
+
<tr>
|
| 2889 |
+
<td>Provision for taxes on income</td>
|
| 2890 |
+
<td></td>
|
| 2891 |
+
<td>882</td>
|
| 2892 |
+
<td>148</td>
|
| 2893 |
+
<td>(29)</td>
|
| 2894 |
+
<td>20</td>
|
| 2895 |
+
<td>25</td>
|
| 2896 |
+
<td>13</td>
|
| 2897 |
+
<td>65</td>
|
| 2898 |
+
<td>(2)</td>
|
| 2899 |
+
<td>(78)</td>
|
| 2900 |
+
<td></td>
|
| 2901 |
+
<td>1,044</td>
|
| 2902 |
+
</tr>
|
| 2903 |
+
<tr>
|
| 2904 |
+
<td>Net Earnings from Continuing Operations</td>
|
| 2905 |
+
<td>$</td>
|
| 2906 |
+
<td>4,262</td>
|
| 2907 |
+
<td>847</td>
|
| 2908 |
+
<td>414</td>
|
| 2909 |
+
<td>83</td>
|
| 2910 |
+
<td>84</td>
|
| 2911 |
+
<td>57</td>
|
| 2912 |
+
<td>211</td>
|
| 2913 |
+
<td>2</td>
|
| 2914 |
+
<td>78</td>
|
| 2915 |
+
<td>—</td>
|
| 2916 |
+
<td>6,038</td>
|
| 2917 |
+
</tr>
|
| 2918 |
+
<tr>
|
| 2919 |
+
<td>Third Quarter</td>
|
| 2920 |
+
<td></td>
|
| 2921 |
+
<td></td>
|
| 2922 |
+
<td></td>
|
| 2923 |
+
<td></td>
|
| 2924 |
+
<td></td>
|
| 2925 |
+
<td></td>
|
| 2926 |
+
<td></td>
|
| 2927 |
+
<td></td>
|
| 2928 |
+
<td></td>
|
| 2929 |
+
<td></td>
|
| 2930 |
+
<td></td>
|
| 2931 |
+
<td></td>
|
| 2932 |
+
</tr>
|
| 2933 |
+
<tr>
|
| 2934 |
+
<td></td>
|
| 2935 |
+
<td>Third Quarter Oct 2, 2022 GAAP</td>
|
| 2936 |
+
<td>Intangible asset amortization</td>
|
| 2937 |
+
<td>Litigation related</td>
|
| 2938 |
+
<td>In-process research and development Impairments</td>
|
| 2939 |
+
<td>Restructuring related</td>
|
| 2940 |
+
<td>(Loss)/gain on securities</td>
|
| 2941 |
+
<td>Medical Device Regulation</td>
|
| 2942 |
+
<td>COVID-19 Vaccine Related Costs</td>
|
| 2943 |
+
<td>Consumer Health separation tax related costs</td>
|
| 2944 |
+
<td>Tax legislation and other tax related</td>
|
| 2945 |
+
<td>Other</td>
|
| 2946 |
+
<td>Third Quarter Oct 2, 2022 Non-GAAP</td>
|
| 2947 |
+
</tr>
|
| 2948 |
+
<tr>
|
| 2949 |
+
<td>Cost of products sold</td>
|
| 2950 |
+
<td>$</td>
|
| 2951 |
+
<td>6,172</td>
|
| 2952 |
+
<td>(958)</td>
|
| 2953 |
+
<td></td>
|
| 2954 |
+
<td>(9)</td>
|
| 2955 |
+
<td></td>
|
| 2956 |
+
<td>(29)</td>
|
| 2957 |
+
<td>(102)</td>
|
| 2958 |
+
<td></td>
|
| 2959 |
+
<td></td>
|
| 2960 |
+
<td></td>
|
| 2961 |
+
<td>5,074</td>
|
| 2962 |
+
</tr>
|
| 2963 |
+
<tr>
|
| 2964 |
+
<td>Selling, marketing and admin expenses</td>
|
| 2965 |
+
<td></td>
|
| 2966 |
+
<td>4,975</td>
|
| 2967 |
+
<td></td>
|
| 2968 |
+
<td></td>
|
| 2969 |
+
<td></td>
|
| 2970 |
+
<td></td>
|
| 2971 |
+
<td>(7)</td>
|
| 2972 |
+
<td></td>
|
| 2973 |
+
<td></td>
|
| 2974 |
+
<td></td>
|
| 2975 |
+
<td></td>
|
| 2976 |
+
<td>4,968</td>
|
| 2977 |
+
</tr>
|
| 2978 |
+
<tr>
|
| 2979 |
+
<td>Research and development expense</td>
|
| 2980 |
+
<td></td>
|
| 2981 |
+
<td>3,485</td>
|
| 2982 |
+
<td></td>
|
| 2983 |
+
<td></td>
|
| 2984 |
+
<td></td>
|
| 2985 |
+
<td></td>
|
| 2986 |
+
<td>(42)</td>
|
| 2987 |
+
<td>(80)</td>
|
| 2988 |
+
<td></td>
|
| 2989 |
+
<td></td>
|
| 2990 |
+
<td></td>
|
| 2991 |
+
<td>3,363</td>
|
| 2992 |
+
</tr>
|
| 2993 |
+
<tr>
|
| 2994 |
+
<td>Other (Income) / Expense</td>
|
| 2995 |
+
<td></td>
|
| 2996 |
+
<td>226</td>
|
| 2997 |
+
<td>(219)</td>
|
| 2998 |
+
<td></td>
|
| 2999 |
+
<td>(18)</td>
|
| 3000 |
+
<td>(164)</td>
|
| 3001 |
+
<td></td>
|
| 3002 |
+
<td>(195)</td>
|
| 3003 |
+
<td></td>
|
| 3004 |
+
<td></td>
|
| 3005 |
+
<td></td>
|
| 3006 |
+
<td>(370)</td>
|
| 3007 |
+
</tr>
|
| 3008 |
+
<tr>
|
| 3009 |
+
<td>In-process research and development Impairments</td>
|
| 3010 |
+
<td></td>
|
| 3011 |
+
<td>—</td>
|
| 3012 |
+
<td></td>
|
| 3013 |
+
<td></td>
|
| 3014 |
+
<td></td>
|
| 3015 |
+
<td></td>
|
| 3016 |
+
<td></td>
|
| 3017 |
+
<td></td>
|
| 3018 |
+
<td></td>
|
| 3019 |
+
<td></td>
|
| 3020 |
+
<td></td>
|
| 3021 |
+
<td>—</td>
|
| 3022 |
+
</tr>
|
| 3023 |
+
<tr>
|
| 3024 |
+
<td>Restructuring</td>
|
| 3025 |
+
<td></td>
|
| 3026 |
+
<td>65</td>
|
| 3027 |
+
<td></td>
|
| 3028 |
+
<td></td>
|
| 3029 |
+
<td>(65)</td>
|
| 3030 |
+
<td></td>
|
| 3031 |
+
<td></td>
|
| 3032 |
+
<td></td>
|
| 3033 |
+
<td></td>
|
| 3034 |
+
<td></td>
|
| 3035 |
+
<td></td>
|
| 3036 |
+
<td>—</td>
|
| 3037 |
+
</tr>
|
| 3038 |
+
<tr>
|
| 3039 |
+
<td>Provision for taxes on income</td>
|
| 3040 |
+
<td></td>
|
| 3041 |
+
<td>862</td>
|
| 3042 |
+
<td>146</td>
|
| 3043 |
+
<td>(7)</td>
|
| 3044 |
+
<td>19</td>
|
| 3045 |
+
<td>43</td>
|
| 3046 |
+
<td>15</td>
|
| 3047 |
+
<td>96</td>
|
| 3048 |
+
<td>36</td>
|
| 3049 |
+
<td>(88)</td>
|
| 3050 |
+
<td></td>
|
| 3051 |
+
<td>1,122</td>
|
| 3052 |
+
</tr>
|
| 3053 |
+
<tr>
|
| 3054 |
+
<td>Net Earnings from Continuing Operations</td>
|
| 3055 |
+
<td>$</td>
|
| 3056 |
+
<td>4,310</td>
|
| 3057 |
+
<td>812</td>
|
| 3058 |
+
<td>226</td>
|
| 3059 |
+
<td>73</td>
|
| 3060 |
+
<td>121</td>
|
| 3061 |
+
<td>63</td>
|
| 3062 |
+
<td>281</td>
|
| 3063 |
+
<td>(36)</td>
|
| 3064 |
+
<td>88</td>
|
| 3065 |
+
<td>—</td>
|
| 3066 |
+
<td>5,938</td>
|
| 3067 |
+
</tr>
|
| 3068 |
+
</tbody>
|
| 3069 |
+
</table>
|
| 3070 |
+
|
| 3071 |
+
Johnson & Johnson and Subsidiaries
|
| 3072 |
+
GAAP to Non-GAAP Reconciliation
|
| 3073 |
+
$ in Millions
|
| 3074 |
+
|
| 3075 |
+
<table>
|
| 3076 |
+
<thead>
|
| 3077 |
+
<tr>
|
| 3078 |
+
<th rowspan="2">Fourth Quarter</th>
|
| 3079 |
+
<th rowspan="2">Fourth Quarter Jan 1, 2023 GAAP</th>
|
| 3080 |
+
<th rowspan="2">Intangible asset amortization</th>
|
| 3081 |
+
<th rowspan="2">Litigation related</th>
|
| 3082 |
+
<th rowspan="2">In-process research and development Impairments</th>
|
| 3083 |
+
<th rowspan="2">Restructuring related</th>
|
| 3084 |
+
<th rowspan="2">Acquisition, integration and divestiture related</th>
|
| 3085 |
+
<th rowspan="2">(Loss)/gain on securities</th>
|
| 3086 |
+
<th rowspan="2">Medical Device Regulation</th>
|
| 3087 |
+
<th rowspan="2">COVID-19 Vaccine Related Costs</th>
|
| 3088 |
+
<th rowspan="2">Consumer Health separation tax related costs</th>
|
| 3089 |
+
<th rowspan="2">Tax legislation and other tax related</th>
|
| 3090 |
+
<th rowspan="2">Other</th>
|
| 3091 |
+
<th rowspan="2">Fourth Quarter Jan 1, 2023 Non-GAAP</th>
|
| 3092 |
+
</tr>
|
| 3093 |
+
</thead>
|
| 3094 |
+
<tbody>
|
| 3095 |
+
<tr>
|
| 3096 |
+
<td>Cost of products sold</td>
|
| 3097 |
+
<td>$</td>
|
| 3098 |
+
<td>6,084</td>
|
| 3099 |
+
<td>(977)</td>
|
| 3100 |
+
<td></td>
|
| 3101 |
+
<td>(25)</td>
|
| 3102 |
+
<td></td>
|
| 3103 |
+
<td></td>
|
| 3104 |
+
<td>(33)</td>
|
| 3105 |
+
<td>(160)</td>
|
| 3106 |
+
<td></td>
|
| 3107 |
+
<td></td>
|
| 3108 |
+
<td></td>
|
| 3109 |
+
<td>4,889</td>
|
| 3110 |
+
</tr>
|
| 3111 |
+
<tr>
|
| 3112 |
+
<td>Selling, marketing and admin expenses</td>
|
| 3113 |
+
<td></td>
|
| 3114 |
+
<td>5,339</td>
|
| 3115 |
+
<td></td>
|
| 3116 |
+
<td></td>
|
| 3117 |
+
<td></td>
|
| 3118 |
+
<td></td>
|
| 3119 |
+
<td></td>
|
| 3120 |
+
<td>(9)</td>
|
| 3121 |
+
<td></td>
|
| 3122 |
+
<td></td>
|
| 3123 |
+
<td></td>
|
| 3124 |
+
<td></td>
|
| 3125 |
+
<td>5,330</td>
|
| 3126 |
+
</tr>
|
| 3127 |
+
<tr>
|
| 3128 |
+
<td>Research and development expense</td>
|
| 3129 |
+
<td></td>
|
| 3130 |
+
<td>3,710</td>
|
| 3131 |
+
<td></td>
|
| 3132 |
+
<td></td>
|
| 3133 |
+
<td></td>
|
| 3134 |
+
<td></td>
|
| 3135 |
+
<td></td>
|
| 3136 |
+
<td>(46)</td>
|
| 3137 |
+
<td>(114)</td>
|
| 3138 |
+
<td></td>
|
| 3139 |
+
<td></td>
|
| 3140 |
+
<td></td>
|
| 3141 |
+
<td>3,550</td>
|
| 3142 |
+
</tr>
|
| 3143 |
+
<tr>
|
| 3144 |
+
<td>Other (Income) / Expense</td>
|
| 3145 |
+
<td></td>
|
| 3146 |
+
<td>795</td>
|
| 3147 |
+
<td>(262)</td>
|
| 3148 |
+
<td></td>
|
| 3149 |
+
<td>(19)</td>
|
| 3150 |
+
<td>(196)</td>
|
| 3151 |
+
<td>(6)</td>
|
| 3152 |
+
<td></td>
|
| 3153 |
+
<td>(547)</td>
|
| 3154 |
+
<td></td>
|
| 3155 |
+
<td></td>
|
| 3156 |
+
<td></td>
|
| 3157 |
+
<td>(235)</td>
|
| 3158 |
+
</tr>
|
| 3159 |
+
<tr>
|
| 3160 |
+
<td>In-process research and development Impairments</td>
|
| 3161 |
+
<td></td>
|
| 3162 |
+
<td>173</td>
|
| 3163 |
+
<td></td>
|
| 3164 |
+
<td>(173)</td>
|
| 3165 |
+
<td></td>
|
| 3166 |
+
<td></td>
|
| 3167 |
+
<td></td>
|
| 3168 |
+
<td></td>
|
| 3169 |
+
<td></td>
|
| 3170 |
+
<td></td>
|
| 3171 |
+
<td></td>
|
| 3172 |
+
<td></td>
|
| 3173 |
+
<td>—</td>
|
| 3174 |
+
</tr>
|
| 3175 |
+
<tr>
|
| 3176 |
+
<td>Restructuring</td>
|
| 3177 |
+
<td></td>
|
| 3178 |
+
<td>75</td>
|
| 3179 |
+
<td></td>
|
| 3180 |
+
<td></td>
|
| 3181 |
+
<td>(75)</td>
|
| 3182 |
+
<td></td>
|
| 3183 |
+
<td></td>
|
| 3184 |
+
<td></td>
|
| 3185 |
+
<td></td>
|
| 3186 |
+
<td></td>
|
| 3187 |
+
<td></td>
|
| 3188 |
+
<td></td>
|
| 3189 |
+
<td>—</td>
|
| 3190 |
+
</tr>
|
| 3191 |
+
<tr>
|
| 3192 |
+
<td>Provision for taxes on income</td>
|
| 3193 |
+
<td></td>
|
| 3194 |
+
<td>613</td>
|
| 3195 |
+
<td>148</td>
|
| 3196 |
+
<td>(36)</td>
|
| 3197 |
+
<td>40</td>
|
| 3198 |
+
<td>19</td>
|
| 3199 |
+
<td>5</td>
|
| 3200 |
+
<td>2</td>
|
| 3201 |
+
<td>17</td>
|
| 3202 |
+
<td>199</td>
|
| 3203 |
+
<td>(4)</td>
|
| 3204 |
+
<td>47</td>
|
| 3205 |
+
<td>1,050</td>
|
| 3206 |
+
</tr>
|
| 3207 |
+
<tr>
|
| 3208 |
+
<td>Net Earnings from Continuing Operations</td>
|
| 3209 |
+
<td>$</td>
|
| 3210 |
+
<td>3,227</td>
|
| 3211 |
+
<td>829</td>
|
| 3212 |
+
<td>298</td>
|
| 3213 |
+
<td>133</td>
|
| 3214 |
+
<td>100</td>
|
| 3215 |
+
<td>191</td>
|
| 3216 |
+
<td>4</td>
|
| 3217 |
+
<td>71</td>
|
| 3218 |
+
<td>622</td>
|
| 3219 |
+
<td>4</td>
|
| 3220 |
+
<td>(47)</td>
|
| 3221 |
+
<td>—</td>
|
| 3222 |
+
<td>5,432</td>
|
| 3223 |
+
</tr>
|
| 3224 |
+
<tr>
|
| 3225 |
+
<td>Twelve Months</td>
|
| 3226 |
+
<td></td>
|
| 3227 |
+
<td></td>
|
| 3228 |
+
<td></td>
|
| 3229 |
+
<td></td>
|
| 3230 |
+
<td></td>
|
| 3231 |
+
<td></td>
|
| 3232 |
+
<td></td>
|
| 3233 |
+
<td></td>
|
| 3234 |
+
<td></td>
|
| 3235 |
+
<td></td>
|
| 3236 |
+
<td></td>
|
| 3237 |
+
<td></td>
|
| 3238 |
+
<td></td>
|
| 3239 |
+
</tr>
|
| 3240 |
+
<tr>
|
| 3241 |
+
<td></td>
|
| 3242 |
+
<td>Twelve Months Jan 1, 2023 GAAP</td>
|
| 3243 |
+
<td>Intangible asset amortization</td>
|
| 3244 |
+
<td>Litigation related</td>
|
| 3245 |
+
<td>In-process research and development Impairments</td>
|
| 3246 |
+
<td>Restructuring related</td>
|
| 3247 |
+
<td>Acquisition, integration and divestiture related</td>
|
| 3248 |
+
<td>(Loss)/gain on securities</td>
|
| 3249 |
+
<td>Medical Device Regulation</td>
|
| 3250 |
+
<td>COVID-19 Vaccine Related Costs</td>
|
| 3251 |
+
<td>Consumer Health separation tax related costs</td>
|
| 3252 |
+
<td>Tax legislation and other tax related</td>
|
| 3253 |
+
<td>Other</td>
|
| 3254 |
+
<td>Twelve Months Jan 1, 2023 Non-GAAP</td>
|
| 3255 |
+
</tr>
|
| 3256 |
+
<tr>
|
| 3257 |
+
<td>Cost of products sold</td>
|
| 3258 |
+
<td>$</td>
|
| 3259 |
+
<td>24,596</td>
|
| 3260 |
+
<td>(3,944)</td>
|
| 3261 |
+
<td></td>
|
| 3262 |
+
<td>(62)</td>
|
| 3263 |
+
<td></td>
|
| 3264 |
+
<td></td>
|
| 3265 |
+
<td>(109)</td>
|
| 3266 |
+
<td>(456)</td>
|
| 3267 |
+
<td></td>
|
| 3268 |
+
<td></td>
|
| 3269 |
+
<td></td>
|
| 3270 |
+
<td>20,025</td>
|
| 3271 |
+
</tr>
|
| 3272 |
+
<tr>
|
| 3273 |
+
<td>Selling, marketing and admin expenses</td>
|
| 3274 |
+
<td></td>
|
| 3275 |
+
<td>20,246</td>
|
| 3276 |
+
<td></td>
|
| 3277 |
+
<td></td>
|
| 3278 |
+
<td></td>
|
| 3279 |
+
<td></td>
|
| 3280 |
+
<td></td>
|
| 3281 |
+
<td>(28)</td>
|
| 3282 |
+
<td></td>
|
| 3283 |
+
<td></td>
|
| 3284 |
+
<td></td>
|
| 3285 |
+
<td></td>
|
| 3286 |
+
<td>20,218</td>
|
| 3287 |
+
</tr>
|
| 3288 |
+
<tr>
|
| 3289 |
+
<td>Research and development expense</td>
|
| 3290 |
+
<td></td>
|
| 3291 |
+
<td>14,135</td>
|
| 3292 |
+
<td></td>
|
| 3293 |
+
<td></td>
|
| 3294 |
+
<td></td>
|
| 3295 |
+
<td></td>
|
| 3296 |
+
<td></td>
|
| 3297 |
+
<td>(159)</td>
|
| 3298 |
+
<td>(304)</td>
|
| 3299 |
+
<td></td>
|
| 3300 |
+
<td></td>
|
| 3301 |
+
<td></td>
|
| 3302 |
+
<td>13,672</td>
|
| 3303 |
+
</tr>
|
| 3304 |
+
<tr>
|
| 3305 |
+
<td>Other (Income) / Expense</td>
|
| 3306 |
+
<td></td>
|
| 3307 |
+
<td>810</td>
|
| 3308 |
+
<td>(866)</td>
|
| 3309 |
+
<td></td>
|
| 3310 |
+
<td>(35)</td>
|
| 3311 |
+
<td>(196)</td>
|
| 3312 |
+
<td>(690)</td>
|
| 3313 |
+
<td></td>
|
| 3314 |
+
<td>(714)</td>
|
| 3315 |
+
<td></td>
|
| 3316 |
+
<td>7</td>
|
| 3317 |
+
<td></td>
|
| 3318 |
+
<td>(1,684)</td>
|
| 3319 |
+
</tr>
|
| 3320 |
+
<tr>
|
| 3321 |
+
<td>In-process research and development Impairments</td>
|
| 3322 |
+
<td></td>
|
| 3323 |
+
<td>783</td>
|
| 3324 |
+
<td></td>
|
| 3325 |
+
<td>(783)</td>
|
| 3326 |
+
<td></td>
|
| 3327 |
+
<td></td>
|
| 3328 |
+
<td></td>
|
| 3329 |
+
<td></td>
|
| 3330 |
+
<td></td>
|
| 3331 |
+
<td></td>
|
| 3332 |
+
<td></td>
|
| 3333 |
+
<td></td>
|
| 3334 |
+
<td>—</td>
|
| 3335 |
+
</tr>
|
| 3336 |
+
<tr>
|
| 3337 |
+
<td>Restructuring</td>
|
| 3338 |
+
<td></td>
|
| 3339 |
+
<td>275</td>
|
| 3340 |
+
<td></td>
|
| 3341 |
+
<td></td>
|
| 3342 |
+
<td>(275)</td>
|
| 3343 |
+
<td></td>
|
| 3344 |
+
<td></td>
|
| 3345 |
+
<td></td>
|
| 3346 |
+
<td></td>
|
| 3347 |
+
<td></td>
|
| 3348 |
+
<td></td>
|
| 3349 |
+
<td></td>
|
| 3350 |
+
<td>—</td>
|
| 3351 |
+
</tr>
|
| 3352 |
+
<tr>
|
| 3353 |
+
<td>Provision for taxes on income</td>
|
| 3354 |
+
<td></td>
|
| 3355 |
+
<td>2,989</td>
|
| 3356 |
+
<td>590</td>
|
| 3357 |
+
<td>(125)</td>
|
| 3358 |
+
<td>178</td>
|
| 3359 |
+
<td>66</td>
|
| 3360 |
+
<td>5</td>
|
| 3361 |
+
<td>166</td>
|
| 3362 |
+
<td>56</td>
|
| 3363 |
+
<td>360</td>
|
| 3364 |
+
<td>(66)</td>
|
| 3365 |
+
<td>(40)</td>
|
| 3366 |
+
<td>(2)</td>
|
| 3367 |
+
<td>4,177</td>
|
| 3368 |
+
</tr>
|
| 3369 |
+
<tr>
|
| 3370 |
+
<td>Net Earnings from Continuing Operations</td>
|
| 3371 |
+
<td>$</td>
|
| 3372 |
+
<td>16,370</td>
|
| 3373 |
+
<td>3,354</td>
|
| 3374 |
+
<td>991</td>
|
| 3375 |
+
<td>605</td>
|
| 3376 |
+
<td>306</td>
|
| 3377 |
+
<td>191</td>
|
| 3378 |
+
<td>524</td>
|
| 3379 |
+
<td>240</td>
|
| 3380 |
+
<td>1,114</td>
|
| 3381 |
+
<td>66</td>
|
| 3382 |
+
<td>40</td>
|
| 3383 |
+
<td>(5)</td>
|
| 3384 |
+
<td>23,796</td>
|
| 3385 |
+
</tr>
|
| 3386 |
+
</tbody>
|
| 3387 |
+
</table>
|
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