JOHNSON & JOHNSON, 10-K filed on 2/16/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 09, 2024
Jul. 02, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 1-3215    
Entity Registrant Name Johnson & Johnson    
Entity Incorporation, State or Country Code NJ    
Entity Tax Identification Number 22-1024240    
Entity Address, Address Line One One Johnson & Johnson Plaza    
Entity Address, City or Town New Brunswick    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 08933    
City Area Code 732    
Local Phone Number 524-0400    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 430
Entity Common Stock, Shares Outstanding   2,408,767,228  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Part III:
Portions of the registrant’s proxy statement for its 2024 annual meeting of shareholders filed within 120 days after the close of the registrant’s fiscal year (the “Proxy Statement”), are incorporated by reference to this report on Form 10-K (this “Report”).
    
Entity Central Index Key 0000200406    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock, Par Value $1.00      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, Par Value $1.00    
Trading Symbol JNJ    
Security Exchange Name NYSE    
0.650% Notes Due May 2024      
Document Information [Line Items]      
Title of 12(b) Security 0.650% Notes Due May 2024    
Trading Symbol JNJ24C    
Security Exchange Name NYSE    
5.50% Notes Due November 2024      
Document Information [Line Items]      
Title of 12(b) Security 5.50% Notes Due November 2024    
Trading Symbol JNJ24BP    
Security Exchange Name NYSE    
1.150% Notes Due November 2028      
Document Information [Line Items]      
Title of 12(b) Security 1.150% Notes Due November 2028    
Trading Symbol JNJ28    
Security Exchange Name NYSE    
1.650% Notes Due May 2035      
Document Information [Line Items]      
Title of 12(b) Security 1.650% Notes Due May 2035    
Trading Symbol JNJ35    
Security Exchange Name NYSE    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Auditor Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Florham Park, New Jersey
Auditor Firm ID 238
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Current assets:    
Cash and cash equivalents $ 21,859 $ 12,889
Marketable securities 1,068 9,392
Accounts receivable trade, less allowances $166 (2022, $169) 14,873 14,039
Inventories 11,181 10,268
Prepaid expenses and other receivables 4,514 2,876
Total current assets of discontinued operations 0 5,830
Total current assets 53,495 55,294
Property, plant and equipment, net 19,898 17,982
Intangible assets, net 34,175 38,489
Goodwill 36,558 36,047
Deferred taxes on income 9,279 8,947
Other assets 14,153 9,212
Noncurrent assets of discontinued operations 0 21,407
Total assets 167,558 187,378
Current liabilities    
Loans and notes payable 3,451 12,756
Accounts payable 9,632 9,889
Accrued liabilities 10,212 10,719
Accrued rebates, returns and promotions 16,001 13,579
Accrued compensation and employee related obligations 3,993 3,049
Accrued taxes on income 2,993 2,220
Current liabilities of discontinued operations 0 3,590
Total current liabilities 46,282 55,802
Long-term debt 25,881 26,886
Deferred taxes on income 3,193 3,991
Employee related obligations 7,149 6,542
Long-term taxes payable 2,881 4,306
Other liabilities 13,398 10,146
Noncurrent liabilities of discontinued operations 0 2,901
Total liabilities 98,784 110,574
Commitments and Contingencies
Shareholders’ equity    
Preferred stock — without par value (authorized and unissued 2,000,000 shares) 0 0
Common stock — par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued 3,119,843,000 shares) 3,120 3,120
Accumulated other comprehensive income (loss) (12,527) (12,967)
Retained earnings and Additional-paid-in-capital 153,843 128,345
Less: common stock held in treasury, at cost (Note 12) (712,765,000 shares and 506,246,000 shares) 75,662 41,694
Total shareholders’ equity 68,774 76,804
Total liabilities and shareholders’ equity $ 167,558 $ 187,378
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Statement of Financial Position [Abstract]    
Allowances for doubtful accounts $ 166 $ 169
Preferred stock, shares authorized (in shares) 2,000,000 2,000,000
Common stock, par value per share (in usd per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 4,320,000,000 4,320,000,000
Common stock, shares issued (in shares) 3,119,843,000 3,119,843,000
Treasury stock (in shares) 712,765,000 506,246,000
v3.24.0.1
Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Income Statement [Abstract]      
Sales to customers $ 85,159 $ 79,990 $ 78,740
Cost of products sold 26,553 24,596 23,402
Gross profit 58,606 55,394 55,338
Selling, marketing and administrative expenses 21,512 20,246 20,118
Research and development expense 15,085 14,135 14,277
In-process research and development impairments 313 783 900
Interest income (1,261) (490) (53)
Interest expense, net of portion capitalized 772 276 183
Other (income) expense, net 6,634 810 526
Restructuring 489 275 209
Earnings before provision for taxes on income 15,062 19,359 19,178
Provision for taxes on income 1,736 2,989 1,377
Net earnings from continuing operations 13,326 16,370 17,801
Net earnings from discontinued operations 21,827 1,571 3,077
Net earnings $ 35,153 $ 17,941 $ 20,878
Net earnings per share      
Basic net earnings per share from continuing operations (in dollars per share) $ 5.26 $ 6.23 $ 6.76
Basic net earnings per share from discontinued operations (in dollars per share) 8.62 0.60 1.17
Basic (in dollars per share) 13.88 6.83 7.93
Diluted net earnings per share from continuing operations (in dollars per share) 5.20 6.14 6.66
Diluted net earnings per share from discontinuing operations (in dollars per share) 8.52 0.59 1.15
Diluted (in dollars per share) $ 13.72 $ 6.73 $ 7.81
Average shares outstanding      
Basic (in shares) 2,533.5 2,625.2 2,632.1
Diluted (in shares) 2,560.4 2,663.9 2,674.0
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Statement of Comprehensive Income [Abstract]      
Net earnings $ 35,153 $ 17,941 $ 20,878
Other comprehensive income (loss), net of tax      
Foreign currency translation (3,221) (1,796) (1,079)
Securities:      
Unrealized holding gain (loss) arising during period 26 (24) (4)
Reclassifications to earnings 0 0 0
Net change 26 (24) (4)
Employee benefit plans:      
Prior service credit (cost), net of amortization (149) (160) (169)
Gain (loss), net of amortization (1,183) 1,854 4,318
Consumer settlement/ curtailment 23 0 0
Effect of exchange rates (90) 111 106
Net change (1,399) 1,805 4,255
Derivatives & hedges:      
Unrealized gain (loss) arising during period 422 454 (199)
Reclassifications to earnings (569) (348) (789)
Net change (147) 106 (988)
Other comprehensive income (loss) (4,741) 91 2,184
Comprehensive income $ 30,412 $ 18,032 $ 23,062
v3.24.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Statement of Comprehensive Income [Abstract]      
Foreign currency translation $ 797 $ (460) $ 346
Employee benefits (289) (461) (1,198)
Derivatives & hedges $ (39) $ (30) $ (263)
v3.24.0.1
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Retained Earnings and Additional paid-in capital
Accumulated Other Comprehensive Income (Loss)
Common Stock Issued Amount
Treasury Stock Amount
Beginning Balance at Jan. 03, 2021 $ 63,278 $ 113,890 $ (15,242) $ 3,120 $ (38,490)
Net earnings 20,878 20,878      
Cash dividends paid (11,032) (11,032)      
Employee compensation and stock option plans 2,171 (676)     2,847
Repurchase of common stock (3,456)       (3,456)
Other comprehensive income (loss), net of tax 2,184   2,184    
Ending Balance at Jan. 02, 2022 74,023 123,060 (13,058) 3,120 (39,099)
Net earnings 17,941 17,941      
Cash dividends paid (11,682) (11,682)      
Employee compensation and stock option plans 2,466 (974)     3,440
Repurchase of common stock (6,035)       (6,035)
Other comprehensive income (loss), net of tax 91   91    
Ending Balance at Jan. 01, 2023 76,804 128,345 (12,967) 3,120 (41,694)
Net earnings 35,153 35,153      
Cash dividends paid (11,770) (11,770)      
Employee compensation and stock option plans 2,193 (336)     2,529
Repurchase of common stock (5,054)       (5,054)
Other (25)       (25)
Kenvue Separation /IPO (23,786) 2,451 5,181   (31,418)
Other comprehensive income (loss), net of tax (4,741)   (4,741)    
Ending Balance at Dec. 31, 2023 $ 68,774 $ 153,843 $ (12,527) $ 3,120 $ (75,662)
v3.24.0.1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Statement of Stockholders' Equity [Abstract]      
Cash dividends paid (in dollars per share) $ 4.70 $ 4.45 $ 4.19
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Cash flows from operating activities      
Net earnings $ 35,153 $ 17,941 $ 20,878
Adjustments to reconcile net earnings to cash flows from operating activities:      
Depreciation and amortization of property and intangibles 7,486 6,970 7,390
Stock based compensation 1,162 1,138 1,135
Asset write-downs 1,295 1,216 989
Charge for purchase of in-process research and development assets 483 0 0
(Gain) on separation of Kenvue (20,984) 0 0
Net gain on sale of assets/businesses (117) (380) (617)
Deferred tax provision (4,194) (1,663) (2,079)
Credit losses and accounts receivable allowances 0 (17) (48)
Changes in assets and liabilities, net of effects from acquisitions and divestitures:      
Increase in accounts receivable (624) (1,290) (2,402)
Increase in inventories (1,323) (2,527) (1,248)
Increase in accounts payable and accrued liabilities 2,346 1,098 2,437
(Increase)/Decrease in other current and non-current assets (3,480) 687 (1,964)
Increase/(Decrease) in other current and non-current liabilities 5,588 (1,979) (1,061)
Net cash flows from operating activities 22,791 21,194 23,410
Cash flows from investing activities      
Additions to property, plant and equipment (4,543) (4,009) (3,652)
Proceeds from the disposal of assets/businesses, net 358 543 711
Acquisitions, net of cash acquired 0 (17,652) (60)
Purchases of in-process research and development assets (470) 0 0
Purchases of investments (10,906) (32,384) (30,394)
Sales of investments 19,390 41,609 25,006
Credit support agreements activity, net (2,963) (249) 214
Other (including capitalized licenses and milestones) 12 (229) (508)
Net cash from/(used) by investing activities 878 (12,371) (8,683)
Cash flows from financing activities      
Dividends to shareholders (11,770) (11,682) (11,032)
Repurchase of common stock (5,054) (6,035) (3,456)
Proceeds from short-term debt 13,743 16,134 1,997
Repayment of short-term debt (22,973) (6,550) (1,190)
Proceeds from long-term debt, net of issuance costs 0 2 5
Repayment of long-term debt (1,551) (2,134) (1,802)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 1,094 1,329 1,036
Credit support agreements activity, net (219) (28) 281
Proceeds of short and long-term debt, net of issuance cost, related to the debt that transferred to Kenvue at separation 8,047 0 0
Proceeds from Kenvue initial public offering 4,241 0 0
Cash transferred to Kenvue at separation (1,114) 0 0
Other (269) 93 114
Net cash used by financing activities (15,825) (8,871) (14,047)
Effect of exchange rate changes on cash and cash equivalents (112) (312) (178)
Increase/(Decrease) in cash and cash equivalents 7,732 (360) 502
Cash and cash equivalents from continuing operations, beginning of period 12,889 13,309 12,697
Cash and cash equivalents from discontinued operations, beginning of period 1,238 1,178 1,288
Cash and cash equivalents, beginning of year 14,127 14,487 13,985
Cash and cash equivalents from continuing operations, end of period 21,859 12,889 13,309
Cash and cash equivalents from discontinued operations, end of period 0 1,238 1,178
Cash and cash equivalents, end of year 21,859 14,127 14,487
Cash paid during the year for:      
Interest 1,836 982 990
Interest, net of amount capitalized 1,766 933 941
Income taxes, inclusive of discontinued operations 8,574 5,223 4,768
Supplemental schedule of non-cash investing and financing activities      
Treasury stock issued for employee compensation and stock option plans, net of cash proceeds/ employee withholding tax on stock awards 1,435 2,114 1,811
Acquisitions      
Fair value of assets acquired 0 18,710 61
Fair value of liabilities assumed 0 (1,058) (1)
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed), Total $ 0 $ 17,652 $ 60
v3.24.0.1
Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of significant accounting policies
Principles of consolidation
The consolidated financial statements include the accounts of Johnson & Johnson and its subsidiaries (the Company). Intercompany accounts and transactions are eliminated. Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures.
Description of the company and business segments
The Company has approximately 131,900 employees worldwide engaged in the research and development, manufacture and sale of a broad range of products in the healthcare field. The Company conducts business in virtually all countries of the world and its primary focus is on products related to human health and well-being.
Kenvue IPO/separation and discontinued operations
On May 8, 2023, Kenvue, completed an initial public offering (the IPO) resulting in the issuance of 198,734,444 shares of its common stock, par value $0.01 per share (the “Kenvue Common Stock”), at an initial public offering of $22.00 per share for net proceeds of $4.2 billion. The excess of the net proceeds from the IPO over the net book value of the Johnson & Johnson divested interest was $2.5 billion and was recorded to additional paid-in capital. As of the closing of the IPO, Johnson & Johnson owned approximately 89.6% of the total outstanding shares of Kenvue Common Stock and at July 2, 2023, the non-controlling interest of $1.3 billion associated with Kenvue was reflected in equity attributable to non-controlling interests in the consolidated balance sheet in the fiscal second quarter of 2023.
On August 23, 2023, Johnson & Johnson completed the disposition of an additional 80.1% ownership of the shares of Kenvue through an exchange offer. Following the exchange offer, the Company owns 9.5% of the shares of Kenvue which are accounted for as an equity investment carried at fair value within continuing operations. The historical results of the Consumer Health business (which previously represented the Consumer Health business segment) are reflected as discontinued operations in the Company’s Consolidated Financial Statements through the date of the exchange offer (see Note 21 for additional details). Unless otherwise indicated, the information in the notes to the Consolidated Financial Statements refer only to Johnson & Johnson’s continuing operations.
Business segments
Following the completion of the exchange offer, the Company is organized into two business segments: Innovative Medicine and MedTech. The Innovative Medicine segment is focused on the following therapeutic areas, including Immunology, Infectious diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases. Products in this segment are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use. The MedTech segment includes a broad portfolio of products used in the Orthopaedic, Surgery, Interventional Solutions and Vision fields. These products are distributed to wholesalers, hospitals and retailers, and used principally in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics.
New accounting standards
Recently adopted accounting standards
ASU 2022-04: Liabilities-Supplier Finance Programs (Topic 405-50) – Disclosure of Supplier Finance Program Obligations
The Company adopted the standard as of the beginning of fiscal year 2023, which requires that a buyer in a supplier finance program disclose additional information about the program for financial statement users.
The Company has agreements for supplier finance programs with third-party financial institutions. These programs provide participating suppliers the ability to finance payment obligations from the Company with the third-party financial institutions. The Company is not a party to the arrangements between the suppliers and the third-party financial institutions. The Company’s obligations to its suppliers, including amounts due, and scheduled payment dates (which have general payment terms of 90 days), are not affected by a participating supplier’s decision to participate in the program.
As of both December 31, 2023, and January 1, 2023, $0.7 billion were valid obligations under the program. The obligations are presented as Accounts payable on the Consolidated Balance Sheets.
Recently issued accounting standards
Not adopted as of December 31, 2023
ASU 2023-07: Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
This update requires expanded annual and interim disclosures for significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. This update will be effective for fiscal years beginning after December 15, 2023, and is to be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

ASU 2023-09: Income Taxes (Topic 740) - Improvements to Income Tax Disclosures
This update standardizes categories for the effective tax rate reconciliation, requires disaggregation of income taxes and additional income tax-related disclosures. This update is required to be effective for the Company for fiscal periods beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.
Cash equivalents
The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months from the date of purchase as current marketable securities. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating. The Company invests its cash primarily in government securities and obligations, corporate debt securities, money market funds and reverse repurchase agreements (RRAs).
RRAs are collateralized by deposits in the form of Government Securities and Obligations for an amount not less than 102% of their value. The Company does not record an asset or liability as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least an A (or equivalent) credit rating. The Company utilizes a third party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the RRAs on a daily basis. RRAs with stated maturities of greater than three months from the date of purchase are classified as marketable securities.
Investments
Investments classified as held to maturity investments are reported at amortized cost and realized gains or losses are reported in earnings. Investments classified as available-for-sale debt securities are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income. Available-for-sale securities available for current operations are classified as current assets; otherwise, they are classified as long term. Management determines the appropriate classification of its investment in debt and equity securities at the time of purchase and re-evaluates such determination at each balance sheet date. The Company reviews its investments for impairment and adjusts these investments to fair value through earnings, as required. 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost. The Company utilizes the straight-line method of depreciation over the estimated useful lives of the assets:
Building and building equipment
30 years
Land and leasehold improvements
10 - 20 years
Machinery and equipment
2 - 13 years
The Company capitalizes certain computer software and development costs, included in machinery and equipment, when incurred in connection with developing or obtaining computer software for internal use. Capitalized software costs are amortized over the estimated useful lives of the software, which generally range from 3 to 8 years.
The Company reviews long-lived assets to assess recoverability using undiscounted cash flows. When certain events or changes in operating or economic conditions occur, an impairment assessment may be performed on the recoverability of the
carrying value of these assets. If the asset is determined to be impaired, the loss is measured based on the difference between the asset’s fair value and its carrying value. If quoted market prices are not available, the Company will estimate fair value using a discounted value of estimated future cash flows.
Revenue recognition
The Company recognizes revenue from product sales when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the goods to customers. The Company's global payment terms are typically between 30 to 90 days. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns, discounts to customers and governmental clawback provisions are accounted for as variable consideration and recorded as a reduction in sales. The liability is recognized within Accrued rebates, returns, and promotions on the consolidated balance sheet.
Product discounts granted are based on the terms of arrangements with direct, indirect and other market participants, as well as market conditions, including consideration of competitor pricing. Rebates are estimated based on contractual terms, historical experience, patient outcomes, trend analysis and projected market conditions in the various markets served. A significant portion of the liability related to rebates is from the sale of the Company's pharmaceutical products within the U.S., primarily the Managed Care, Medicare and Medicaid programs, which amounted to $11.5 billion and $9.6 billion as of December 31, 2023 and January 1, 2023, respectively. The Company evaluates market conditions for products or groups of products primarily through the analysis of wholesaler and other third-party sell-through and market research data, as well as internally generated information.
Sales returns are estimated and recorded based on historical sales and returns information. Products that exhibit unusual sales or return patterns due to dating, competition or other marketing matters are specifically investigated and analyzed as part of the accounting for sales return accruals.
Sales returns allowances represent a reserve for products that may be returned due to expiration, destruction in the field, or in specific areas, product recall. The sales returns reserve is based on historical return trends by product and by market as a percent to gross sales. In accordance with the Company’s accounting policies, the Company generally issues credit to customers for returned goods. The Company’s sales returns reserves are accounted for in accordance with the U.S. GAAP guidance for revenue recognition when right of return exists. Sales returns reserves are recorded at full sales value. Sales returns in the Innovative Medicine segments are almost exclusively not resalable. Sales returns for certain franchises in the MedTech segment are typically resalable but are not material. The Company infrequently exchanges products from inventory for returned products. The sales returns reserve for the total Company has been less than 1.0% of annual net trade sales during each of the fiscal years 2023, 2022 and 2021.
Promotional programs, such as product listing allowances are recorded in the same period as related sales and include volume-based sales incentive programs. Volume-based incentive programs are based on the estimated sales volumes for the incentive period and are recorded as products are sold. These arrangements are evaluated to determine the appropriate amounts to be deferred or recorded as a reduction of revenue. The Company also earns profit-share payments through collaborative arrangements of certain products, which are included in sales to customers. Profit-share payments were less than 2.0% of the total revenues in fiscal year 2023 and less than 3.0% of the total revenues in the fiscal years 2022 and 2021 and are included in sales to customers.
See Note 17 to the Consolidated Financial Statements for further disaggregation of revenue.
Shipping and handling
Shipping and handling costs incurred were $0.9 billion, $0.8 billion and $0.8 billion in fiscal years 2023, 2022 and 2021, respectively, and are included in selling, marketing and administrative expense. The amount of revenue received for shipping and handling is less than 1.0% of sales to customers for all periods presented.
Inventories
Inventories are stated at the lower of cost or net realizable value determined by the first-in, first-out method.
Intangible assets and goodwill
The authoritative literature on U.S. GAAP requires that goodwill and intangible assets with indefinite lives be assessed annually for impairment. The Company completed its annual impairment test for 2023 in the fiscal fourth quarter. Future impairment
tests will be performed annually in the fiscal fourth quarter, or sooner if warranted. Purchased in-process research and development is accounted for as an indefinite lived intangible asset until the underlying project is completed, at which point the intangible asset will be accounted for as a definite lived intangible asset. If warranted the purchased in-process research and development could be written off or partially impaired depending on the underlying program.
Intangible assets that have finite useful lives continue to be amortized over their useful lives, and are reviewed for impairment when warranted by economic conditions. See Note 5 for further details on Intangible Assets and Goodwill.
Financial instruments
As required by U.S. GAAP, all derivative instruments are recorded on the balance sheet at fair value. Fair value is the exit
price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement determined using assumptions that market participants would use in pricing an asset or liability. The authoritative literature establishes a three-level hierarchy to prioritize the inputs used in measuring fair value, with Level 1 having the highest priority and Level 3 having the lowest. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction, and if so, the type of hedge transaction.
The Company documents all relationships between hedged items and derivatives. The overall risk management strategy includes reasons for undertaking hedge transactions and entering into derivatives. The objectives of this strategy are: (1) minimize foreign currency exposure’s impact on the Company’s financial performance; (2) protect the Company’s cash flow from adverse movements in foreign exchange rates; (3) ensure the appropriateness of financial instruments; and (4) manage the enterprise risk associated with financial institutions. See Note 6 for additional information on Financial Instruments.
Leases
The Company determines whether an arrangement is a lease at contract inception by establishing if the contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right of Use (ROU) Assets and Lease Liabilities for operating leases are included in Other assets, Accrued liabilities, and Other liabilities on the consolidated balance sheet. The ROU Assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Commitments under finance leases are not significant, and are included in Property, plant and equipment, Loans and notes payable, and Long-term debt on the consolidated balance sheet.
ROU Assets and Lease Liabilities are recognized at the lease commencement date based on the present value of all minimum lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments, when the implicit rate is not readily determinable. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has elected the following policy elections on adoption: use of portfolio approach on leases of assets under master service agreements, exclusion of short term leases on the balance sheet, and not separating lease and non-lease components.
The Company primarily has operating lease for space, vehicles, manufacturing equipment and data processing equipment. The ROU asset pertaining to leases from continuing operation was $1.0 billion in both fiscal years 2023 and 2022. The lease liability from continuing operations was $1.1 billion in both fiscal years 2023 and 2022. The operating lease costs from continuing operations were $0.2 billion in fiscal years 2023, 2022 and 2021. Cash paid for amounts included in the measurement of lease liabilities from continuing operations were $0.2 billion in fiscal years 2023, 2022 and 2021.
Product liability
Accruals for product liability claims are recorded, on an undiscounted basis, when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing information and actuarially determined estimates where applicable. The accruals are adjusted periodically as additional information becomes available. The Company accrues an estimate of the legal defense costs needed to defend each matter when those costs are probable and can be reasonably estimated. To the extent adverse verdicts have been rendered against the Company, the Company does not record an accrual until a loss is determined to be probable and can be reasonably estimated.
The Company has self insurance through a wholly-owned captive insurance company. In addition to accruals in the self insurance program, claims that exceed the insurance coverage are accrued when losses are probable and amounts can be reasonably estimated.
Research and development
Research and development expenses are expensed as incurred in accordance with ASC 730, Research and Development. Upfront and milestone payments made to third parties in connection with research and development collaborations are expensed as incurred up to the point of regulatory approval. Payments made to third parties subsequent to regulatory approval are capitalized and amortized over the remaining useful life of the related product. Amounts capitalized for such payments are included in other intangibles, net of accumulated amortization.
The Company enters into collaborative arrangements, typically with other pharmaceutical or biotechnology companies, to develop and commercialize drug candidates or intellectual property. These arrangements typically involve two (or more) parties who are active participants in the collaboration and are exposed to significant risks and rewards dependent on the commercial success of the activities. These collaborations usually involve various activities by one or more parties, including research and development, marketing and selling and distribution. Often, these collaborations require upfront, milestone and royalty or profit share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development. Amounts due from collaborative partners related to development activities are generally reflected as a reduction of research and development expense because the performance of contract development services is not central to the Company’s operations. In general, the income statement presentation for these collaborations is as follows:
Nature/Type of CollaborationStatement of Earnings Presentation
Third-party sale of product & profit share payments receivedSales to customers
Royalties/milestones paid to collaborative partner (post-regulatory approval)*Cost of products sold
Royalties received from collaborative partnerOther income (expense), net
Upfront payments & milestones paid to collaborative partner (pre-regulatory approval)Research and development expense
Research and development payments to collaborative partnerResearch and development expense
Research and development payments received from collaborative partner or government entityReduction of Research and development expense
*    Milestones are capitalized as intangible assets and amortized to cost of products sold over the useful life.
For all years presented, there was no individual project that represented greater than 5% of the total annual consolidated research and development expense.
The Company has a number of products and compounds developed in collaboration with strategic partners including XARELTO, co-developed with Bayer HealthCare AG and IMBRUVICA, developed in collaboration and co-marketed with Pharmacyclics LLC, an AbbVie company.
Separately, the Company has a number of licensing arrangements for products and compounds including DARZALEX, licensed from Genmab A/S.
Advertising
Costs associated with advertising are expensed in the year incurred and are included in selling, marketing and administrative expenses. Advertising expenses worldwide, which comprised television, radio, print media and Internet advertising, were $0.5 billion, $0.7 billion and $1.2 billion in fiscal years 2023, 2022 and 2021, respectively.
Income taxes
Income taxes are recorded based on amounts refundable or payable for the current year and include the results of any difference between U.S. GAAP accounting and tax reporting, recorded as deferred tax assets or liabilities. The Company
estimates deferred tax assets and liabilities based on enacted tax regulations and rates. Future changes in tax laws and rates may affect recorded deferred tax assets and liabilities in the future.
The Company has unrecognized tax benefits for uncertain tax positions. The Company follows U.S. GAAP which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management believes that changes in these estimates would not have a material effect on the Company's results of operations, cash flows or financial position.
In 2017, the United States enacted into law new U.S. tax legislation, the U.S. Tax Cuts and Jobs Act (TCJA). This law included provisions for a comprehensive overhaul of the corporate income tax code, including a reduction of the statutory corporate tax rate from 35% to 21%, effective on January 1, 2018. The TCJA included a provision for a tax on all previously undistributed earnings of U.S. companies located in foreign jurisdictions. Undistributed earnings in the form of cash and cash equivalents were taxed at a rate of 15.5% and all other earnings were taxed at a rate of 8.0%. This tax is payable over 8 years and will not accrue interest. These payments began in 2018 and will continue through 2025. The remaining balance at the end of the 2023 was approximately $4.5 billion, of which $2.5 billion is classified as noncurrent and reflected as “Long-term taxes payable” on the Company’s balance sheet.
The TCJA also includes provisions for a tax on global intangible low-taxed income (GILTI). GILTI is described as the excess of a U.S. shareholder’s total net foreign income over a deemed return on tangible assets, as provided by the TCJA. In January 2018, the FASB issued guidance that allows companies to elect as an accounting policy whether to record the tax effects of GILTI in the period the tax liability is generated (i.e., “period cost”) or provide for deferred tax assets and liabilities related to basis differences that exist and are expected to effect the amount of GILTI inclusion in future years upon reversal (i.e., “deferred method”). The Company has elected to account for GILTI under the deferred method. The deferred tax amounts recorded are based on the evaluation of temporary differences that are expected to reverse as GILTI is incurred in future periods.
The Company has recorded deferred tax liabilities on all undistributed earnings prior to December 31, 2017 from its international subsidiaries. The Company has not provided deferred taxes on the undistributed earnings subsequent to January 1, 2018 from certain international subsidiaries where the earnings are considered to be indefinitely reinvested. The Company intends to continue to reinvest these earnings in those international operations. If the Company decides at a later date to repatriate these earnings to the U.S., the Company would be required to provide for the net tax effects on these amounts. The Company estimates that the tax effect of this repatriation would be approximately $0.5 billion under currently enacted tax laws and regulations and at current currency exchange rates. This amount does not include the possible benefit of U.S. foreign tax credits, which may substantially offset this cost.
See Note 8 to the Consolidated Financial Statements for further information regarding income taxes.
Net earnings per share
Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities were exercised or converted into common stock using the treasury stock method.
Use of estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported. Estimates are used when accounting for sales discounts, rebates, allowances and incentives, product liabilities, income taxes, withholding taxes, depreciation, amortization, employee benefits, contingencies and intangible asset and liability valuations. Actual results may or may not differ from those estimates.
The Company follows the provisions of U.S. GAAP when recording litigation related contingencies. A liability is recorded when a loss is probable and can be reasonably estimated. The best estimate of a loss within a range is accrued; however, if no estimate in the range is better than any other, the minimum amount is accrued.
Annual closing date
The Company follows the concept of a fiscal year, which ends on the Sunday nearest to the end of the month of December. Normally each fiscal year consists of 52 weeks, but every five or six years the fiscal year consists of 53 weeks, and therefore includes additional shipping days, as was the case in fiscal year 2020, and will be the case again in fiscal year 2026.
v3.24.0.1
Cash, cash equivalents and current marketable securities
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents and current marketable securities Cash, cash equivalents and current marketable securities
At the end of the fiscal year 2023 and 2022, cash, cash equivalents and current marketable securities comprised:
(Dollars in Millions)2023
Carrying
 Amount		Unrecognized
 Loss		Estimated
 Fair Value		Cash & Cash
Equivalents		Current
Marketable
Securities
Cash$3,340—3,3403,340—
Non-U.S. Sovereign Securities(1)
522—522174348
U.S. Reverse repurchase agreements4,377—4,3774,377—
Corporate debt securities(1)
338—338189149
Money market funds4,814—4,8144,814—
Time deposits(1)
662—662662—
Subtotal $14,053—14,05313,556497
U.S. Gov't Securities$8,562—8,5628,259303
U.S. Gov't Agencies71(1)70—70
Other Sovereign Securities5—514
Corporate and other debt securities237—23743194
Subtotal available for sale(2)
$8,875(1)8,8748,303571
Total cash, cash equivalents and current marketable securities
$21,8591,068
(Dollars in Millions)2022
Carrying AmountUnrecognized LossEstimated Fair ValueCash & Cash EquivalentsCurrent Marketable Securities
Cash$3,691—3,6913,691—
U.S. Reverse repurchase agreements1,419—1,4191,419—
Corporate debt securities(1)
873(1)872—873
Money market funds5,368—5,3685,368—
Time deposits(1)
443—443443—
Subtotal 11,794(1)11,79310,921873
U.S. Gov't Securities$9,959(28)9,9311,9228,009
U.S. Gov't Agencies210(5)205—205
Corporate and other debt securities352(1)35146305
Subtotal available for sale(2)
$10,521(34)10,4871,9688,519
Total cash, cash equivalents and current marketable securities
$12,8899,392
(1)Held to maturity investments are reported at amortized cost and realized gains or losses are reported in earnings.
(2)Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.
Fair value of government securities and obligations and corporate debt securities were estimated using quoted broker prices and significant other observable inputs.
The contractual maturities of the available for sale debt securities at December 31, 2023 are as follows:
(Dollars in Millions)Cost BasisFair Value
Due within one year$8,8658,864
Due after one year through five years1010
Due after five years through ten years——
Total debt securities$8,8758,874
The Company invests its excess cash in both deposits with major banks throughout the world and other high-quality money market instruments. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating.
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
At the end of fiscal years 2023 and 2022, inventories comprised:
(Dollars in Millions)20232022
Raw materials and supplies$2,3551,719
Goods in process1,9521,577
Finished goods6,8746,972
Total inventories$11,18110,268
v3.24.0.1
Property, plant and equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, plant and equipment Property, plant and equipment
At the end of fiscal years 2023 and 2022, property, plant and equipment at cost and accumulated depreciation were:
(Dollars in Millions)20232022
Land and land improvements$795784
Buildings and building equipment12,37511,470
Machinery and equipment28,97926,603
Construction in progress5,6274,677
Total property, plant and equipment, gross$47,77643,534
Less accumulated depreciation27,87825,552
Total property, plant and equipment, net$19,89817,982
The Company capitalizes interest expense as part of the cost of construction of facilities and equipment. Interest expense capitalized in fiscal years 2023, 2022 and 2021 was $70 million, $49 million and $49 million, respectively.
Depreciation expense, including the amortization of capitalized interest in fiscal years 2023, 2022 and 2021 was $2.6 billion, $2.4 billion and $2.4 billion, respectively.
Upon retirement or other disposal of property, plant and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds are recorded in earnings.
v3.24.0.1
Intangible assets and goodwill
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets and goodwill Intangible assets and goodwill
At the end of fiscal years 2023 and 2022, the gross and net amounts of intangible assets were:
(Dollars in Millions)20232022
Intangible assets with definite lives:  
Patents and trademarks — gross$40,41739,388
Less accumulated amortization(24,808)(20,616)
Patents and trademarks — net$15,60918,772
Customer relationships and other intangibles — gross$20,32219,764
Less accumulated amortization(12,685)(11,363)
Customer relationships and other intangibles — net(1)
$7,6378,401
Intangible assets with indefinite lives:  
Trademarks$1,7141,630
Purchased in-process research and development9,2159,686
Total intangible assets with indefinite lives$10,92911,316
Total intangible assets — net$34,17538,489
(1)The majority is comprised of customer relationships
Goodwill as of December 31, 2023 and January 1, 2023, as allocated by segment of business, was as follows:
(Dollars in Millions)Innovative
Medicine		MedTechTotal
Goodwill at January 2, 2022$10,58014,85625,436
Goodwill, related to acquisitions—11,05611,056
Goodwill, related to divestitures———
Currency translation/other(396)(49)(445)
Goodwill at January 1, 202310,18425,86336,047
Goodwill, related to acquisitions———
Goodwill, related to divestitures———
Currency translation/other223288*511
Goodwill at December 31, 2023$10,40726,15136,558
*Includes purchase price allocation adjustments for Abiomed
The weighted average amortization period for patents and trademarks is approximately 11 years. The weighted average amortization period for customer relationships and other intangible assets is approximately 19 years. The amortization expense of amortizable assets included in Cost of products sold was $4.5 billion, $3.9 billion and $4.2 billion before tax, for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively. Intangible asset write-downs are included in Other (income) expense, net.
The estimated amortization expense related to intangible assets for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions)
20242025202620272028
$4,3003,5002,9002,3001,600
See Note 18 to the Consolidated Financial Statements for additional details related to acquisitions and divestitures.
v3.24.0.1
Fair value measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
The Company uses forward foreign exchange contracts to manage its exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of future intercompany products and third-party purchases of materials denominated in a foreign currency. The Company uses cross currency interest rate swaps to manage currency risk primarily related to borrowings. Both types of derivatives are designated as cash flow hedges.
Additionally, the Company primarily uses interest rate swaps as an instrument to manage interest rate risk related to fixed rate borrowings. These derivatives are designated as fair value hedges. The Company uses cross currency interest rate swaps and forward foreign exchange contracts designated as net investment hedges. Additionally, the Company uses forward foreign exchange contracts to offset its exposure to certain foreign currency assets and liabilities. These forward foreign exchange contracts are not designated as hedges and therefore, changes in the fair values of these derivatives are recognized in earnings, thereby offsetting the current earnings effect of the related foreign currency assets and liabilities.
The Company does not enter into derivative financial instruments for trading or speculative purposes, or that contain credit risk related contingent features. The Company maintains credit support agreements (CSA) with certain derivative counterparties establishing collateral thresholds based on respective credit ratings and netting agreements. As of December 31, 2023 and January 1, 2023, the total amount of cash collateral paid by the Company under the CSA amounted to $4.0 billion and $0.8 billion net respectively, related to net investment and cash flow hedges. On an ongoing basis, the Company monitors counter-party credit ratings. The Company considers credit non-performance risk to be low, because the Company primarily enters into agreements with commercial institutions that have at least an investment grade credit rating. Refer to the table on significant financial assets and liabilities measured at fair value contained in this footnote for receivables and payables with these commercial institutions. As of December 31, 2023, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $42.9 billion, $39.7 billion and $10.0 billion, respectively. As of January 1, 2023, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $41.5 billion, $36.2 billion and $10.0 billion, respectively.
All derivative instruments are recorded on the balance sheet at fair value. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction, and if so, the type of hedge transaction.
The designation as a cash flow hedge is made at the entrance date of the derivative contract. At inception, all derivatives are expected to be highly effective. Foreign exchange contracts designated as cash flow hedges are accounted for under the forward method and all gains/losses associated with these contracts will be recognized in the income statement when the hedged item impacts earnings. Changes in the fair value of these derivatives are recorded in accumulated other comprehensive income until the underlying transaction affects earnings, and are then reclassified to earnings in the same account as the hedged transaction.
Gains and losses associated with interest rate swaps and changes in fair value of hedged debt attributable to changes in interest rates are recorded to interest expense in the period in which they occur. Gains and losses on net investment hedges are accounted through the currency translation account within accumulated other comprehensive income. The portion excluded from effectiveness testing is recorded through interest (income) expense using the spot method. On an ongoing basis, the Company assesses whether each derivative continues to be highly effective in offsetting changes of hedged items. If and when a derivative is no longer expected to be highly effective, hedge accounting is discontinued.
The Company designated its Euro denominated notes issued in May 2016 with due dates ranging from 2022 to 2035 as a net investment hedge of the Company's investments in certain of its international subsidiaries that use the Euro as their functional currency in order to reduce the volatility caused by changes in exchange rates.
As of December 31, 2023, the balance of deferred net loss on derivatives included in accumulated other comprehensive income was $377 million after-tax. For additional information, see the Consolidated Statements of Comprehensive Income and Note 13. The Company expects that substantially all of the amounts related to forward foreign exchange contracts will be reclassified into earnings over the next 12 months as a result of transactions that are expected to occur over that period. The maximum length of time over which the Company is hedging transaction exposure is 18 months, excluding interest rate contracts and net investment hedges. The amount ultimately realized in earnings may differ as foreign exchange rates change. Realized gains and losses are ultimately determined by actual exchange rates at maturity of the derivative.
The following table is a summary of the activity related to derivatives and hedges for the fiscal years ended December 31, 2023 and January 1, 2023, net of tax:
December 31, 2023January 1, 2023
(Dollars in Millions)SalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) ExpenseSalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
Hedged items$———(930)————(1,098)—
Derivatives designated as hedging instruments———930————1,098—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing$———130————140—
Amount of gain or (loss) recognized in AOCI———130————140—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
Amount of gain or (loss) reclassified from AOCI into income7186(37)—8(72)(271)149—(23)
Amount of gain or (loss) recognized in AOCI10447(18)—9531961—(113)
Cross currency interest rate swaps contracts:
Amount of gain or (loss) reclassified from AOCI into income———275————425—
Amount of gain or (loss) recognized in AOCI$———(156)————42—
As of December 31, 2023 and January 1, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges
Line item in the Consolidated Balance Sheet in which the hedged item is includedCarrying Amount of the Hedged LiabilityCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
(Dollars in Millions)December 31, 2023January 1, 2023December 31, 2023January 1, 2023
Long-term Debt$8,862$8,665$(1,216)$(1,435)
The following table is the effect of derivatives not designated as hedging instrument for the fiscal years ended December 31, 2023 and January 1, 2023:
(Dollars in Millions)Location of Gain /(Loss) Recognized in Income on DerivativeGain/(Loss)
Recognized In
Income on Derivative
Derivatives Not Designated as Hedging InstrumentsDecember 31, 2023January 1, 2023
Foreign Exchange ContractsOther (income) expense$(60)94
The following table is the effect of net investment hedges for the fiscal years ended December 31, 2023 and January 1, 2023:
Gain/(Loss)
Recognized In
Accumulated OCI		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income Into IncomeGain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)December 31, 2023January 1, 2023December 31, 2023January 1, 2023
Debt$(131)197Interest (income) expense——
Cross Currency interest rate swaps$642766Interest (income) expense——
The Company holds equity investments with readily determinable fair values and equity investments without readily determinable fair values. The Company measures equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
The following table is a summary of the activity related to equity investments for the fiscal years ended December 31, 2023 and January 1, 2023:
January 1, 2023December 31, 2023
(Dollars in Millions)Carrying Value
Changes in Fair Value Reflected in Net Income(1)
Sales/ Purchases/Other(2)
Carrying ValueNon Current Other Assets
Equity Investments with readily determinable value *$576(368)4,2654,4734,473
Equity Investments without readily determinable value$613182696696
January 2, 2022January 1, 2023
(Dollars in Millions)Carrying Value
Changes in Fair Value Reflected in Net Income(1)
Sales/ Purchases/Other(2)
Carrying ValueNon Current Other Assets
Equity Investments with readily determinable value$1,884(538)(770)576576
Equity Investments without readily determinable value$41393107613613
(1)Recorded in Other Income/Expense
(2)Other includes impact of currency
* Includes the 9.5% remaining stake in Kenvue and the $0.4 billion unfavorable change in fair value of the investment between separation date and the end of the fiscal year.
For the fiscal years ended December 31, 2023 and January 1, 2023 for equity investments without readily determinable market values, $1 million and $51 million, respectively, of the changes in fair value reflected in net income were the result of impairments. There were offsetting impacts of $27 million and $142 million, respectively, of changes in the fair value reflected in net income due to changes in observable prices and gains on the disposal of investments.
Fair value is the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement determined using assumptions that market participants would use in pricing an asset or liability. In accordance with ASC 820, a three-level hierarchy to prioritize the inputs used in measuring fair value. The levels within the hierarchy are described below with Level 1 having the highest priority and Level 3 having the lowest.
The fair value of a derivative financial instrument (i.e., forward foreign exchange contracts, interest rate contracts) is the aggregation by currency of all future cash flows discounted to its present value at the prevailing market interest rates and subsequently converted to the U.S. Dollar at the current spot foreign exchange rate. The Company does not believe that fair values of these derivative instruments materially differ from the amounts that could be realized upon settlement or maturity, or that the changes in fair value will have a material effect on the Company’s results of operations, cash flows or financial position. The Company also holds equity investments which are classified as Level 1 and debt securities which are classified as Level 2. The Company holds acquisition related contingent liabilities based upon certain regulatory and commercial events, which are classified as Level 3, whose values are determined using discounted cash flow methodologies or similar techniques for which the determination of fair value requires significant judgment or estimations.
The following three levels of inputs are used to measure fair value:
Level 1 — Quoted prices in active markets for identical assets and liabilities.
Level 2 — Significant other observable inputs.
Level 3 — Significant unobservable inputs.
The Company’s significant financial assets and liabilities measured at fair value as of the fiscal year ended December 31, 2023 and January 1, 2023 were as follows:
20232022
(Dollars in Millions)Level 1Level 2Level 3Total
Total(1)
Derivatives designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—539—539629
Interest rate contracts (2)
—988—9881,534
Total$—1,527—1,5272,163
Liabilities:     
Forward foreign exchange contracts—624—624511
Interest rate contracts (2)
—5,338—5,3382,778
Total$—5,962—5,9623,289
Derivatives not designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—64—6438
Liabilities:     
Forward foreign exchange contracts—75—7568
Available For Sale Other Investments:
Equity investments(3)
4,473——4,473576
Debt securities(4)
—8,874—8,87410,487
Other Liabilities
Contingent Consideration(5)
$1,0921,0921,120
Gross to Net Derivative Reconciliation20232022
(Dollars in Millions)
Total Gross Assets$1,5912,201
Credit Support Agreements (CSA)(1,575)(2,176)
Total Net Asset1625
Total Gross Liabilities6,0373,357
Credit Support Agreements (CSA)(5,604)(3,023)
Total Net Liabilities$433334
Summarized information about changes in liabilities for contingent consideration is as follows:
202320222021
(Dollars in Millions)
Beginning Balance$1,120533633
Changes in estimated fair value 29(194)(52)
Additions (6)
—792—
Payments/Other(57)(11)(48)
Ending Balance (5)
$1,0921,120533
(1)2022 assets and liabilities are all classified as Level 2 with the exception of equity investments of $576 million, which are classified as Level 1 and contingent consideration of $1,120 million, classified as Level 3.
(2)Includes cross currency interest rate swaps and interest rate swaps.
(3)Classified as non-current other assets.
(4)Classified as cash equivalents and current marketable securities.
(5)Includes $1,092 million, $1,116 million and $520 million, classified as non-current other liabilities as of December 31, 2023, January 1, 2023 and January 2, 2022, respectively. Includes $4 million and $13 million classified as current liabilities as of January 1, 2023 and January 2, 2022, respectively.
(6)In fiscal year 2022, the Company recorded $704 million of contingent consideration related to Abiomed.
See Notes 2 and 7 for financial assets and liabilities held at carrying amount on the Consolidated Balance Sheet.
v3.24.0.1
Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of long-term debt are as follows:
(Dollars in Millions)2023 Effective
Rate
%		 2022 Effective
Rate
%
6.73% Debentures due 2023
$— — % $250 6.73 %
3.375% Notes due 2023
—— 8013.17 
2.05% Notes due 2023
—— 5002.09 
0.650% Notes due 2024
(750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)
831
(2)
0.68 792
(3)
0.68 
5.50% Notes due 2024
(500MM 1.2756 GBP )(2)/(500MM GBP 1.2037)(3)
637
(2)
6.75  600
(3)
6.75 
2.625% Notes due 2025
7502.63 7492.63 
0.55% Notes due 2025
9500.57 9180.57 
2.46% Notes due 2026
1,9972.47 1,9962.47 
2.95% Notes due 2027
9002.96 8772.96 
0.95% Notes due 2027
1,4190.96 1,3940.96 
1.150% Notes due 2028
(750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)
828
(2)
1.21 794
(3)
1.21 
2.90% Notes due 2028
1,4972.91 1,4962.91 
6.95% Notes due 2029
298 7.14  298 7.14 
1.30% Notes due 2030
1,6301.30 1,6071.30 
4.95% Debentures due 2033
499 4.95  498 4.95 
4.375% Notes due 2033
8544.24 8544.24 
1.650% Notes due 2035
(1.5B Euro 1.1090)(2)/(1.5B Euro 1.0651)(3)
1,652
(2)
1.68 1,591
(3)
1.68 
3.587% Notes due 2036
8643.59 8423.59 
5.95% Notes due 2037
994 5.99  993 5.99 
3.625% Notes due 2037
1,3573.64 1,3363.64 
5.85% Debentures due 2038
697 5.85  697 5.85 
3.400% Notes due 2038
9933.42 9923.42 
4.50% Debentures due 2040
541 4.63  540 4.63 
2.10% Notes due 2040
8492.14 8282.14 
4.85% Notes due 2041
2974.89 2974.89 
4.50% Notes due 2043
4964.52 4964.52 
3.73% Notes due 2046
1,9773.74 1,9763.74 
3.75% Notes due 2047
8323.76 8123.76 
3.500% Notes due 2048
7433.52 7433.52 
2.250% Notes due 2050
8262.29 8082.29 
2.450% Notes due 2060
1,0732.49 1,0552.49 
Other69 —  7 — 
Subtotal27,350
(4)
2.98 %
(1)
28,437
(4)
3.04 %
(1)
Less current portion1,469   1,551  
Total long-term debt$25,881   $26,886  
(1)Weighted average effective rate.
(2)Translation rate at December 31, 2023.
(3)Translation rate at January 1, 2023.
(4)The excess of the carrying value over the fair value of debt was $1.0 billion and $1.6 billion at the end of fiscal year 2023 and fiscal year 2022, respectively.
Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.
The Company has access to substantial sources of funds at numerous banks worldwide. In September 2023, the Company secured a new 364-day Credit Facility of $10 billion, which expires on September 5, 2024. The Company early terminated the additional 364-day revolving Credit Facility of $10 billion, which had an expiration of November 21, 2023. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.
Throughout fiscal years 2023 and 2022, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $3.5 billion and $12.8 billion at the end of fiscal years 2023 and 2022, respectively. The current portion of the long term debt was $1.5 billion and $1.6 billion in 2023 and 2022, respectively, and the remainder is commercial paper and local borrowing by international subsidiaries.
The current debt balance as of December 31, 2023 includes $2.0 billion of commercial paper which has a weighted average interest rate of 5.37% and a weighted average maturity of approximately two months. The current debt balance as of January 1, 2023 includes $11.2 billion of commercial paper which has a weighted average interest rate of 4.23% and a weighted average maturity of approximately two months.
Aggregate maturities of long-term debt obligations commencing in 2024 are:
(Dollars in Millions)
20242025202620272028After 2028
$1,4691,7001,9972,3202,32517,539
v3.24.0.1
Income taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The provision for taxes on income consists of:
(Dollars in Millions)202320222021
Currently payable:
U.S. taxes$2,7052,2741,338
International taxes3,0902,2952,069
Total currently payable5,7954,5693,407
Deferred:
U.S. taxes(3,440)(1,990)565
International taxes(619)410(2,595)
Total deferred(4,059)(1,580)(2,030)
Provision for taxes on income$1,7362,9891,377
A comparison of income tax expense at the U.S. statutory rate of 21% in fiscal years 2023, 2022 and 2021, to the Company’s effective tax rate is as follows:
(Dollars in Millions)202320222021
U.S. $(2,033)4,6064,275
International17,09514,75314,903
Earnings before taxes on income:$15,06219,35919,178
Tax rates:
U.S. statutory rate21.0 %21.0 21.0 
International operations(1)
(8.1)(5.0)(19.1)
U.S. Tax Settlements(3.0)— — 
U.S. taxes on international income(2)
(0.3)(1.1)8.9 
Tax benefits from loss on capital assets— — (1.6)
Tax benefits on share-based compensation(0.8)(1.4)(1.2)
All other2.7 1.9 (0.8)
Effective Rate11.5 %15.4 7.2 
(1)International operations reflect the impacts of operations in jurisdictions with statutory tax rates different than the U.S., particularly Ireland, Switzerland, Belgium and Puerto Rico, which is a favorable impact on the effective tax rate as compared with the U.S. statutory rate.
(2)Includes the impact of the GILTI tax, the Foreign-Derived Intangible Income deduction and other foreign income that is taxable under the U.S. tax code. The 2023 and 2022 amount includes the impact of certain provisions of the 2017 TCJA that became effective in fiscal 2022. The 2023 amount includes the impact of certain foreign subsidiaries deferred tax remeasurements for legislative elections and the 2021 amounts include the reorganization of international subsidiaries further described below.
The fiscal year 2023 effective tax rate decreased 3.9% as compared to the fiscal year 2022 effective tax rate as the Company recorded certain non-recurring favorable tax items in fiscal year 2023 when compared to the prior fiscal year.
In the fiscal fourth quarter of 2023, the Company settled the U.S. Internal Revenue Service audit for tax years 2013 through 2016 which resulted in a favorable impact to the rate of 3.0%. This settlement was partially offset by the Company recording a $0.4 billion decrease in expected U.S. foreign tax credits, an unfavorable effective rate impact of 2.6%, which has been reflected as a current tax expense in U.S. taxes on international income on the Company’s effective tax rate reconciliation.
In the fiscal year 2023, the Company had certain non-recurring impacts as a result of legislative tax elections made in certain international subsidiaries which resulted in a change in the Company’s tax basis in certain assets resulting in deferred tax re-measurements. The net impact of these non-recurring items is a net benefit of 3.4% to the Company’s annual effective tax rate, comprised of the following items:
•approximately $0.3 billion of tax benefit on local deferred tax assets to record the remeasurement of the increased tax basis, this benefit has been reflected as International operations on the Company’s effective tax rate reconciliation. This benefit was offset by approximately $0.1 billion of U.S. deferred tax expense on the GILTI deferred tax liability resulting from the remeasurement of these deferred tax assets. This has been reflected in the “U.S. tax on international income” on the Company’s effective tax rate reconciliation.
•approximately $0.3 billion of U.S. deferred tax benefit on the GILTI deferred tax as a result of an international subsidiary making an election to change the treatment of a local deferred tax asset to a refundable tax credit. This has been reflected in the U.S. taxes on international income on the Company’s effective tax rate reconciliation.
The Company’s 2023 and 2022 tax rates benefited from certain provisions of the Tax Cuts and Jobs Act of 2017 that became effective in fiscal 2022. The Company also had lower income in higher tax jurisdictions vs. fiscal year 2022, primarily in the U.S. where the Company recorded an approximately $7.0 billion charge related to talc matters in the United States at an effective tax rate of 21.1% (for further information see Note 19 to the Consolidated Financial Statements).

The fiscal year 2022 effective tax rate increased 8.2% as compared to the fiscal year 2021 effective tax rate as the Company recorded certain non-recurring favorable tax items in fiscal year 2021 which resulted in an unfavorable impact to the Company’s fiscal 2022 effective tax rate when compared to the prior fiscal year. These items are described below. The Company’s 2022 tax rate also benefited from the impairment of bermekimab for AD IPR&D and changes in the fair value of securities in the Company’s investment portfolio, both recorded at the U.S. statutory rate.
In the fiscal year 2021, the Company reorganized the ownership structure of certain wholly-owned international subsidiaries. As part of this reorganization, the Company increased the tax basis of certain assets to fair value in accordance with applicable local regulations. The net impact of this restructuring was approximately $0.6 billion net benefit or 3.2% benefit to the Company’s annual effective tax rate, comprised of the following items:
•approximately $2.3 billion of local deferred tax assets to record the remeasurement of the tax basis of these assets to fair value, this benefit has been reflected as International operations on the Company’s effective tax rate reconciliation.
•approximately $1.7 billion of U.S. deferred tax expense relating to the GILTI deferred tax liability resulting from the remeasurement of these deferred tax assets. This expense has been reflected as U.S. taxes on international income on the Company’s effective tax rate reconciliation.
Also, in the fiscal fourth quarter of 2021, the Company recognized a loss on certain U.S. affiliates related to the previously impaired book value of certain intangibles, which reduced the 2021 effective tax rate by approximately 1.6% which is reflected as a Tax benefits from loss on capital assets on the effective tax rate reconciliation. Additionally other fiscal 2021 impacts to the rate were primarily driven by litigation and acquisition related items as follows:
•the Company accrued additional legal expenses, of approximately $1.6 billion for talc at an effective tax rate of 23.5% and $0.8 billion for Risperdal Gynecomastia settlements at an effective tax rate of 16.4% (See Note 19 to the Consolidated Financial Statements for more details).
•the Company recorded a partial IPR&D charge of $0.9 billion for the Ottava intangible asset (acquired with the Auris Health acquisition in 2019) at an effective rate of 22.4%.

Temporary differences and carryforwards at the end of fiscal years 2023 and 2022 were as follows:
2023 Deferred Tax2022 Deferred Tax
(Dollars in Millions)AssetLiabilityAssetLiability
Employee related obligations$586685
Stock based compensation686632
Depreciation of property, plant and equipment(902)(845)
Goodwill and intangibles(1,252)(1,737)
R&D capitalized for tax3,5952,611
Reserves & liabilities3,8162,733
Income reported for tax purposes(1)
3592,026
Net realizable operating loss carryforwards(2)
9961,319
Undistributed foreign earnings1,801(1,695)1,517(1,604)
Global intangible low-taxed income(2,731)(3,628)
Miscellaneous international831861(66)
Miscellaneous U.S. (4)452
Total deferred income taxes$12,670(6,584)12,836(7,880)
(1)In fiscal 2023, the Company changed the presentation of income taxes accrued on intercompany profits on inventory still owned by the Company as part of “Prepaid expenses and other” on the Consolidated Balance Sheet.
(2)Net of valuation allowances of $1.1 billion and $0.8 billion in 2023 and 2022. The change in the valuation allowance from 2022 to 2023 was driven by approximately $0.1 billion from acquisition related activity and the remainder was due to normal operations during the fiscal year.
The Company has wholly-owned international subsidiaries that have cumulative net losses. The Company believes that it is more likely than not that these subsidiaries will generate future taxable income sufficient to utilize these deferred tax assets. However, in certain jurisdictions, valuation allowances have been recorded against deferred tax assets for loss carryforwards that are not more likely than not to be realized.
The following table summarizes the activity related to unrecognized tax benefits for continuing operations:
(Dollars in Millions)202320222021
Beginning of year$3,7163,2103,260
Increases related to current year tax positions239523242
Increases related to prior period tax positions24414323
Decreases related to prior period tax positions(781)(148)(128)
Settlements(880)(1)(187)
Lapse of statute of limitations(53)(11)—
End of year$2,4853,7163,210
As of December 31, 2023 the Company had approximately $2.5 billion of unrecognized tax benefits. The Company conducts business and files tax returns in numerous countries and currently has tax audits in progress with a number of tax authorities. With respect to the United States the Internal Revenue Service has completed its audit for all tax years through 2016.
In other major jurisdictions where the Company conducts business, the years that remain open to tax audits go back to the year 2008. The Company believes it is possible that some tax audits may be completed over the next twelve months by taxing authorities in some jurisdictions, including in the United States. However, the Company is not able to provide a reasonably reliable estimate of the timing of any other future tax payments or change in uncertain tax positions, if any.
The Company classifies liabilities for unrecognized tax benefits and related interest and penalties as long-term liabilities. Interest expense and penalties related to unrecognized tax benefits are classified as income tax expense. The Company recognized after tax interest expense of $99 million, $136 million and $42 million in fiscal years 2023, 2022 and 2021, respectively. The total amount of accrued interest was $264 million and $637 million in fiscal years 2023 and 2022, respectively
v3.24.0.1
Employee related obligations
 12 Months Ended
Dec. 31, 2023
Compensation Related Costs [Abstract]  
Employee related obligations Employee related obligations
At the end of fiscal 2023 and fiscal 2022, employee related obligations recorded on the Consolidated Balance Sheets were:
(Dollars in Millions)20232022
Pension benefits$3,1292,475
Postretirement benefits1,9631,728
Postemployment benefits2,5272,832
Deferred compensation68100
Total employee obligations7,6877,135
Less current benefits payable538593
Employee related obligations — non-current$7,1496,542
Prepaid employee related obligations of $4,992 million and $4,581 million for 2023 and 2022, respectively, are included in Other assets on the Consolidated Balance Sheets.
v3.24.0.1
Pensions and other benefit plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Pensions and other benefit plans Pensions and other benefit plans
The Company sponsors various retirement and pension plans, including defined benefit, defined contribution and termination indemnity plans, which cover most employees worldwide. The Company also provides post-retirement benefits, primarily healthcare, to all eligible U.S. retired employees and their dependents.
Many international employees are covered by government-sponsored programs and the cost to the Company is not significant.
In the U.S, non-union pension benefits for employees hired before January 1, 2015 are primarily based on the employee’s compensation during the last five years before retirement and the number of years of service (the Final Average Pay formula). U.S. pension benefits for employees hired after 2014, are calculated using a different formula based on employee compensation over total years of service (the Retirement Value formula).
In January 2021, the Company announced that, effective on January 1, 2026, all eligible U.S. non-union employees, regardless of hire date, will earn benefits under the Retirement Value formula. This amendment does not affect the benefits accrued under the Final Average Pay formula for service before January 1, 2026.
International subsidiaries have plans under which funds are deposited with trustees, annuities are purchased under group contracts, or reserves are provided.
The Company does not fund retiree healthcare benefits in advance and has the right to modify these plans in the future.
In 2023 and 2022 the Company used December 31, 2023 and December 31, 2022, respectively, as the measurement date for all U.S. and international retirement and other benefit plans.
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for 2023, 2022 and 2021 include the following components:
Retirement PlansOther Benefit Plans
(Dollars in Millions)202320222021202320222021
Service cost$8931,3191,412264320309
Interest cost1,43790876821410480
Expected return on plan assets(2,716)(2,756)(2,644)(7)(8)(7)
Amortization of prior service cost (184)(184)(181)(2)(5)(31)
Recognized actuarial losses (gains)(199)6501,25123122151
Curtailments and settlements9311(5)——
Net periodic benefit cost (credit)$(676)(62)607487533502
The service cost component of net periodic benefit cost is presented in the same line items on the Consolidated Statement of Earnings where other employee compensation costs are reported, including Cost of products sold, Research and development expense, Selling, marketing and administrative expenses, and Net earnings from discontinued operations, net of taxes if related to the separation of Kenvue. All other components of net periodic benefit cost are presented as part of Other (income) expense, net on the Consolidated Statement of Earnings, with the exception of certain amounts for curtailments and settlements, which are reported in Net earnings from discontinued operations, net of taxes if related to the separation of Kenvue (as noted above).
Unrecognized gains and losses for the U.S. pension plans are amortized over the average remaining future service for each plan. For plans with no active employees, they are amortized over the average life expectancy. The amortization of gains and losses for the other U.S. benefit plans is determined by using a 10% corridor of the greater of the market value of assets or the accumulated postretirement benefit obligation. Total unamortized gains and losses in excess of the corridor are amortized over the average remaining future service.
Prior service costs/benefits for the U.S. pension plans are amortized over the average remaining future service of plan participants at the time of the plan amendment. Prior service cost/benefit for the other U.S. benefit plans is amortized over the average remaining service to full eligibility age of plan participants at the time of the plan amendment.
The following table represents the weighted-average actuarial assumptions:
Retirement PlansOther Benefit Plans
Worldwide Benefit Plans202320222021202320222021
Net Periodic Benefit Cost
Service cost discount rate4.85 %2.46 2.14 5.40 2.59 2.09 
Interest cost discount rate5.25 %2.80 2.34 5.43 2.64 2.33 
Rate of increase in compensation levels3.71 %4.02 4.01 4.22 4.21 4.25 
Expected long-term rate of return on plan assets7.21 %7.25 7.71 
Benefit Obligation
Discount rate4.58 %5.01 2.49 5.11 5.42 2.68 
Rate of increase in compensation levels3.69 %4.00 4.01 4.22 4.21 4.21 
The Company’s discount rates are determined by considering current yield curves representing high quality, long-term fixed income instruments. The resulting discount rates are consistent with the duration of plan liabilities. The Company's methodology in determining service and interest cost uses duration specific spot rates along that yield curve to the plans' liability cash flows.
The expected rates of return on plan asset assumptions represent the Company's assessment of long-term returns on diversified investment portfolios globally. The assessment is determined using projections from external financial sources, long-term historical averages, actual returns by asset class and the various asset class allocations by market.
The following table displays the assumed healthcare cost trend rates, for all individuals:
Healthcare Plans20232022
Healthcare cost trend rate assumed for next year13.90 %*5.96 %
Rate to which the cost trend rate is assumed to decline (ultimate trend)4.00 %3.99 %
Year the rate reaches the ultimate trend rate2048 2047 
*excludes ongoing negotiations regarding healthcare cost with service providers

The following table sets forth information related to the benefit obligation and the fair value of plan assets at fiscal year-end 2023 and 2022 for the Company’s defined benefit retirement plans and other post-retirement plans:
Retirement PlansOther Benefit Plans
(Dollars in Millions)2023202220232022
Change in Benefit Obligation
Projected benefit obligation — beginning of year$29,39041,2724,1924,874
Service cost8931,319264320
Interest cost1,437908214104
Plan participant contributions7367——
Amendments(6)7——
Actuarial (gains) losses(1)
2,068(12,159)469(704)
Divestitures & acquisitions(2)
(352)—1—
Curtailments, settlements & restructuring(238)(7)(332)—
Benefits paid from plan(3)
(2,122)(1,220)(702)(393)
Effect of exchange rates601(797)2(9)
Projected benefit obligation — end of year$31,74429,3904,1084,192
Change in Plan Assets
Plan assets at fair value — beginning of year$31,49641,90978102
Actual return (loss) on plan assets3,951(8,663)16(17)
Company contributions268261694386
Plan participant contributions7367——
Settlements(176)(5)——
Divestitures & acquisitions(2)
(509)———
Benefits paid from plan assets(3)
(2,122)(1,220)(702)(393)
Effect of exchange rates626(853)——
Plan assets at fair value — end of year$33,60731,4968678
Funded status — end of year$1,8632,106(4,022)(4,114)
Amounts Recognized in the Company’s Balance Sheet consist of the following:
Non-current assets$4,9924,581——
Current liabilities(119)(127)(416)(461)
Non-current liabilities(3,010)(2,348)(3,606)(3,653)
Total recognized in the consolidated balance sheet — end of year$1,8632,106(4,022)(4,114)
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following:
Net actuarial loss$4,9623,948354239
Prior service cost (credit)(1,236)(1,417)(6)(7)
Unrecognized net transition obligation———
Total before tax effects$3,7262,531348232
Accumulated Benefit Obligations — end of year$30,13927,797
(1)The actuarial (gains)/losses for retirement plans in 2023 and 2022 were primarily driven by changes in the discount rates.
(2)Primarily driven by the Kenvue separation.
(3)Includes approximately $800 million transferred to a group annuity contract issued by a third-party insurer for the U.S. Salaried Pension Plan.
Retirement PlansOther Benefit Plans
(Dollars in Millions)2023202220232022
Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
Net periodic benefit cost (credit)$(676)(62)487533
Net actuarial (gain) loss711(793)136(751)
Amortization of net actuarial loss199(655)(22)(121)
Prior service cost (credit)(2)7——
Amortization of prior service (cost) credit18518325
Effect of exchange rates103(140)—(1)
Total loss/(income) recognized in other comprehensive income, before tax$1,195(1,398)116(868)
Total recognized in net periodic benefit cost and other comprehensive income$519(1,460)603(335)
The Company plans to continue to fund its U.S. Qualified Plans to comply with the Pension Protection Act of 2006. International Plans are funded in accordance with local regulations. Additional discretionary contributions are made when deemed appropriate to meet the long-term obligations of the plans. For certain plans, funding is not a common practice, as funding provides no economic benefit. Consequently, the Company has several pension plans that are not funded.
In 2023, the Company contributed $135 million and $133 million to its U.S. and international pension plans, respectively.
The following table displays the funded status of the Company's U.S. Qualified & Non-Qualified pension plans and international funded and unfunded pension plans at December 31, 2023 and December 31, 2022, respectively:
U.S. PlansInternational Plans
Qualified PlansNon-Qualified PlansFunded PlansUnfunded Plans
(Dollars in Millions)20232022202320222023202220232022
Plan Assets$22,29820,937——11,30910,559——
Projected Benefit Obligation19,15218,3942,0371,93710,4318,98212477
Accumulated Benefit Obligation18,55717,6961,9821,8729,4988,16610263
Over (Under) Funded Status
Projected Benefit Obligation$3,1462,543(2,037)(1,937)8781,577(124)(77)
Accumulated Benefit Obligation3,7413,241(1,982)(1,872)1,8112,393(102)(63)
Plans with accumulated benefit obligations in excess of plan assets have an accumulated benefit obligation, projected benefit obligation and plan assets of $5.8 billion, $6.1 billion and $3.1 billion, respectively, at the end of 2023, and $2.7 billion, $2.7 billion and $0.3 billion, respectively, at the end of 2022.
The following table displays the projected future benefit payments from the Company’s retirement and other benefit plans:
(Dollars in Millions)202420252026202720282029-2033
Projected future benefit payments
Retirement plans$1,4811,4731,5491,6471,74510,133
Other benefit plans $4274383964114282,360
The following table displays the projected future minimum contributions to the unfunded retirement plans. These amounts do not include any discretionary contributions that the Company may elect to make in the future.
(Dollars in Millions)202420252026202720282029-2033
Projected future contributions$122126133139145787
Each pension plan is overseen by a local committee or board that is responsible for the overall administration and investment of the pension plans. In determining investment policies, strategies and goals, each committee or board considers factors including, local pension rules and regulations; local tax regulations; availability of investment vehicles (separate accounts, commingled accounts, insurance funds, etc.); funded status of the plans; ratio of actives to retirees; duration of liabilities; and other relevant factors including: diversification, liquidity of local markets and liquidity of base currency. A majority of the Company’s pension funds are open to new entrants and are expected to be on-going plans. Permitted investments are primarily liquid and/or listed, with little reliance on illiquid and non-traditional investments such as hedge funds.
The Company’s retirement plan asset allocation at the end of 2023 and 2022 and target allocations for 2024 are as follows:
Percent of
Plan Assets		Target
Allocation
202320222024
Worldwide Retirement Plans
Equity securities58 %62 %58 %
Debt securities42 38 42 
Total plan assets100 %100 %100 %
Determination of fair value of plan assets
The Plan has an established and well-documented process for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon models that primarily use, as inputs, market-based or independently sourced market parameters, including yield curves, interest rates, volatilities, equity or debt prices, foreign exchange rates and credit curves.
While the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Valuation hierarchy
The authoritative literature establishes a three-level hierarchy to prioritize the inputs used in measuring fair value. The levels within the hierarchy are described in the table below with Level 1 having the highest priority and Level 3 having the lowest.
The Net Asset Value (NAV) is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Following is a description of the valuation methodologies used for the investments measured at fair value.
•Short-term investment funds — Cash and quoted short-term instruments are valued at the closing price or the amount held on deposit by the custodian bank. Other investments are through investment vehicles valued using the NAV provided by the administrator of the fund. The NAV is a quoted price in a market that is not active and classified as Level 2.
•Government and agency securities — A limited number of these investments are valued at the closing price reported on the major market on which the individual securities are traded. Where quoted prices are available in an active market, the investments are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. When quoted market prices for a security are not available in an active market, they are classified as Level 2.
•Debt instruments — A limited number of these investments are valued at the closing price reported on the major market on which the individual securities are traded. Where quoted prices are available in an active market, the investments are classified as Level 1. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows and are classified as Level 2. Level 3 debt instruments are priced based on unobservable inputs.
•Equity securities — Equity securities are valued at the closing price reported on the major market on which the individual securities are traded. Substantially all equity securities are classified within Level 1 of the valuation hierarchy.
•Commingled funds — These investment vehicles are valued using the NAV provided by the fund administrator. Assets in the Level 2 category have a quoted market price.
•Other assets — Other assets are represented primarily by limited partnerships. These investment vehicles are valued using the NAV provided by the fund administrator. Other assets that are exchange listed and actively traded are classified as Level 1, while inactively traded assets are classified as Level 2.
The following table sets forth the Retirement Plans' investments measured at fair value as of December 31, 2023 and December 31, 2022:
Quoted Prices
in Active
Markets for
Identical Assets		Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs(1)
Investments Measured at Net Asset Value
(Level 1)(Level 2)(Level 3)Total Assets
(Dollars in Millions)2023202220232022202320222023202220232022
Short-term investment funds
$122682913————84139
Government and agency securities——5,9855,863————5,9855,863
Debt instruments——3,8993,681————3,8993,681
Equity securities7,7648,846—2————7,7648,848
Commingled funds——4,9674,36243566,6726,09611,68210,514
Other assets——493392123,2952,5063,4362,551
Investments at fair value
$7,7768,87215,72913,954135689,9678,60233,60731,496
(1) The activity for the Level 3 assets is not significant for all years presented.
The Company's Other Benefit Plans are unfunded except for U.S. commingled funds (Level 2) of $86 million and $78 million at December 31, 2023 and December 31, 2022, respectively.
The fair value of Johnson & Johnson Common Stock directly held in plan assets was $14 million (0.0% of total plan assets) at December 31, 2023 and $21 million (0.1% of total plan assets) at December 31, 2022.
v3.24.0.1
Savings plan
 12 Months Ended
Dec. 31, 2023
Savings Plan [Abstract]  
Savings plan Savings plan
The Company has voluntary 401(k) savings plans designed to enhance the existing retirement programs covering eligible employees. The Company matches a percentage of each employee’s contributions consistent with the provisions of the plan for which the employee is eligible. Total Company matching contributions to the plans were $263 million, $257 million and $239 million in fiscal years 2023, 2022 and 2021, respectively.
v3.24.0.1
Capital and treasury stock
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Capital and treasury stock Capital and treasury stock
Changes in treasury stock were:
Treasury Stock
(Amounts in Millions Except Treasury Stock Shares in Thousands)SharesAmount
Balance at January 3, 2021487,331$38,490
Employee compensation and stock option plans(17,399)(2,847)
Repurchase of common stock20,9463,456
Balance at January 2, 2022490,87839,099
Employee compensation and stock option plans(20,007)(3,440)
Repurchase of common stock35,3756,035
Balance at January 1, 2023506,24641,694
Employee compensation and stock option plans(15,521)(2,529)
Repurchase of common stock31,0855,079
Kenvue share exchange (Note 21)190,95531,418
Balance at December 31, 2023712,765$75,662
Aggregate shares of common stock issued were approximately 3,119,843,000 shares at the end of fiscal years 2023, 2022 and 2021.
Cash dividends paid were $4.70 per share in fiscal year 2023, compared with dividends of $4.45 per share in fiscal year 2022, and $4.19 per share in fiscal year 2021.
On January 2, 2024, the Board of Directors declared a regular cash dividend of $1.19 per share, payable on March 5, 2024 to shareholders of record as of February 20, 2024.
On September 14, 2022, the Company announced that its Board of Directors approved a share repurchase program, authorizing the Company to purchase up to $5.0 billion of the Company's shares of common stock. The repurchase program was completed during the fiscal first quarter of 2023.
v3.24.0.1
Accumulated other comprehensive income (loss)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss)
Components of other comprehensive income (loss) consist of the following:
(Dollars in Millions)Foreign
Currency
Translation		Gain/
(Loss) On
Securities		Employee
Benefit Plans		Gain/
(Loss) On
Derivatives
& Hedges		Total
Accumulated
Other
Comprehensive
Income (Loss)
January 3, 2021$(8,938)1(6,957)652(15,242)
Net 2021 changes(1,079)(4)4,255(988)2,184
January 2, 2022(10,017)(3)(2,702)(336)(13,058)
Net 2022 changes(1,796)(24)1,80510691
January 1, 2023(11,813)(27)(897)(230)(12,967)
Net 2023 changes(3,221)26(1,399)(147)(4,741)
Kenvue Separation/IPO4,885296*5,181
December 31, 2023$(10,149)(1)(2,000)(377)(12,527)
Amounts in accumulated other comprehensive income are presented net of the related tax impact. Foreign currency translation is not adjusted for income taxes where it relates to permanent investments in international subsidiaries. For additional details on comprehensive income see the Consolidated Statements of Comprehensive Income.
Details on reclassifications out of Accumulated Other Comprehensive Income:
Gain/(Loss) On Securities - reclassifications released to Other (income) expense, net.
Employee Benefit Plans - reclassifications are included in net periodic benefit cost. See Note 10 for additional details.
Gain/(Loss) On Derivatives & Hedges - reclassifications to earnings are recorded in the same account as the hedged transaction. See Note 6 for additional details.
* Includes impact of curtailments and settlements in connection with separation from Kenvue.
v3.24.0.1
International currency translation
 12 Months Ended
Dec. 31, 2023
Foreign Currency Translation [Abstract]  
International currency translation International currency translation
For translation of its subsidiaries operating in non-U.S. Dollar currencies, the Company has determined that the local currencies of its international subsidiaries are the functional currencies except those in highly inflationary economies, which are defined as those which have had compound cumulative rates of inflation of 100% or more during the past three years, or where a substantial portion of its cash flows are not in the local currency. For the majority of the Company's subsidiaries the local currency is the functional currency.
In consolidating international subsidiaries, balance sheet currency effects are recorded as a component of accumulated other comprehensive income. The other current and non-current assets line within the Statement of Cash flows includes the impact of foreign currency translation. This equity account includes the results of translating certain balance sheet assets and liabilities at current exchange rates and some accounts at historical rates, except for those located in highly inflationary economies (Argentina and Venezuela). Beginning in the fiscal second quarter of 2022, the Company also accounted for operations in Turkey as highly inflationary. The translation of balance sheet accounts for highly inflationary economies are reflected in the operating results.
A rollforward of the changes during fiscal years 2023, 2022 and 2021 for foreign currency translation adjustments is included in Note 13.
Net currency transaction gains and losses included in Other (income) expense were losses of $366 million, $286 million and $216 million in fiscal years 2023, 2022 and 2021, respectively.
v3.24.0.1
Earnings per share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022:
(In Millions Except Per Share Amounts)202320222021
Basic net earnings per share from continuing operations$5.266.236.76
Basic net earnings per share from discontinued operations8.620.601.17
Total net earnings per share - basic13.886.837.93
Average shares outstanding — basic2,533.52,625.22,632.1
Potential shares exercisable under stock option plans94.1140.1138.0
Less: shares repurchased under treasury stock method(67.2)(101.4)(96.1)
Adjusted average shares outstanding — diluted2,560.42,663.92,674.0
Diluted net earnings per share from continuing operations5.206.146.66
Diluted net earnings per share from discontinuing operations8.520.591.15
Total net earnings per share - diluted$13.726.737.81
The diluted net earnings per share calculation for fiscal year 2023 excluded 43 million shares related to stock options, as the exercise price of these options was greater than the average market value of the Company's stock.
The diluted net earnings per share calculation for the fiscal years 2022 and 2021 included all shares related to stock options, as the exercise price of these options was less than the average market value of the Company's stock.
v3.24.0.1
Common stock, stock option plans and stock compensation agreements
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Common stock, stock option plans and stock compensation agreements Common stock, stock option plans and stock compensation agreements
At December 31, 2023, the Company had one stock-based compensation plan. The shares outstanding are for contracts under the Company's 2012 Long-Term Incentive Plan and the 2022 Long-Term Incentive Plan. The 2012 Long-Term Incentive Plan expired on April 26, 2022. All awards (stock options, restricted shares units and performance share units) granted subsequent to that date were under the 2022 Long-Term Incentive Plan. Under the 2022 Long-Term Incentive Plan, the Company may issue up to 150 million shares of common stock, of which up to 110 million shares of common stock may be issued subject to stock options or stock appreciation rights and up to 40 million shares of common stock may be issued subject to full value awards. Awards will generally be counted on a 1-for-1 basis against the share reserve, provided that if more than 40 million full value awards are granted, each full value award in excess of 40 million will be counted on a 5-for-1 basis against the share reserve. Shares available for future grants under the 2022 Long-Term Incentive Plan were 130 million at the end of fiscal year 2023.
The compensation cost that has been charged against income for these plans was $1,087 million, $1,028 million and $1,038 million for fiscal years 2023, 2022 and 2021, respectively. The total income tax benefit recognized in the income statement for share-based compensation costs was $221 million, $177 million and $199 million for fiscal years 2023, 2022 and 2021, respectively. The Company also recognized additional income tax benefits of $126 million, $267 million and $213 million for fiscal years 2023, 2022 and 2021, respectively, for which options were exercised or restricted shares were vested. The total unrecognized compensation cost was $907 million, $866 million and $775 million for fiscal years 2023, 2022 and 2021, respectively. The weighted average period for this cost to be recognized was 1.80 years, 1.80 years and 1.78 years for fiscal years 2023, 2022, and 2021, respectively. Share-based compensation costs capitalized as part of inventory were insignificant in all periods.
The Company settles employee benefit equity issuances with treasury shares. Treasury shares are replenished through market purchases throughout the year for the number of shares used to settle employee benefit equity issuances.
Stock options
Stock options expire 10 years from the date of grant and vest over service periods that range from 6 months to 4 years.
Options granted under the 2012 Long-Term Incentive Plan were granted at the average of the high and low prices of the Company’s Common Stock on the New York Stock Exchange on the date of grant. Options granted under the 2022 Long-Term incentive Plan were granted at the closing price of the Company’s Common Stock on the New York Stock Exchange on the date of grant.
The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. For 2023, 2022, and 2021 grants, expected volatility represents a blended rate of 10-year weekly historical overall volatility rate, and a 5-week average implied volatility rate based on at-the-money traded Johnson & Johnson options with a life of 2 years. For all grants, historical data is used to determine the expected life of the option. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant.
The average fair value of options granted was $27.85, $23.23 and $20.86, in fiscal years 2023, 2022 and 2021, respectively. The fair value was estimated based on the weighted average assumptions of:
202320222021
Risk-free rate3.74 %1.98 %0.83 %
Expected volatility17.69 %18.00 %18.59 %
Expected life (in years)7.07.07.0
Expected dividend yield2.90 %2.70 %2.50 %
A summary of option activity under the Plan as of December 31, 2023, is presented below:
(Shares in Thousands)Outstanding
Shares		Weighted
Average Exercise
Price		Aggregate
Intrinsic
Value
(Dollars in Millions)
Shares at January 1, 2023118,672$134.95$4,949
Options granted16,320162.75
Options exercised(12,386)109.48
Options canceled/forfeited*(10,368)155.62
Shares at December 31, 2023112,238$139.88$2,239
The total intrinsic value of options exercised was $729 million, $1,228 million and $919 million in fiscal years 2023, 2022 and 2021, respectively.
*includes 7,689 shares of options cancelled as a result of the conversion of Johnson & Johnson stock options held by Kenvue employees into Kenvue stock options
The following table summarizes stock options outstanding and exercisable at December 31, 2023:
(Shares in Thousands)OutstandingExercisable
Exercise Price RangeOptions
Average Life(1)
Weighted
Average
Exercise Price		OptionsWeighted
Average
Exercise Price
$90.44 - $101.87
20,7741.4$99.2120,774$99.21
$115.67 - $129.51
19,3683.6122.4919,368122.49
$131.94 - $151.41
27,3915.6142.8426,676142.61
$162.70 - $162.75
13,9289.1162.756162.75
$164.62 - $165.89
30,7777.6165.29174165.12
 112,2385.5$139.8866,998$123.39
(1) Average contractual life remaining in years.
Stock options outstanding at January 1, 2023 and January 2, 2022 were 118,672 and an average life of 5.8 years and 117,361 and an average life of 5.8 years, respectively. Stock options exercisable at January 1, 2023 and January 2, 2022 were 63,661 at an average price of $113.06 and 62,742 at an average price of $104.42, respectively.
Restricted share units and performance share units
The Company grants restricted share units which vest over service periods that range from 6 months to 3 years. The Company also grants performance share units, which are paid in shares of Johnson & Johnson Common Stock after the end of a three-year performance period. Performance shares were granted with two equally-weighted goals that directly align with or help drive long-term total shareholder return: adjusted operational earnings per share and relative total shareholder return. The number of shares actually earned at the end of the three-year period will vary, based only on actual performance, from 0% to 200% of the target number of performance share units granted.
A summary of the restricted share units and performance share units activity under the Plans as of December 31, 2023 is presented below:
(Shares in Thousands)Outstanding
Restricted Share Units		Outstanding
Performance Share Units
Shares at January 1, 202313,6162,357
Granted5,910828
Issued(4,329)(785)
Canceled/forfeited/adjusted*(2,259)(363)
Shares at December 31, 202312,9382,037
*includes 1,421 shares of restricted share units and 264 shares of performance share units cancelled as a result of the conversion of Johnson & Johnson restricted share units and performance share units held by Kenvue employees into Kenvue restricted share units
The average fair value of the restricted share units granted was $152.63, $153.67 and $152.62 in fiscal years 2023, 2022 and 2021, respectively, using the fair market value at the date of grant. The fair value of restricted share units was discounted for dividends, which are not paid on the restricted share units during the vesting period. The fair value of restricted share units issued was $605 million, $591 million and $611 million in 2023, 2022 and 2021, respectively.
The weighted average fair value of the performance share units granted was $145.17, $170.46 and $179.35 in fiscal years 2023, 2022 and 2021, calculated using the weighted average fair market value for each of the component goals at the date of grant.
The fair values for the earnings per share goals of each performance share unit were estimated on the date of grant using the fair market value of the shares at the time of the award discounted for dividends, which are not paid on the performance share units during the vesting period. The fair value for the relative total shareholder return goal of each performance share unit was estimated on the date of grant using the Monte Carlo valuation model. The fair value of performance share units issued was $140 million, $94 million and $83 million in fiscal years 2023, 2022 and 2021, respectively.
v3.24.0.1
Segments of business and geographic areas
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segments of business and geographic areas Segments of business and geographic areas
Following the separation of the Consumer Health business in the fiscal third quarter of 2023, the Company is now organized into two business segments: Innovative Medicine (formerly referred to as Pharmaceutical) and MedTech. The segment results have been recast for all periods to reflect the continuing operations of the Company.
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
INNOVATIVE MEDICINE(1)
Immunology
     U.S.$11,53911,03610,8434.6 %1.8 
     International6,5135,8995,90710.4 (0.1)
     Worldwide 18,05216,93516,7506.6 1.1 
     REMICADE
     U.S.1,1431,4172,019(19.3)(29.8)
     U.S. Exports147204236(28.0)(13.6)
     International549722935(23.9)(22.8)
     Worldwide 1,8392,3433,190(21.5)(26.6)
     SIMPONI / SIMPONI ARIA
     U.S.1,1241,1661,127(3.6)3.5 
     International1,0731,0171,1485.4 (11.4)
     Worldwide 2,1972,1842,2760.6 (4.0)
     STELARA
     U.S.6,9666,3885,9389.0 7.6 
     International3,8923,3353,19616.7 4.4 
     Worldwide 10,8589,7239,13411.7 6.5 
     TREMFYA
     U.S.2,1471,8441,50316.5 22.7 
     International99982462421.2 32.0 
     Worldwide 3,1472,6682,12717.9 25.4 
     OTHER IMMUNOLOGY
     U.S.111721(33.8)(18.4)
     International003— *
     Worldwide 111724(33.8)(28.2)
Infectious Diseases
     U.S.1,5001,6802,249(10.7)(25.3)
     International2,9183,7693,576(22.6)5.4 
     Worldwide 4,4185,4495,825(18.9)(6.5)
     COVID-19 VACCINE
U.S.0120634*(81.1)
International1,1172,0591,751(45.8)17.6 
Worldwide1,1172,1792,385(48.8)(8.6)
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
     EDURANT / rilpivirine
     U.S.353641(3.7)(10.8)
     International1,11597295314.8 2.0 
     Worldwide 1,1501,00899414.1 1.5 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     U.S.1,4461,4941,508(3.2)(1.0)
     International408449575(9.2)(21.9)
     Worldwide 1,8541,9432,083(4.6)(6.7)
     OTHER INFECTIOUS DISEASES
     U.S.193066(34.5)(55.5)
     International278289297(3.8)(2.6)
     Worldwide 297318363(6.7)(12.3)
Neuroscience
     U.S.4,0653,5703,34713.9 6.7 
     International3,0763,3233,641(7.5)(8.7)
     Worldwide 7,1406,8936,9883.6 (1.4)
     CONCERTA / methylphenidate
     U.S.23015117252.5 (12.5)
     International55449349512.2 (0.4)
     Worldwide 78364466721.6 (3.5)
       INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
     U.S.2,8972,7142,5506.7 6.5 
     International1,2181,4261,472(14.6)(3.1)
     Worldwide 4,1154,1404,022(0.6)3.0 
     SPRAVATO
     U.S.58932819879.7 65.7 
     International1004626*76.9 
     Worldwide 68937422484.1 67.0 
     OTHER NEUROSCIENCE(2)
     U.S.349376427(7.3)(11.9)
     International1,2041,3581,647(11.3)(17.5)
     Worldwide 1,5531,7342,074(10.4)(16.4)
Oncology
     U.S.8,4626,9305,95822.1 16.3 
     International9,1999,0528,5901.6 5.4 
     Worldwide 17,66115,98314,54810.5 9.9 
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
      CARVYKTI
     U.S.469133—**
     International30——**
     Worldwide500133—**
     DARZALEX
     U.S.5,2774,2103,16925.4 32.8 
     International4,4673,7672,85418.6 32.0 
     Worldwide 9,7447,9776,02322.2 32.4 
     ERLEADA
     U.S.1,06596881310.0 19.2 
     International1,32291347844.8 *
     Worldwide2,3871,8811,29126.9 45.7 
     IMBRUVICA
     U.S.1,0511,3901,747(24.4)(20.4)
     International2,2142,3942,622(7.5)(8.7)
     Worldwide 3,2643,7844,369(13.7)(13.4)
     ZYTIGA /abiraterone acetate
     U.S.5074119(32.1)(37.8)
     International8371,6962,178(50.7)(22.1)
     Worldwide 8871,7702,297(49.9)(22.9)
     OTHER ONCOLOGY
     U.S.549156110*41.8 
     International33028345816.9 (38.2)
     Worldwide 879438568*(22.9)
Pulmonary Hypertension
     U.S.2,6972,3462,36515.0 (0.8)
     International1,1171,0711,0854.3 (1.3)
     Worldwide 3,8153,4173,45011.6 (1.0)
     OPSUMIT
     U.S.1,2921,1321,14714.1 (1.3)
     International6816516724.6 (3.2)
     Worldwide 1,9731,7831,81910.6 (2.0)
     UPTRAVI
     U.S.1,3261,1041,05620.1 4.5 
     International25521818117.3 20.4 
     Worldwide 1,5821,3221,23719.7 6.9 
     OTHER PULMONARY HYPERTENSION
     U.S.79110163(28.6)(32.3)
     International182202232(10.3)(12.8)
     Worldwide 260313395(16.7)(20.8)
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
Cardiovascular / Metabolism / Other
     U.S.2,9063,0423,192(4.5)(4.7)
     International765845927(9.4)(8.9)
     Worldwide 3,6713,8874,119(5.5)(5.6)
     XARELTO
     U.S.2,3652,4732,438(4.4)1.4 
     International———— — 
     Worldwide 2,3652,4732,438(4.4)1.4 
     OTHER(3)
     U.S.541569754(5.0)(24.5)
     International765845927(9.4)(8.8)
     Worldwide 1,3061,4141,682(7.6)(15.9)
TOTAL INNOVATIVE MEDICINE
     U.S.31,16928,60427,9549.0 2.3 
     International23,59023,95923,726(1.5)1.0 
     Worldwide 54,75952,56351,6804.2 1.7 
MEDTECH
Interventional Solutions
     U.S.3,6332,1691,83667.5 18.2 
     International2,7172,1312,13527.5 (0.2)
     Worldwide 6,3504,3003,97147.7 8.3 
     ELECTROPHYSIOLOGY
     U.S.2,4582,0361,73020.7 17.7 
     International2,2301,9011,89317.3 0.4 
     Worldwide4,6883,9373,62319.1 8.7 
     ABIOMED(4)
     U.S.1,06631—**
     International240——**
     Worldwide1,30631—**
     OTHER INTERVENTIONAL SOLUTIONS
     U.S.1091021066.7 (3.8)
     International2472302427.3 (5.0)
     Worldwide3563323487.1 (4.6)
Orthopaedics
     U.S.5,5255,3215,1263.8 3.8 
     International3,4173,2673,4624.6 (5.6)
     Worldwide 8,9428,5878,5884.1 0.0 
     HIPS
     U.S.9969438785.6 7.3 
     International564571602(1.2)(5.1)
     Worldwide 1,5601,5141,4803.0 2.3 
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
     KNEES
     U.S.8968517875.3 8.2 
     International55950853810.2 (5.7)
     Worldwide 1,4561,3591,3257.1 2.6 
     TRAUMA
     U.S.1,9491,8821,8193.6 3.5 
     International1,0309891,0664.1 (7.2)
     Worldwide 2,9792,8712,8853.8 (0.5)
     SPINE, SPORTS & OTHER
     U.S.1,6841,6451,6422.4 0.2 
     International1,2631,1981,2565.4 (4.6)
     Worldwide 2,9472,8432,8983.7 (1.9)
Surgery
     U.S.4,0313,8973,8673.4 0.8 
     International6,0065,7935,9453.7 (2.6)
     Worldwide 10,0379,6909,8123.6 (1.2)
     ADVANCED
     U.S.1,8331,7841,7612.8 1.3 
     International2,8372,7852,8611.9 (2.6)
     Worldwide 4,6714,5694,6222.2 (1.1)
     GENERAL
     U.S.2,1982,1132,1054.0 0.4 
     International3,1683,0083,0855.3 (2.5)
     Worldwide 5,3665,1215,1904.8 (1.3)
Vision
     U.S.2,0861,9901,8574.8 7.2 
     International2,9862,8592,8314.5 1.0 
     Worldwide 5,0724,8494,6884.6 3.4 
     CONTACT LENSES / OTHER
     U.S.1,6261,5221,3986.8 8.9 
     International2,0762,0222,0432.7 (1.0)
     Worldwide 3,7023,5433,4404.5 3.0 
     SURGICAL
     U.S.460468459(1.8)2.0 
     International9108377888.6 6.2 
     Worldwide 1,3701,3061,2484.9 4.6 
TOTAL MEDTECH   
     U.S.15,27513,37712,68614.2 5.4 
     International15,12514,05014,3747.7 (2.3)
     Worldwide 30,40027,42727,06010.8 1.4 
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
WORLDWIDE   
     U.S.46,44441,98140,64010.6 3.3 
     International38,71538,00938,1001.9 (0.2)
     Worldwide $85,15979,99078,7406.5 %1.6 
*Percentage greater than 100% or not meaningful
(1)Previously referred to as Pharmaceutical
(2)Inclusive of RISPERDAL CONSTA which was previously disclosed separately
(3) Inclusive of INVOKANA which was previously disclosed separately
(4) Acquired on December 22, 2022

 Income Before TaxIdentifiable Assets
(Dollars in Millions)
2023 (3)
2022 (4)
2021 (5)
20232022
Innovative Medicine$18,24615,64717,750$58,32458,436
MedTech4,6694,4474,20874,71070,956
Total22,91520,09421,958133,034129,392
Less: Expense not allocated to segments (1)
7,8537352,780
Discontinued operations—27,237
General corporate (2)
34,52430,749
Worldwide total$15,06219,35919,178$167,558187,378

Additions to Property,
Plant & Equipment		Depreciation and
Amortization
(Dollars in Millions)202320222021202320222021
Innovative Medicine$1,6531,3741,198$3,8473,6874,029
MedTech2,3722,1201,9332,9432,3022,286
Segments total4,0253,4943,1316,7905,9896,315
Discontinued operations162303314383641739
General corporate356212207313340336
Worldwide total$4,5434,0093,652$7,4866,9707,390
 Sales to Customers
Long-Lived Assets (6)
(Dollars in Millions)20232022202120232022
United States$46,44441,98140,640$54,83258,750
Europe20,41020,66420,59531,61629,878
Western Hemisphere excluding U.S. 4,5494,1083,9271,4911,289
Asia-Pacific, Africa13,75613,23713,5781,5001,520
Segments total85,15979,99078,74089,43991,437
Discontinued operations—27,237
General corporate1,1921,081
Other non long-lived assets76,92767,623
Worldwide total$85,15979,99078,740$167,558187,378
See Note 1 for a description of the segments in which the Company operates.
Export sales are not significant. In fiscal year 2023, the Company utilized three wholesalers distributing products for both segments that represented approximately 18.2%, 15.1% and 14.2% of the total consolidated revenues. In fiscal year 2022, the Company had three wholesalers distributing products for both segments that represented approximately 18.9%, 15.0% and 13.8% of the total consolidated revenues. In fiscal year 2021, the Company had three wholesalers distributing products for all three segments that represented approximately 16.6%, 12.6%, and 12.6% of the total consolidated revenues.
(1)Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. Fiscal 2023 includes an approximately $7 billion charge related to talc matters (See Note 19, Legal proceedings, for additional details) and $0.4 billion related to the unfavorable change in the fair value of the retained stake in Kenvue.
(2)General corporate includes cash, cash equivalents and marketable securities.
(3)Innovative Medicine includes:
•One-time COVID-19 Vaccine manufacturing exit related costs of $0.7 billion
•A restructuring related charge of $0.5 billion
•Unfavorable changes in the fair value of securities of $0.4 billion
•Favorable litigation related items of $0.1 billion
•Loss on divestiture $0.2 billion.
•An intangible asset impairment charge of approximately $0.2 billion related to market dynamics associated with a non-strategic asset (M710) acquired as part of the acquisition of Momenta Pharmaceuticals in 2020.
MedTech includes:
•Acquired in process research and development asset of $0.4 billion related to the Laminar acquisition in 2023
•A restructuring related charge of $0.3 billion
•Acquisition and integration related costs of $0.2 billion primarily related to the acquisition of Abiomed
•A Medical Device Regulation charge of $0.3 billion
•Income from litigation settlements of $0.1 billion
(4)Innovative Medicine includes:
•One-time COVID-19 Vaccine manufacturing exit related costs of $1.5 billion
•An intangible asset impairment charge of approximately $0.8 billion related to an in-process research and development asset, bermekimab (JnJ-77474462), an investigational drug for the treatment of Atopic Dermatitis (AD) and Hidradenitis Suppurativa (HS) acquired with the acquisition of XBiotech, Inc. in the fiscal year 2020. Additional information regarding efficacy of the AD and HS indications became available which led the Company to the decision to terminate the development of bermekimab for AD and HS
•Litigation expense of $0.1 billion
•Unfavorable changes in the fair value of securities of $0.7 billion
•A restructuring related charge of $0.1 billion
MedTech includes:
•Litigation expense of $0.6 billion primarily for pelvic mesh related costs
•A restructuring related charge of $0.3 billion
•Acquisition and integration related costs of $0.3 billion primarily related to the acquisition of Abiomed
•A Medical Device Regulation charge of $0.3 billion
(5)Innovative Medicine includes:
•Litigation expense of $0.6 billion, primarily related to Risperdal Gynecomastia
•Divestiture gains of $0.6 billion
•Gains of $0.5 billion related to the change in the fair value of securities
•A restructuring related charge of $0.1 billion
MedTech includes:
•An in-process research and development expense of $0.9 billion related to Ottava
•A restructuring related charge of $0.3 billion
•A Medical Device Regulation charge of $0.2 billion
•Litigation expense of $0.1 billion
(6)Long-lived assets include property, plant and equipment, net for fiscal years 2023, and 2022 of $19,898 and $17,982, respectively, and intangible assets and goodwill, net for fiscal years 2023 and 2022 of $70,733 and $74,536, respectively.
v3.24.0.1
Acquisitions and divestitures
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and divestitures Acquisitions and divestitures
In the fiscal first quarter of 2024, the Company announced it has entered into a definitive agreement to acquire Ambrx Biopharma, Inc., or Ambrx (Nasdaq: AMAM), a clinical-stage biopharmaceutical company with a proprietary synthetic biology technology platform to design and develop next-generation antibody drug conjugates (ADCs), in an all-cash merger transaction for a total equity value of approximately $2.0 billion, or $1.9 billion net of estimated cash acquired. The Company will acquire all of the outstanding shares of Ambrx’s common stock for $28.00 per share through a merger of Ambrx with a subsidiary of the Company. The closing of the transaction is expected to occur in the first half of 2024, subject to receipt of Ambrx shareholder approval, as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The Company expects that the transaction will be accounted for as a business combination and the results of operations will be included in the Innovative Medicine segment as of the acquisition date.
During the fiscal year 2023, the Company did not make any acquisitions that qualified as a business combination.
During the fiscal year 2023, there were asset acquisitions of in-process research and development of approximately $0.5 billion in cash, primarily consisting of the acquisition of Laminar Inc. for $0.4 billion which was closed on November 30, 2023. Laminar Inc. is a privately-held medical device company focused on eliminating the left atrial appendage (LAA) in patients with non-valvular atrial fibrillation (AFib).
During the fiscal year 2022, certain businesses were acquired for $17.7 billion in cash and $1.1 billion of liabilities assumed. These acquisitions were accounted for using the acquisition method and, accordingly, results of operations have been included in the financial statements from their respective dates of acquisition.
The excess of purchase price over the estimated fair value of tangible assets acquired amounted to $17.3 billion and has been assigned to identifiable intangible assets, with any residual recorded to goodwill.
The fiscal year 2022 acquisitions primarily included Abiomed, Inc. (Abiomed). The remaining acquisitions were not material.
On December 22, 2022, the Company completed the acquisition of Abiomed, a leading, first-to-market provider of cardiovascular medical technology with a first-in-kind portfolio for the treatment of coronary artery disease and heart failure which also has an extensive innovation pipeline of life-saving technologies. The transaction broadens the Company’s position as a growing cardiovascular innovator, advancing the standard of care in heart failure and recovery, one of healthcare’s largest areas of unmet need. The transaction was accounted for as a business combination and the results of operations were included in the MedTech segment as of the date of the acquisition. The acquisition was completed through a tender offer for all outstanding shares. The consideration paid in the acquisition consisted of an upfront payment of $380.00 per share in cash, amounting to $17.1 billion, net of cash acquired, as well as a non-tradeable contingent value right (“CVR”) entitling the holder to receive up to $35.00 per share in cash (which with respect to the CVRs total approximately $1.6 billion in the aggregate) if certain commercial and clinical milestones are achieved. The corresponding enterprise value (without taking into account the CVRs) of approximately $16.5 billion includes cash, cash equivalents and marketable securities acquired.
The milestones of the CVR consist of:
a.$17.50 per share, payable if net sales for Abiomed products exceeds $3.7 billion during Johnson & Johnson’s fiscal second quarter of 2027 through fiscal first quarter of 2028, or if this threshold is not met during this period and is subsequently met during any rolling four quarter period up to the end of Johnson & Johnson’s fiscal first quarter of 2029, $8.75 per share;
b.$7.50 per share payable upon FDA premarket application approval of the use of Impella® products in ST-elevated myocardial infarction (STEMI) patients without cardiogenic shock by January 1, 2028; and
c.$10.00 per share payable upon the first publication of a Class I recommendation for the use of Impella® products in high risk PCI or STEMI with or without cardiogenic shock within four years from their respective clinical endpoint publication dates, but in all cases no later than December 31, 2029.
During the fiscal fourth quarter of 2023, the Company finalized the purchase price allocation. In the fiscal 2023, there were purchase price allocation adjustments netting to approximately $0.2 billion with an offsetting increase to goodwill. The fair value of the acquisition was allocated to assets acquired of $20.1 billion (net of $0.3 billion cash acquired), primarily to goodwill for $11.1 billion, amortizable intangible assets for $6.6 billion, IPR&D for $1.1 billion, marketable securities of $0.6 billion and
liabilities assumed of $3.0 billion, which includes the fair value of the contingent consideration mentioned above for $0.7 billion and deferred taxes of $2.0 billion. The goodwill is primarily attributable to the commercial acceleration and expansion of the portfolio and is not expected to be deductible for tax purposes. The contingent consideration was recorded in Other Liabilities and adjusted to fair value through the fiscal year end 2023 on the Consolidated Balance Sheet.
The amortizable intangible assets were primarily comprised of already in-market products of the Impella® platform with an average weighted life of 14 years. The IPR&D assets were valued for technology programs for unapproved products. The value of the IPR&D was calculated using probability-adjusted cash flow projections discounted for the risk inherent in such projects. The probability of success factor ranged from 52% to 70%. The discount rate applied was 9.5%.
In 2023, the Company recorded acquisition related costs before tax of approximately $0.2 billion, which was primarily recorded in Other (income)/expense. In 2022, the Company recorded acquisition related costs before tax of approximately $0.3 billion, which was recorded in Other (income)/expense.
During fiscal year 2021, the Company did not make any material acquisitions that qualified as a business combination.
In accordance with U.S. GAAP standards related to business combinations, and goodwill and other intangible assets, supplemental pro forma information for fiscal years 2023, 2022 and 2021 is not provided, as the impact of the aforementioned acquisitions did not have a material effect on the Company’s results of operations.
Divestitures
During the fiscal year 2023, the Company executed divestitures resulting in approximately $0.2 billion in proceeds resulting in gains or losses that were not material. At fiscal year end 2023, the Company held assets, primarily intangibles, on its Consolidated Balance Sheet that it expects to divest of approximately $0.3 billion primarily related to Acclarent and Ponvory.
During fiscal year 2022, the Company did not make any material divestitures.
During fiscal year 2021, in separate transactions, the Company divested two brands outside the U.S. within the Innovative Medicine segment. The Company recognized a pre-tax gain recorded in Other (income) expense, net, of approximately $0.6 billion.
v3.24.0.1
Legal proceedings
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Legal proceedings Legal proceedings
Johnson & Johnson and certain of its subsidiaries are involved in various lawsuits and claims regarding product liability; intellectual property; commercial; indemnification and other matters; governmental investigations; and other legal proceedings that arise from time to time in the ordinary course of their business.
The Company records accruals for loss contingencies associated with these legal matters when it is probable that a liability
will be incurred, and the amount of the loss can be reasonably estimated. As of December 31, 2023, the Company has determined that the liabilities associated with certain litigation matters are probable and can be reasonably estimated. The Company has accrued for these matters and will continue to monitor each related legal issue and adjust accruals as might be warranted based on new information and further developments in accordance with ASC 450-20-25, Contingencies. For these and other litigation and regulatory matters discussed below for which a loss is probable or reasonably possible, the Company is unable to estimate the possible loss or range of loss beyond the amounts accrued. Amounts accrued for legal contingencies often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments. The ability to make such estimates and judgments can be affected by various factors including, among other things, whether damages sought in the proceedings are unsubstantiated or indeterminate; scientific and legal discovery has not commenced or is not complete; proceedings are in early stages; matters present legal uncertainties; there are significant facts in dispute; procedural or jurisdictional issues; the uncertainty and unpredictability of the number of potential claims; ability to achieve comprehensive multi-party settlements; complexity of related cross-claims and counterclaims; and/or there are numerous parties involved. To the extent adverse awards, judgments or verdicts have been rendered against the Company, the Company does not record an accrual until a loss is determined to be probable and can be reasonably estimated.
In the Company’s opinion, based on its examination of these matters, its experience to date and discussions with counsel, the ultimate outcome of legal proceedings, net of liabilities accrued in the Company’s balance sheet, is not expected to have a material adverse effect on the Company’s financial position. However, the resolution of, or increase in accruals for, one or more of these matters in any reporting period may have a material adverse effect on the Company’s results of operations and cash flows for that period.
Matters concerning talc
A significant number of personal injury claims alleging that talc causes cancer have been asserted against Johnson & Johnson Consumer Inc., its successor LTL Management LLC (now known as LLT Management LLC) and the Company arising out of the use of body powders containing talc, primarily JOHNSON’S Baby Powder.
In talc cases that previously have gone to trial, the Company has obtained a number of defense verdicts, but there also have been verdicts against the Company, many of which have been reversed on appeal. In June 2020, the Missouri Court of Appeals reversed in part and affirmed in part a July 2018 verdict of $4.7 billion in Ingham v. Johnson & Johnson, et al., No. ED 207476 (Mo. App.), reducing the overall award to $2.1 billion. An application for transfer of the case to the Missouri Supreme Court was subsequently denied and in June 2021, a petition for certiorari, seeking a review of the Ingham decision by the United States Supreme Court, was denied. In June 2021, the Company paid the award, which, including interest, totaled approximately $2.5 billion. The facts and circumstances, including the terms of the award, were unique to the Ingham decision and not representative of other claims brought against the Company. The Company continues to believe that it has strong legal grounds to contest the other talc verdicts that it has appealed. Notwithstanding the Company’s confidence in the safety of its talc products, in certain circumstances the Company has settled cases.
In October 2021, Johnson & Johnson Consumer Inc. (Old JJCI) implemented a corporate restructuring (the 2021 Corporate Restructuring). As a result of that restructuring, Old JJCI ceased to exist and three new entities were created: (a) LTL Management LLC, a North Carolina limited liability company (LTL or Debtor); (b) Royalty A&M LLC, a North Carolina limited liability company and a direct subsidiary of LTL (RAM); and (c) the Debtor’s direct parent, Johnson & Johnson Consumer Inc., a New Jersey company (New JJCI). The Debtor received certain of Old JJCI’s assets and became solely responsible for the talc-related liabilities of Old JJCI, including all liabilities related in any way to injury or damage, or alleged injury or damage, sustained or incurred in the purchase or use of, or exposure to, talc, including talc contained in any product, or to the risk of, or responsibility for, any such damage or injury, except for any liabilities for which the exclusive remedy is provided under a workers’ compensation statute or act (the Talc-Related Liabilities).
In October 2021, notwithstanding the Company’s confidence in the safety of its talc products, the Debtor filed a voluntary petition with the United States Bankruptcy Court for the Western District of North Carolina, Charlotte Division, seeking relief under chapter 11 of the Bankruptcy Code (the LTL Bankruptcy Case). All litigation against LTL, Old JJCI, New JJCI, the Company, other of their corporate affiliates, identified retailers, insurance companies, and certain other parties (the Protected Parties) was stayed, although LTL did agree to lift the stay on a small number of appeals where appeal bonds had been filed. The LTL Bankruptcy Case was transferred to the United States Bankruptcy Court for the District of New Jersey. Claimants filed motions to dismiss the LTL Bankruptcy Case and, following a multiple day hearing, the New Jersey Bankruptcy Court denied those motions in March 2022.
The claimants subsequently filed notices of appeal as to the denial of the motions to dismiss the LTL Bankruptcy Case and the extension of the stay to the Protected Parties. On January 30, 2023, the Third Circuit reversed the Bankruptcy Court’s ruling and remanded to the Bankruptcy Court to dismiss the LTL bankruptcy.
LTL filed a petition for rehearing of the Third Circuit’s decision, which was denied in March 2023. LTL subsequently filed a motion in the Third Circuit to stay the mandate directing the New Jersey Bankruptcy Court to dismiss the LTL bankruptcy pending filing and disposition of a petition for writ of certiorari to the United States Supreme Court. The Third Circuit denied the motion to stay the mandate and issued the mandate.
In April 2023, the New Jersey Bankruptcy Court dismissed the LTL Bankruptcy Case, effectively lifting the stay as to all parties and returning the talc litigation to the tort system. LTL re-filed in the United States Bankruptcy Court for the District of New Jersey seeking relief under chapter 11 of the Bankruptcy Code (the LTL 2 Bankruptcy Case). As a result of the new filing, all talc claims against LTL were again automatically stayed pursuant to section 362 of the Bankruptcy Code. Additionally, the New Jersey Bankruptcy Court issued a temporary restraining order staying all litigation as to LTL, Old JJCI, New JJCI, the Company, identified retailers, and certain other parties (the New Protected Parties).
Also in April 2023, the New Jersey Bankruptcy Court issued a decision that granted limited injunctive relief to the Company and the New Protected Parties (the LTL 2 Preliminary Injunction). The LTL 2 Preliminary Injunction remained in force until late August 2023, following the Bankruptcy Court’s extension of the initial LTL 2 Preliminary Injunction in June 2023. Under the LTL 2 Preliminary Injunction, except for in those cases filed in the federal court ovarian cancer multi-district litigation, discovery in all personal injury and wrongful death matters was permitted to proceed.
Furthermore, in April 2023, the Talc Claimants' Committee filed a motion to dismiss the LTL 2 Bankruptcy followed by similar motions from other claimants. Hearings on the motions to dismiss occurred in June 2023. On July 28, 2023, the court dismissed the LTL 2 Bankruptcy case and, the same day, the Company stated its intent to appeal the decision and to continue its efforts to obtain a resolution of the talc claims. In September 2023, the Bankruptcy Court entered an order granting LTL leave to seek a direct appeal to the Third Circuit Court of Appeals. In October 2023, the Third Circuit granted LTL’s petition for a direct appeal. Briefing is ongoing.
Following the dismissal of LTL 2, new lawsuits were filed and cases across the country that had been stayed were reactivated. The majority of the cases are pending in federal court, organized in a multi-district litigation (MDL) in the United States District Court for the District of New Jersey. In the MDL, case-specific discovery is proceeding with an expectation that a trial will occur in early 2025. Separately, discovery and pre-trial activity is underway in various individually filed and set cases around the country, with most activity for such cases centralized in New Jersey and California.
In the original bankruptcy case, the Company agreed to provide funding to LTL for the payment of amounts the New Jersey Bankruptcy Court determines are owed by LTL and the establishment of a $2 billion trust in furtherance of this purpose. The Company established a reserve for approximately $2 billion in connection with the aforementioned trust. During the bankruptcy proceedings LTL had been de-consolidated by the Company. In the LTL 2 Bankruptcy Case, the Company had agreed to contribute an additional amount which, when added to the prior $2 billion, would be a total reserve of approximately $9 billion payable over 25 years (nominal value approximately $12 billion discounted at a rate of 4.41%), to resolve all the current and future talc claims. The approximate $9 billion reserve encompasses actual and contemplated settlements, of which approximately one-third is recorded as a current liability. The recorded amount remains the Company’s best estimate of probable loss after the dismissal.
The parties have not yet reached a resolution of all talc matters and the Company is unable to estimate the possible loss or range of loss beyond the amount accrued.
A class action advancing claims relating to industrial talc was filed against the Company and others in New Jersey state court in May 2022 (the Edley Class Action). The Edley Class Action asserts, among other things, that the Company fraudulently defended past asbestos personal injury lawsuits arising from exposure to industrial talc mined, milled, and manufactured before January 6, 1989 by the Company’s then wholly owned subsidiary, Windsor Minerals, Inc., which is currently a debtor in the Imerys Bankruptcy described hereafter. The Company removed the Edley Class Action to federal court in the District of New Jersey. In October 2022, the Company filed motions to dismiss and to deny certification of a class to pursue the Edley Class Action in the New Jersey District Court. Argument on the motions was heard in November 2023. Thereafter, the Company resolved this matter.
In February 2019, the Company’s talc supplier, Imerys Talc America, Inc. and two of its affiliates, Imerys Talc Vermont, Inc. and Imerys Talc Canada, Inc. (collectively, Imerys) filed a voluntary petition for relief under chapter 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware (Imerys Bankruptcy). The Imerys Bankruptcy relates to Imerys’s potential liability for personal injury from exposure to talcum powder sold by Imerys. In its bankruptcy, Imerys alleges it has claims against the Company for indemnification and rights to joint insurance proceeds. In its bankruptcy, Imerys proposed a chapter 11 plan (the Imerys Plan) that contemplated all talc-related claims against it being channeled to a trust along with its alleged indemnification rights against the Company. Following confirmation and consummation of the plan, the trust would pay talc claims pursuant to proposed trust distribution procedures (the TDP) and then seek indemnification from the Company.
In February 2021, Cyprus Mines Corporation (Cyprus), which had owned certain Imerys talc mines, filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code and filed its Disclosure Statement and Plan (the Cyprus Plan). The Cyprus Plan contemplates a settlement with Imerys and talc claimants where Cyprus would make a monetary contribution to a trust established under the Imerys Plan in exchange for an injunction against talc claims asserted against it and certain affiliated parties.
The Imerys Plan proceeded to solicitation in early 2021. However, the Imerys Plan did not receive the requisite number of votes to be confirmed after the Bankruptcy Court ruled certain votes cast in favor of the Imerys Plan should be disregarded. Imerys subsequently canceled its confirmation hearing.
Imerys, the Imerys Tort Claimants’ Committee, and the Imerys Future Claimants’ Representative, along with Cyprus, the Cyprus Tort Claimants’ Committee, and the Cyprus Future Claimants’ Representative (collectively the Mediation Parties) have been engaged in mediation since shortly after the confirmation hearing was canceled in October 2021. In September 2023, the Bankruptcy Court entered an order extending the term of the mediation among the Mediation Parties through the end of December 2023. The Bankruptcy Court also authorized Imerys and Cyprus to proceed with mediation with certain of their insurers through the end of December 2023.
In September 2023, Imerys and Cyprus filed amended plans of reorganization. The amended plans contemplate a similar construct as the prior Imerys and Cyprus Plans, including all talc claims against Imerys and Cyprus (and certain other protected parties) being channeled to a trust along with Imerys’s and Cyprus’s alleged indemnification rights against the Company. In January 2024, Imerys and Cyprus filed revised TDP. In February 2024, Imerys and Cyprus filed certain motions related to their Disclosure Statement.
In February 2018, a securities class action lawsuit was filed against the Company and certain named officers in the United States District Court for the District of New Jersey, alleging that the Company violated the federal securities laws by failing to disclose alleged asbestos contamination in body powders containing talc, primarily JOHNSON’S Baby Powder, and that purchasers of the Company’s shares suffered losses as a result. In April 2019, the Company moved to dismiss the complaint. In
December 2019, the Court denied, in part, the motion to dismiss. In April 2021, briefing on Plaintiff’s motion for class certification was completed. The case was stayed in May 2022 pursuant to the LTL Bankruptcy Case and was reopened in May 2023. In December 2023, the Court granted Plaintiff’s motion for class certification. In January 2024, Defendants filed a petition with the Third Circuit under Federal Rule of Civil Procedure 23(f) for permission to appeal the Court’s order granting class certification. Fact discovery is proceeding.
A lawsuit was brought against the Company in the Superior Court of California for the County of San Diego alleging violations of California’s Consumer Legal Remedies Act (CLRA) relating to JOHNSON’S Baby Powder. In that lawsuit, the plaintiffs allege that the Company violated the CLRA by failing to provide required Proposition 65 warnings. In July 2019, the Company filed a notice of removal to the United States District Court for the Southern District of California and plaintiffs filed a second amended complaint shortly thereafter. In October 2019, the Company moved to dismiss the second amended complaint for failure to state a claim upon which relief may be granted. In response to those motions, plaintiffs filed a third amended complaint. In December 2019, the Company moved to dismiss the third amended complaint for failure to state a claim upon which relief may be granted. In April 2020, the Court granted the motion to dismiss but granted leave to amend. In May 2020, plaintiffs filed a Fourth Amended Complaint but indicated that they would be filing a motion for leave to file a fifth amended complaint. Plaintiffs filed a Fifth Amended Complaint in August 2020. The Company moved to dismiss the Fifth Amended Complaint for failure to state a claim upon which relief may be granted. In January 2021, the Court issued an Order and opinion ruling in the Company’s favor and granting the motion to dismiss with prejudice. In February 2021, Plaintiffs filed a Notice of Appeal with the Ninth Circuit. Plaintiffs filed their opening brief in July 2021. The company filed its responsive brief in October 2021. After the Notice of Suggestion of Bankruptcy was filed with the Ninth Circuit, a stay was imposed, and the Court held the reply deadline in abeyance. In September 2023, the stay lifted. With briefing complete, the Court is expected to either schedule oral argument or issue its decision at any time.
In June 2014, the Mississippi Attorney General filed a complaint in Chancery Court of The First Judicial District of Hinds County, Mississippi against the Company and Johnson & Johnson Consumer Companies, Inc. (now known as Johnson & Johnson Consumer Inc.) (collectively, JJCI). The complaint alleges that JJCI violated the Mississippi Consumer Protection Act by failing to disclose alleged health risks associated with female consumers’ use of talc contained in JOHNSON’S Baby Powder and JOHNSON’S Shower to Shower (a product divested in 2012) and seeks injunctive and monetary relief. In February 2022, the trial court set the case for trial to begin in February 2023. However, in October 2022, the LTL bankruptcy court issued an order staying the case. In March 2023, the Third Circuit issued the mandate to dismiss the LTL Bankruptcy Case and in April 2023, the New Jersey Bankruptcy Court dismissed the LTL Bankruptcy Case, effectively lifting the stay as to this matter. The State requested a new trial setting. Later in April 2023, the trial court set a new trial date for April 2024. The Company filed summary judgment and Daubert motions. The State filed a limited Daubert motion. The parties agreed to the Court's request for mediation. A pretrial conference is set for February 2024 and trial is scheduled for April 2024. However, the Company is actively engaged in resolution discussions concerning this matter.
In January 2020, the State of New Mexico filed a consumer protection case alleging that the Company deceptively marketed and sold its talcum powder products by making misrepresentations about the safety of the products and the presence of carcinogens, including asbestos. In March 2022, the New Mexico court denied the Company’s motion to compel the State of New Mexico to engage in discovery of state agencies and denied the Company’s request for interlocutory appeal of that decision. The Company then filed a Petition for Writ of Superintending Control and a Request for a Stay to the New Mexico Supreme Court on the issue of the State of New Mexico’s discovery obligations. In April 2022, in view of the efforts to resolve talc-related claims in the LTL Bankruptcy Case, the Company and the State agreed to a 60-day stay of all matters except for the pending writ before the New Mexico Supreme Court, which expired in June 2022. Thereafter, the Company moved to enjoin prosecution of the case in the LTL Bankruptcy Case. In October 2022, the bankruptcy court issued an order staying the case. In December 2022, the State filed an appeal to the Third Circuit concerning the stay order. Separately, in September 2022, the New Mexico Supreme Court granted the Company's request for a stay pending further briefing on the scope of the State of New Mexico’s discovery obligations. In March 2023, the Third Circuit issued the mandate to dismiss the LTL Bankruptcy Case and in April 2023, the New Jersey Bankruptcy Court dismissed the LTL Bankruptcy Case, effectively lifting the stay as to this matter. While the State notified the New Mexico Supreme Court of the lifted stay of litigation in April 2023, the Court has not taken any action since being notified of the lifting of the stay and it remains in effect.
Forty-two states and the District of Columbia (including Mississippi and New Mexico) have commenced a joint investigation into the Company’s marketing of its talcum powder products. At this time, the multi-state group has not asserted any claims against the Company. Five states have issued Civil Investigative Demands seeking documents and other information. The Company has produced documents to Arizona, North Carolina, Texas, and Washington and entered into confidentiality agreements. The Company has not received any follow up requests from those states. In March 2022, each of the forty-two states agreed to mediation of their claims in the LTL Bankruptcy Case. In July 2022, New Mexico and Mississippi indicated they would no longer voluntarily submit to further mediation in the LTL Bankruptcy and would proceed with their respective cases in state court. In March 2023, the mediation was terminated. In January 2024, the Company reached an agreement in principle with the multi-state group of state Attorneys General, subject to ongoing negotiation of non-monetary terms. The unique procedural history and status of the New Mexico and Mississippi matters specifically have been discussed above.
In addition, the Company has received inquiries, subpoenas, and requests to produce documents regarding talc matters and the LTL Bankruptcy Case from various governmental authorities. The Company has produced documents and responded to inquiries, and will continue to cooperate with government inquiries.
Matters concerning opioids
Beginning in 2014 and continuing to the present, the Company and Janssen Pharmaceuticals, Inc. (JPI), along with other pharmaceutical companies, have been named in close to 3,500 lawsuits related to the marketing of opioids, including DURAGESIC, NUCYNTA and NUCYNTA ER. The majority of the cases have been filed by state and local governments. Similar lawsuits have also been filed by private plaintiffs and organizations, including but not limited to the following: individual plaintiffs on behalf of children born with Neonatal Abstinence Syndrome (NAS); hospitals; and health insurers/payors.
To date, the Company and JPI have litigated two of the cases to judgment and have prevailed in both, either at trial or on appeal.
In October 2019, the Company announced a proposed agreement in principle with a negotiating committee of state Attorneys General to settle all remaining government opioid litigation claims nationwide. Under the final national settlement agreement, which was announced in July 2021, the Company agreed to pay up to $5.0 billion to resolve all opioid lawsuits and future opioid claims by states, cities, counties, local school districts and other special districts, and tribal governments, contingent on sufficient participation by eligible government entities, and with credits back for entities that declined or were ineligible to participate. In July 2021, the Company announced that the terms of the agreement to settle the state and subdivision claims had been finalized and approximately 60% of the all-in settlement was paid by the end of fiscal 2023. The expected payment schedule provides that approximately $0.7 billion of payments are to be paid by the end of fiscal 2024. The agreement is not an admission of liability or wrongdoing, and it provides for the release of all opioid-related claims against the Company, JPI, and their affiliates (including the Company’s former subsidiaries Tasmanian Alkaloids Pty, Ltd. and Noramco, Inc.). As of January 2024, the Company and JPI have settled or otherwise resolved the opioid claims advanced by all government entity claimants except the City of Baltimore, a number of school districts and other claimants.
The Company and JPI continue to defend the cases brought by the remaining government entity litigants as well as the cases brought by private litigants, including NAS claimants, hospitals, and health insurers/payors. Counting the private litigant cases, there are approximately 35 remaining opioid cases against the Company and JPI in various state courts, 430 remaining cases in the Ohio MDL, and 4 additional cases in other federal courts. Some of these cases have been dismissed and are being appealed by the plaintiffs and certain others are scheduled for trial in 2024 or 2025.
In addition, the Province of British Columbia filed suit against the Company and its Canadian affiliate Janssen Inc., and many other industry members, in Canada, and is seeking to have that action certified as an opt in class action on behalf of other provincial/territorial and the federal governments in Canada. Additional proposed class actions have been filed in Canada against the Company and Janssen Inc., and many other industry members, by and on behalf of people who used opioids (for personal injuries), municipalities and First Nations bands. These actions allege a variety of claims related to opioid marketing practices, including false advertising, unfair competition, public nuisance, consumer fraud violations, deceptive acts and practices, false claims and unjust enrichment. An adverse judgment in any of these lawsuits could result in the imposition of large monetary penalties and significant damages including, punitive damages, cost of abatement, substantial fines, equitable remedies and other sanctions.
From June 2017 through December 2019, the Company’s Board of Directors received a series of shareholder demand letters alleging breaches of fiduciary duties related to the marketing of opioids. The Board retained independent counsel to investigate the allegations in the demands, and in April 2020, independent counsel delivered a report to the Board recommending that the Company reject the shareholder demands and take the steps that are necessary or appropriate to secure dismissal of related derivative litigation. The Board unanimously adopted the recommendations of the independent counsel’s report.
In November 2019, one of the shareholders who sent a demand filed a derivative complaint against the Company as the nominal defendant and certain current and former directors and officers as defendants in the Superior Court of New Jersey. The complaint alleges breaches of fiduciary duties related to the marketing of opioids, and that the Company has suffered damages as a result of those alleged breaches. A series of additional derivative complaints making similar allegations against the same and similar defendants were filed in New Jersey state and federal courts in 2019 and 2020. By 2022, all but two state court cases had been voluntarily dismissed. In February 2022, the state court granted the Company’s motion to dismiss one of the two cases, and the shareholder that brought the second case filed a notice of dismissal. The shareholder whose complaint was dismissed filed a motion for reconsideration. In May 2022, the state court held oral argument on the motion for reconsideration and subsequently denied the motion. The shareholder has appealed the state court’s dismissal order.
Product liability
The Company and certain of its subsidiaries are involved in numerous product liability claims and lawsuits involving multiple products. Claimants in these cases seek substantial compensatory and, where available, punitive damages. While the Company believes it has substantial defenses, it is not feasible to predict the ultimate outcome of litigation. From time to time, even if it has substantial defenses, the Company considers isolated settlements based on a variety of circumstances. The Company has accrued for these matters and will continue to monitor each related legal issue and adjust accruals as might be warranted based on new information and further developments in accordance with ASC 450-20-25, Contingencies. The Company accrues an estimate of the legal defense costs needed to defend each matter when those costs are probable and can be reasonably estimated. For certain of these matters, the Company has accrued additional amounts such as estimated costs associated with settlements, damages and other losses. Product liability accruals can represent projected product liability for thousands of claims around the world, each in different litigation environments and with different fact patterns. Changes to the accruals may be required in the future as additional information becomes available.
The table below contains the most significant of these cases and provides the approximate number of plaintiffs in the United States with direct claims in pending lawsuits regarding injuries allegedly due to the relevant product or product category as of December 31, 2023:
Product or product categoryNumber of plaintiffs
Body powders containing talc, primarily JOHNSON’S Baby Powder59,140 
DePuy ASR XL Acetabular System and DePuy ASR Hip Resurfacing System160 
PINNACLE Acetabular Cup System920 
Pelvic meshes6,720 
ETHICON PHYSIOMESH Flexible Composite Mesh370 
RISPERDAL200 
ELMIRON2,150 
The number of pending lawsuits is expected to fluctuate as certain lawsuits are settled or dismissed and additional lawsuits are filed. There may be additional claims that have not yet been filed.
MedTech
DePuy ASR XL Acetabular System and ASR Hip Resurfacing System
In August 2010, DePuy Orthopaedics, Inc. (DePuy) announced a worldwide voluntary recall of its ASR XL Acetabular System and DePuy ASR Hip Resurfacing System (ASR Hip) used in hip replacement surgery. Claims for personal injury have been made against DePuy and the Company. Cases filed in federal courts in the United States have been organized as a multi-district litigation in the United States District Court for the Northern District of Ohio. Litigation has also been filed in countries outside of the United States, primarily in the United Kingdom, Canada, Australia, Ireland, Germany, India and Italy. In November 2013, DePuy reached an agreement with a Court-appointed committee of lawyers representing ASR Hip plaintiffs to establish a program to settle claims with eligible ASR Hip patients in the United States who had surgery to replace their ASR Hips, known as revision surgery, as of August 2013. DePuy reached additional agreements in February 2015 and March 2017, which further extended the settlement program to include ASR Hip patients who had revision surgeries after August 2013 and prior to February 15, 2017. This settlement program has resolved more than 10,000 claims, thereby bringing to resolution significant ASR Hip litigation activity in the United States. However, lawsuits in the United States remain, and the settlement program does not address litigation outside of the United States. In Australia, a class action settlement was reached that resolved the claims of the majority of ASR Hip patients in that country. In Canada, the Company has reached agreements to settle the class actions filed in that country. The Company continues to receive information with respect to potential additional costs associated with this recall on a worldwide basis. The Company has established accruals for the costs associated with the United States settlement program and ASR Hip-related product liability litigation.
DePuy PINNACLE Acetabular Cup System
Claims for personal injury have also been made against DePuy Orthopaedics, Inc. and the Company (collectively, DePuy) relating to the PINNACLE Acetabular Cup System used in hip replacement surgery. Product liability lawsuits continue to be filed, and the Company continues to receive information with respect to potential costs and the anticipated number of cases. Most cases filed in federal courts in the United States have been organized as a multi-district litigation in the United States
District Court for the Northern District of Texas (Texas MDL). Beginning on June 1, 2022, the Judicial Panel on Multidistrict Litigation ceased transfer of new cases into the Texas MDL, and there are now cases pending in federal court outside the Texas MDL. Litigation also has been filed in state courts and in countries outside of the United States. During the first quarter of 2019, DePuy established a United States settlement program to resolve these cases. As part of the settlement program, adverse verdicts have been settled. The Company has established an accrual for product liability litigation associated with the PINNACLE Acetabular Cup System and the related settlement program.
Ethicon Pelvic Mesh
Claims for personal injury have been made against Ethicon, Inc. (Ethicon) and the Company arising out of Ethicon’s pelvic mesh devices used to treat stress urinary incontinence and pelvic organ prolapse. The Company continues to receive information with respect to potential costs and additional cases. Cases filed in federal courts in the United States had been organized as a multi-district litigation (MDL) in the United States District Court for the Southern District of West Virginia. In March 2021, the MDL Court entered an order closing the MDL. The MDL Court has remanded cases for trial to the jurisdictions where the case was originally filed and additional pelvic mesh lawsuits have been filed, and remain, outside of the MDL. The Company has settled or otherwise resolved the majority of the United States cases and the estimated costs associated with these settlements and the remaining cases are reflected in the Company’s accruals. In addition, class actions and individual personal injury cases or claims seeking damages for alleged injury resulting from Ethicon’s pelvic mesh devices have been commenced in various countries outside of the United States, including claims and cases in the United Kingdom, the Netherlands, Belgium, France, Ireland, Italy, Spain and Slovenia and class actions in Israel, Australia, Canada and South Africa. In November 2019, the Federal Court of Australia issued a judgment regarding its findings with respect to liability in relation to the three Lead Applicants and generally in relation to the design, manufacture, pre and post-market assessments and testing, and supply and promotion of the devices in Australia used to treat stress urinary incontinence and pelvic organ prolapse. In September 2022, after exhausting its appeals, the Company reached an in-principle agreement to resolve the two pelvic mesh class actions in Australia and in March 2023 the Federal Court approved the settlement. The class actions in Canada were discontinued in 2020 as a result of a settlement of a group of cases and an agreement to resolve the Israeli class action was reached in May 2021. The parties in the Israeli class action are currently finalizing the terms of the settlement. A motion to approve the settlement was filed with the Court. The Company has established accruals with respect to product liability litigation associated with Ethicon’s pelvic mesh products.
Ethicon Physiomesh
Following a June 2016 worldwide market withdrawal of Ethicon Physiomesh Flexible Composite Mesh (Physiomesh), claims for personal injury have been made against Ethicon, Inc. (Ethicon) and the Company alleging personal injury arising out of the use of this hernia mesh device. Cases filed in federal courts in the United States have been organized as a multi-district litigation (MDL) in the United States District Court for the Northern District of Georgia. A multi-county litigation (MCL) also has been formed in New Jersey state court and assigned to Atlantic County for cases pending in New Jersey. In addition to the matters in the MDL and MCL, there are additional lawsuits pending in the United States District Court for the Southern District of Ohio, which are part of the MDL for polypropylene mesh devices manufactured by C.R. Bard, Inc., and lawsuits pending in two New Jersey MCLs formed for Proceed/Proceed Ventral Patch and Prolene Hernia systems, and lawsuits pending outside the United States. In May 2021, Ethicon and lead counsel for the plaintiffs entered into a term sheet to resolve approximately 3,600 Physiomesh cases (covering approximately 4,300 plaintiffs) pending in the MDL and MCL at that time. A master settlement agreement (MSA) was entered into in September 2021 and includes 3,729 cases in the MDL and MCL. All deadlines and trial settings in those proceedings are currently stayed pending the completion of the settlement agreement. Of the cases subject to the MSA, 3,390 have been dismissed with prejudice. Ethicon has received releases from 3,584 plaintiffs, and releases continue to be submitted as part of the settlement process. Post-settlement cases in the Physiomesh MDL and MCL are subject to docket control orders requiring early expert reports and discovery requirements. In May 2023, Ethicon entered an additional settlement to resolve the claims of 292 Physiomesh claimants. That settlement is proceeding, and releases are being returned. As of December 31, 2023, there were 5 Physiomesh cases in the MDL and 3 in the New Jersey MCL which are not included in either settlement and which remain subject to the docket control orders.
Claims have also been filed against Ethicon and the Company alleging personal injuries arising from the PROCEED Mesh and PROCEED Ventral Patch hernia mesh products. In March 2019, the New Jersey Supreme Court entered an order consolidating these cases pending in New Jersey as an MCL in Atlantic County Superior Court. Additional cases have been filed in various federal and state courts in the United States, and in jurisdictions outside the United States.
Ethicon and the Company also have been subject to claims for personal injuries arising from the PROLENE Polypropylene Hernia System. In January 2020, the New Jersey Supreme Court created an MCL in Atlantic County Superior Court to handle such cases. Cases involving this product have also been filed in other federal and state courts in the United States.
In October 2022, an agreement in principle, subject to various conditions, was reached to settle the majority of the pending cases involving Proceed, Proceed Ventral Patch, Prolene Hernia System and related multi-layered mesh products, as well as a number of unfiled claims. All litigation activities in the two New Jersey MCLs are stayed pending effectuation of the proposed settlement. Future cases that are filed in the New Jersey MCLs will be subject to docket control orders requiring early expert reports and discovery requirements.
The Company has established accruals with respect to product liability litigation associated with Ethicon Physiomesh Flexible Composite Mesh, PROCEED Mesh and PROCEED Ventral Patch, and PROLENE Polypropylene Hernia System products.
Innovative Medicine
RISPERDAL
Claims for personal injury have been made against Janssen Pharmaceuticals, Inc. and the Company arising out of the use of RISPERDAL, and related compounds, indicated for the treatment of schizophrenia, acute manic or mixed episodes associated with bipolar I disorder and irritability associated with autism. Lawsuits primarily have been filed in state courts in Pennsylvania, California, and Missouri. Other actions are pending in various courts in the United States and Canada. Product liability lawsuits continue to be filed, and the Company continues to receive information with respect to potential costs and the anticipated number of cases. The Company has successfully defended a number of these cases but there have been verdicts against the Company, including a verdict in October 2019 of $8.0 billion of punitive damages related to one plaintiff, which the trial judge reduced to $6.8 million in January 2020. In September 2021, the Company entered into a settlement in principle with the counsel representing plaintiffs in this matter and in substantially all of the outstanding cases in the United States. The costs associated with this and other settlements are reflected in the Company’s accruals.
ELMIRON
Claims for personal injury have been made against a number of Johnson & Johnson companies, including Janssen Pharmaceuticals, Inc. and the Company, arising out of the use of ELMIRON, a prescription medication indicated for the relief of bladder pain or discomfort associated with interstitial cystitis. These lawsuits, which allege that ELMIRON contributes to the development of permanent retinal injury and vision loss, have been filed in both state and federal courts across the United States. In December 2020, lawsuits filed in federal courts in the United States, including putative class action cases seeking medical monitoring, were organized as a multi-district litigation in the United States District Court for the District of New Jersey. All cases in the multi-district litigation are in active discussions regarding resolution, and as a result, all activity is stayed. In addition, cases have been filed in various state courts of New Jersey, which have been coordinated in a multi-county litigation in Bergen County, as well as the Court of Common Pleas in Philadelphia, which have been coordinated and granted mass tort designation. No activity has taken place in the New Jersey state court litigation; however, three bellwether trials have been set in Philadelphia for March, April and May 2024. In addition, three class action lawsuits have been filed in Canada. Product liability lawsuits continue to be filed, and the Company continues to receive information with respect to potential costs and the anticipated number of cases. The Company has established accruals for defense and indemnity costs associated with ELMIRON related product liability litigation.
Intellectual property
Certain subsidiaries of the Company are subject, from time to time, to legal proceedings and claims related to patent, trademark and other intellectual property matters arising out of their businesses. Many of these matters involve challenges to the coverage and/or validity of the patents on various products and allegations that certain of the Company’s products infringe the patents of third parties. Although these subsidiaries believe that they have substantial defenses to these challenges and allegations with respect to all significant patents, there can be no assurance as to the outcome of these matters. A loss in any of these cases could adversely affect the ability of these subsidiaries to sell their products, result in loss of sales due to loss of market exclusivity, require the payment of past damages and future royalties, and may result in a non-cash impairment charge for any associated intangible asset.
Innovative Medicine - litigation against filers of abbreviated new drug applications (ANDAs)
The Company’s subsidiaries have brought lawsuits against generic companies that have filed ANDAs with the U.S. FDA (or similar lawsuits outside of the United States) seeking to market generic versions of products sold by various subsidiaries of the Company prior to expiration of the applicable patents covering those products. These lawsuits typically include allegations of non-infringement and/or invalidity of patents listed in FDA’s publication “Approved Drug Products with Therapeutic Equivalence Evaluations” (commonly known as the Orange Book). In each of these lawsuits, the Company’s subsidiaries are seeking an order enjoining the defendant from marketing a generic version of a product before the expiration of the relevant patents (Orange Book Listed Patents). In the event the Company’s subsidiaries are not successful in an action, or any automatic statutory stay expires before the court rulings are obtained, the generic companies involved would have the ability, upon regulatory approval, to introduce generic versions of their products to the market, resulting in the potential for substantial market share and revenue losses for the applicable products, and which may result in a non-cash impairment charge in any associated intangible asset. In addition, from time to time, the Company’s subsidiaries may settle these types of actions
and such settlements can involve the introduction of generic versions of the products at issue to the market prior to the expiration of the relevant patents.
The Inter Partes Review (IPR) process with the United States Patent and Trademark Office (USPTO), created under the 2011 America Invents Act, is also being used at times by generic companies in conjunction with ANDAs and lawsuits to challenge the applicable patents.
XARELTO
Beginning in March 2021, Janssen Pharmaceuticals, Inc.; Bayer Pharma AG; Bayer AG; and Bayer Intellectual Property GmbH filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of XARELTO before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Dr. Reddy’s Laboratories, Inc.; Dr. Reddy’s Laboratories, Ltd.; Lupin Limited; Lupin Pharmaceuticals, Inc.; Taro Pharmaceutical Industries Ltd.; Taro Pharmaceuticals U.S.A., Inc.; Teva Pharmaceuticals USA, Inc.; Mylan Pharmaceuticals Inc.; Mylan Inc.; Mankind Pharma Limited; Apotex Inc.; Apotex Corp.; Auson Pharmaceuticals Inc.; Macleods Pharmaceuticals Ltd; Macleods Pharma USA, Inc.; Indoco Remedies Limited; FPP Holding Company LLC; Umedica Laboratories Pvt. Ltd.; Aurobindo Pharma Limited; Aurobindo Pharma USA, Inc.; Cipla Ltd.; Cipla USA Inc.; and InvaGen Pharmaceuticals, Inc. The following U.S. patents are included in one or more cases: 9,539,218 and 10,828,310.
U.S. Patent No. 10,828,310 was also under consideration by the USPTO in an IPR proceeding. In July 2023, the USPTO issued a final written decision finding the claims of the patent invalid. In September 2023, Bayer Pharma AG filed an appeal to the U.S. Court of Appeals for the Federal Circuit.
OPSUMIT
Beginning in January 2023 Actelion Pharmaceuticals Ltd and Actelion Pharmaceuticals US, Inc. filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of OPSUMIT before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Sun Pharmaceutical Industries Limited; Sun Pharmaceutical Industries, Inc.; MSN Laboratories Private Limited; MSN Pharmaceuticals Inc.; and Mylan Pharmaceuticals Inc. The following U.S. patents are included in one or more cases: 7,094,781; and 10,946,015. In November 2023, the Company entered into a confidential settlement agreement with MSN Laboratories Private Limited and MSN Pharmaceuticals Inc. In December 2023, the Company entered into a confidential settlement agreement with Sun Pharmaceutical Industries Limited and Sun Pharmaceuticals Industries, Inc.
INVEGA SUSTENNA
Beginning in January 2018, Janssen Pharmaceutica NV and Janssen Pharmaceuticals, Inc. filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of INVEGA SUSTENNA before expiration of the Orange Book Listed Patent. The following entities are named defendants: Teva Pharmaceuticals USA, Inc.; Mylan Laboratories Limited; Pharmascience Inc.; Mallinckrodt PLC; Specgx LLC; Tolmar, Inc.; and Accord Healthcare, Inc. The following U.S. patent is included in one or more cases: 9,439,906.
Beginning in February 2018, Janssen Inc. and Janssen Pharmaceutica NV initiated a Statement of Claim under Section 6 of the Patented Medicines (Notice of Compliance) Regulations against generic manufacturers who have filed ANDSs seeking approval to market generic versions of INVEGA SUSTENNA before expiration of the listed patent. The following entities are named defendants: Pharmascience Inc. and Apotex Inc. The following Canadian patent is included in one or more cases: 2,655,335.
INVEGA TRINZA
Beginning in September 2020, Janssen Pharmaceuticals, Inc., Janssen Pharmaceutica NV, and Janssen Research & Development, LLC filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of INVEGA TRINZA before expiration of the Orange Book Listed Patent. The following entities are named defendants: Mylan Laboratories Limited; Mylan Pharmaceuticals Inc.; and Mylan Institutional LLC. The following U.S. patent is included in one or more cases: 10,143,693. In May 2023, the District Court issued a decision finding that Mylan’s proposed generic product infringes the asserted patent and that the patent is not invalid. Mylan has appealed the verdict.
SYMTUZA
Beginning in November 2021, Janssen Products, L.P., Janssen Sciences Ireland Unlimited Company, Gilead Sciences, Inc. and Gilead Sciences Ireland UC filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of SYMTUZA before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Lupin Limited; Lupin Pharmaceuticals, Inc.; MSN Laboratories
Private Ltd.; MSN Life Sciences Private Ltd.; MSN Pharmaceuticals Inc.; Apotex Inc.; and Apotex Corp. The following U.S. patents are included in one or more cases: 10,039,718 and 10,786,518.
ERLEADA
Beginning in May 2022, Aragon Pharmaceuticals, Inc., Janssen Biotech, Inc. (collectively, Janssen), Sloan Kettering Institute for Cancer Research (SKI) and The Regents of the University of California filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of ERLEADA before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Lupin Limited; Lupin Pharmaceuticals, Inc.; Zydus Worldwide DMCC; Zydus Pharmaceuticals (USA), Inc.; Zydus Lifesciences Limited; Sandoz Inc.; Eugia Pharma Specialities Limited; Aurobindo Pharma USA, Inc.; Auromedics Pharma LLC; Hetero Labs Limited Unit V; and Hetero USA, Inc. The following U.S. patents are included in one or more cases: 9,481,663; 9,884,054; 10,052,314 (which reissued as RE49,353); 10,702,508; 10,849,888; 8,445,507; 8,802,689; 9,388,159; 9,987,261; and RE49,353. In December 2023, Janssen and SKI voluntarily dismissed their case against Lupin Limited and Lupin Pharmaceuticals, Inc.
UPTRAVI
Beginning in November 2022, Actelion Pharmaceuticals US Inc., Actelion Pharmaceuticals Ltd and Nippon Shinyaku Co., Ltd. filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of UPTRAVI intravenous before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Alembic Pharmaceuticals Limited, Alembic Pharmaceuticals Inc.; Lupin Ltd.; Lupin Pharmaceuticals, Inc.; Cipla Limited; Cipla USA Inc.; MSN Laboratories Private Ltd.; and MSN Pharmaceuticals Inc. The following U.S. patents are included in one or more cases: 8,791,122 and 9,284,280. In November 2023, the Company entered into a confidential settlement agreement with Alembic Pharmaceuticals Limited and Alembic Pharmaceuticals Inc.
SPRAVATO
Beginning in May 2023, Janssen Pharmaceuticals, Inc. and Janssen Pharmaceutica NV filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of SPRAVATO before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Sandoz Inc.; Hikma Pharmaceuticals Inc. USA; Hikma Pharmaceuticals PLC; and Alkem Laboratories Ltd. The following U.S. patents are included in one or more cases: 10,869,844; 11,173,134; 11,311,500; and 11,446,260.
STELARA
In November 2023, Biocon Biologics Inc. filed a Petition for Inter Partes Review with the USPTO seeking review of U.S. Patent No. 10,961,307 related to methods of treating ulcerative colitis with ustekinumab.
MedTech
In March 2016, Abiomed, Inc. (Abiomed) filed a declaratory judgment action against Maquet Cardiovascular LLC (Maquet) in U.S. District Court for the District of Massachusetts seeking a declaration that the Impella does not infringe certain Maquet patents, currently U.S. Patent Nos. 7,022,100 (’100); 8,888,728; 9,327,068; 9,545,468; 9,561,314; and 9,597,437. Maquet counterclaimed for infringement of each of those patents. After claim construction, Maquet alleged infringement of only the ’100 patent. In September 2021, the court granted Abiomed’s motion for summary judgment of non-infringement of the ’100 patent, and in September 2023, the district court entered final judgment in favor of Abiomed on all patents-in-suit. Maquet appealed.
Government proceedings
Like other companies in the pharmaceutical and medical technologies industries, the Company and certain of its subsidiaries are subject to extensive regulation by national, state and local government agencies in the United States and other countries in which they operate. Such regulation has been the basis of government investigations and litigations. The most significant litigation brought by, and investigations conducted by, government agencies are listed below. It is possible that criminal charges and substantial fines and/or civil penalties or damages could result from government investigations or litigation.
MedTech
In July 2018, the Public Prosecution Service in Rio de Janeiro and representatives from the Brazilian antitrust authority CADE inspected the offices of more than 30 companies including Johnson & Johnson do Brasil Indústria e Comércio de Produtos para Saúde Ltda. The authorities appear to be investigating allegations of possible anti-competitive behavior and possible improper payments in the medical device industry. The Company continues to respond to inquiries regarding the Foreign
Corrupt Practices Act from the United States Department of Justice and the United States Securities and Exchange Commission.
In July 2023, the U.S. Department of Justice (“DOJ”) issued Civil Investigative Demands to the Company, Johnson & Johnson Surgical Vision, Inc., and Johnson & Johnson Vision Care, Inc. (collectively, “J&J Vision”) in connection with a civil investigation under the False Claims Act relating to free or discounted intraocular lenses and equipment used in eye surgery, such as phacoemulsification and laser systems. J&J Vision has begun producing documents and information responsive to the Civil Investigative Demands. J&J Vision is in ongoing discussions with the DOJ regarding its inquiry.
Innovative Medicine
In July 2016, the Company and Janssen Products, LP were served with a qui tam complaint pursuant to the False Claims Act filed in the United States District Court for the District of New Jersey alleging the off-label promotion of two HIV products, PREZISTA and INTELENCE, and anti-kickback violations in connection with the promotion of these products. The complaint was filed under seal in December 2012. The federal and state governments have declined to intervene, and the lawsuit is being prosecuted by the relators. The Court denied summary judgment on all claims in December 2021. Daubert motions were granted in part and denied in part in January 2022, and the case is proceeding to trial. Trial is scheduled for May 2024.
In March 2017, Janssen Biotech, Inc. (JBI) received a Civil Investigative Demand from the United States Department of Justice regarding a False Claims Act investigation concerning management and advisory services provided to rheumatology and gastroenterology practices that purchased REMICADE or SIMPONI ARIA. In August 2019, the United States Department of Justice notified JBI that it was closing the investigation. Subsequently, the United States District Court for the District of Massachusetts unsealed a qui tam False Claims Act complaint, which was served on the Company. The Department of Justice had declined to intervene in the qui tam lawsuit in August 2019. The Company filed a motion to dismiss, which was granted in part and denied in part. Discovery is underway.
From time to time, the Company has received requests from a variety of United States Congressional Committees to produce information relevant to ongoing congressional inquiries. It is the policy of Johnson & Johnson to cooperate with these inquiries by producing the requested information.
General litigation
The Company or its subsidiaries are also parties to various proceedings brought under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as Superfund, and comparable state, local or foreign laws in which the primary relief sought is the Company’s agreement to implement remediation activities at designated hazardous waste sites or to reimburse the government or third parties for the costs they have incurred in performing remediation as such sites.
In October 2017, certain United States service members and their families brought a complaint against a number of pharmaceutical and medical devices companies, including Johnson & Johnson and certain of its subsidiaries in United States District Court for the District of Columbia, alleging that the defendants violated the United States Anti-Terrorism Act. The complaint alleges that the defendants provided funding for terrorist organizations through their sales practices pursuant to pharmaceutical and medical device contracts with the Iraqi Ministry of Health. In July 2020, the District Court dismissed the complaint. In January 2022, the United States Court of Appeals for the District of Columbia Circuit reversed the District Court’s decision. In June 2023, defendants filed a petition for a writ of certiorari to the United States Supreme Court.
In February 2024, a putative class action was filed against the Company, the Pension & Benefits Committee of Johnson & Johnson, and certain named officers and employees, in United States District Court for the District of New Jersey. The complaint alleges that defendants breached fiduciary duties under the Employee Retirement Income Security Act (ERISA) by allegedly mismanaging the Company’s prescription-drug benefits program. The complaint seeks damages and other relief.
MedTech
In October 2020, Fortis Advisors LLC (Fortis), in its capacity as representative of the former stockholders of Auris Health Inc. (Auris), filed a complaint against the Company, Ethicon Inc., and certain named officers and employees (collectively, Ethicon) in the Court of Chancery of the State of Delaware. The complaint alleges breach of contract, fraud, and other causes of action against Ethicon in connection with Ethicon’s acquisition of Auris in 2019. The complaint seeks damages and other relief. In December 2021, the Court granted in part and denied in part defendants’ motion to dismiss certain causes of action. All claims against the individual defendants were dismissed. The trial was held in January 2024 and the decision is pending.
Innovative Medicine
In June 2019, the United States Federal Trade Commission (FTC) issued a Civil Investigative Demand to the Company and Janssen Biotech, Inc. (collectively, Janssen) in connection with its investigation of whether Janssen’s REMICADE contracting practices violate federal antitrust laws. The Company has produced documents and information responsive to the Civil Investigative Demand. Janssen is in ongoing discussions with the FTC staff regarding its inquiry.
In February 2022, the United States Federal Trade Commission (FTC) issued Civil Investigative Demands to Johnson & Johnson and Janssen Biotech, Inc. (collectively, Janssen) in connection with its investigation of whether advertising practices for REMICADE violate federal law. Janssen has produced documents and information responsive to the Civil Investigative Demands. Janssen is in ongoing discussions with the FTC staff regarding the inquiry.
In June 2022, Genmab A/S filed a Notice for Arbitration with International Institute for Conflict Prevention and Resolution (CPR) against Janssen Biotech, Inc. seeking milestones and an extended royalty term for Darzalex FASPRO. In April 2023, the Arbitration Panel ruled in Janssen's favor and dismissed Genmab’s claims. In January 2024, Genmab’s appeal of this dismissal was denied.
In October 2018, two separate putative class actions were filed against Actelion Pharmaceutical Ltd., Actelion Pharmaceuticals U.S., Inc., and Actelion Clinical Research, Inc. (collectively Actelion) in United States District Court for the District of Maryland and United States District Court for the District of Columbia. The complaints allege that Actelion violated state and federal antitrust and unfair competition laws by allegedly refusing to supply generic pharmaceutical manufacturers with samples of TRACLEER. TRACLEER is subject to a Risk Evaluation and Mitigation Strategy required by the U.S. Food and Drug Administration, which imposes restrictions on distribution of the product. In January 2019, the plaintiffs dismissed the District of Columbia case and filed a consolidated complaint in the United States District Court for the District of Maryland.
In December 2023, a putative class action lawsuit was filed against the Company and Janssen Biotech Inc. (collectively “Janssen”) in the United States District Court for the Eastern District of Virginia. The complaint alleges that Janssen violated federal and state antitrust laws and other state laws by delaying biosimilar competition with STELARA through the Janssen's enforcement of patent rights covering STELARA. The complaint seeks damages and other relief.
In June 2022, Janssen Pharmaceuticals, Inc. filed a Demand for Arbitration against Emergent Biosolutions Inc. et al. (EBSI) with the American Arbitration Association, alleging that EBSI breached the parties’ Manufacturing Services Agreement for the Company’s COVID-19 vaccine. In July 2022, Emergent filed its answering statement and counterclaims. The hearing is scheduled for July 2024.
v3.24.0.1
Restructuring
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In fiscal 2023, the Company commenced restructuring actions within its Innovative Medicine and MedTech segments. The amounts and details of the current year programs are included below.
In fiscal 2023, the Company completed a prioritization of its research and development (R&D) investment within its Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within certain therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. Pre-tax Restructuring expenses of $479 million in the fiscal year 2023, included the termination of partnered and non-partnered development program costs and asset impairments. The estimated costs of these total activities is between $500 million - $600 million and is expected to be completed by the end of fiscal year 2024.
In fiscal 2023, the Company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The pre-tax restructuring expense of $319 million in the fiscal year 2023 primarily included inventory and instrument charges related to market and product exits. The estimated costs of the total program are between $700 million - $800 million and is expected to be completed by the end of fiscal year 2025.
The following table summarizes the restructuring expenses for the fiscal year 2023:
(Pre-tax Dollars in Millions)2023
Innovative Medicine Segment(1)
$479
MedTech Segment(2)
319
Total Programs$798
(1)Included $449 million in Restructuring and $30 million in Cost of products sold on the Consolidated Statement of Earnings
(2)Included $40 million in Restructuring and $279 million in Cost of products sold on the Consolidated Statement of Earnings
Restructuring reserves as of December 31, 2023 and January 1, 2023 were insignificant.
v3.24.0.1
Kenvue separation and discontinued operations
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Kenvue separation and discontinued operations Kenvue separation and discontinued operations
On May 8, 2023, Kenvue, completed an initial public offering (the IPO) resulting in the issuance of 198,734,444 shares of its common stock, par value $0.01 per share (the “Kenvue Common Stock”), at an initial public offering of $22.00 per share for net proceeds of $4.2 billion. The excess of the net proceeds from the IPO over the net book value of the Johnson & Johnson divested interest was $2.5 billion and was recorded to additional paid-in capital. As of the closing of the IPO, Johnson & Johnson owned approximately 89.6% of the total outstanding shares of Kenvue Common Stock and at July 2, 2023, the non-controlling interest of $1.3 billion associated with Kenvue was reflected in equity attributable to non-controlling interests in the consolidated balance sheet in the fiscal second quarter of 2023.
On August 23, 2023, Johnson & Johnson completed the disposition of an additional 80.1% ownership of Kenvue Common Stock through an exchange offer, which resulted in Johnson & Johnson acquiring 190,955,436 shares of the Company’s common stock in exchange for 1,533,830,450 shares of Kenvue Common Stock. The $31.4 billion of Johnson & Johnson common stock received in the exchange offer is recorded in Treasury stock. Following the exchange offer, the Company owns 9.5% of the total outstanding shares of Kenvue Common Stock that was recorded in other assets within continuing operations at the fair market value of $4.3 billion as of August 23, 2023. Subsequent changes are reflected in other income/expense and amounted to $0.4 billion expense through December 31, 2023.
Johnson & Johnson divested net assets of $11.6 billion as of August 23, 2023, and the accumulated other comprehensive loss attributable to the Consumer Health business at that date was $4.3 billion. Additionally, at the date of the exchange offer, Johnson & Johnson decreased the non-controlling interest by $1.2 billion to record the deconsolidation of Kenvue. This resulted in a non-cash gain on the exchange offer of $21.0 billion that was recorded in Net earnings from discontinued operations, net of taxes in the consolidated statements of earnings for the fiscal third quarter of 2023. This one-time gain includes a gain of $2.8 billion on the Kenvue Common Stock retained by Johnson & Johnson. The gain on the exchange offer qualifies as a tax-free transaction for U.S. federal income tax purposes.
Also in connection with the separation, Johnson & Johnson and Kenvue entered into a separation agreement and also entered into various other agreements that provide for certain transactions to effect the transfer of the assets and liabilities of the Consumer Health business to Kenvue and to govern various interim and ongoing relationships between Kenvue and Johnson & Johnson following the completion of the Kenvue IPO, including transition services agreements (TSAs), transition manufacturing agreements (TMAs), trademark agreements, intellectual property agreements, an employee matters agreement, and a tax matters agreement. Under the TSAs, Johnson & Johnson will provide Kenvue various services and, similarly, Kenvue will provide Johnson & Johnson various services. The provision of services under the TSAs generally will terminate within 24 months following the Kenvue IPO. Additionally, Johnson & Johnson and Kenvue entered into TMAs pursuant to which Johnson & Johnson will manufacture and supply to Kenvue certain products and, similarly, Kenvue will manufacture and supply to Johnson & Johnson certain products. The terms of the TMAs range in initial duration from 3 months to 5 years.
Amounts related to the TSAs and TMAs included in the consolidated statements of earnings were immaterial for the fiscal year 2023. Additionally, the amounts due to and from Kenvue for the above agreements was not material as of December 31, 2023.
The results of the Consumer Health business (previously reported as a separate business segment), as well as the associated gain, have been reflected as discontinued operations in the Company’s consolidated statements of earnings as Net earnings from discontinued operations, net of taxes. Prior periods have been recast to reflect this presentation. As a result of the separation of Kenvue, Johnson & Johnson incurred separation costs of $986 million, $1,089 million and $67 million in the fiscal years 2023, 2022 and 2021, respectively, which are also included in Net earnings from discontinued operations, net of taxes. These costs were primarily related to external advisory, legal, accounting, contractor and other incremental costs directly related to separation activities. In the fiscal 2022, as part of the planned separation of the Company’s Consumer Health business, the Company recognized approximately $0.5 billion in net incremental tax costs. As of January 1, 2023, the assets and liabilities associated with the Consumer Health business were classified as assets and liabilities of discontinued operations in the consolidated balance sheets.
Details of Net Earnings from Discontinued Operations, net of taxes are as follows:
(Dollars in Millions)
 2023(1)
20222021
Sales to customers$10,03614,95315,035
Cost of products sold4,3696,4946,452
Gross profit5,6678,4598,583
Selling, marketing and administrative expenses3,0854,5194,542
Research and development expense258468437
Interest Income(117)——
Interest expense, net of portion capitalized199——
Other (income) expense, net1,0921,060(37)
(Gain) on separation of Kenvue(20,984)——
Restructuring—4643
Earnings from Discontinued Operations Before Provision for Taxes on Income22,1342,3663,598
Provision for taxes on income307795521
Net earnings from Discontinued Operations$21,8271,5713,077
(1)The Company ceased consolidating the results of the Consumer Health business on August 23, 2023, the date of the exchange offer, but continued to reflect any separation costs incurred as part of discontinued operations through the end of the fiscal fourth quarter.
The following table presents depreciation, amortization and capital expenditures of the discontinued operations related to Kenvue:
(Dollars in Millions)
 2023(1)
20222021
Depreciation and Amortization$383641739
Capital expenditures$162303314
Details of assets and liabilities of discontinued operations were as follows:
January 1, 2023
Assets
Cash and cash equivalents $1,238
Accounts receivable trade, less allowances for doubtful accounts2,121
Inventories 2,215
Prepaid expenses and other receivables256
Total current assets of discontinued operations5,830
Property, plant and equipment, net 1,821
Intangible assets, net 9,836
Goodwill 9,184
Deferred taxes on income 176
Other assets390
Total noncurrent assets of discontinued operations$21,407
Liabilities
Loans and notes payable$15
Accounts payable1,814
Accrued liabilities including accrued taxes on income644
Accrued rebates, returns and promotions838
Accrued compensation and employee related obligations279
Total current liabilities of discontinued operations 3,590
Long-term debt 2
Deferred taxes on income 2,383
Employee related obligations 225
Other liabilities291
Total noncurrent liabilities of discontinued operations$2,901
v3.24.0.1
Selected quarterly financial data (unaudited)
 12 Months Ended
Dec. 31, 2023
Selected Quarterly Financial Information [Abstract]  
Selected quarterly financial data (unaudited) Selected quarterly financial data (unaudited)
Selected unaudited quarterly financial data has been recast for discontinued operations for the years 2023 and 2022 and is summarized below:
 20232022
(Dollars in Millions Except Per Share Data)
First Quarter(1)
Second Quarter
Third Quarter(2)
Fourth Quarter(3)
First Quarter(4)
Second Quarter Third Quarter
Fourth Quarter(5)
Segment sales to customers        
Innovative Medicine$13,41313,73113,89313,72212,86913,31713,21413,163
MedTech 7,4817,7887,4587,6736,9716,8986,7826,776
Total sales20,89421,51921,35121,39519,84020,21519,99619,939
Gross profit14,20715,05714,74514,59713,82213,89313,82413,855
Earnings (Loss) before provision for taxes on income (1,287)6,3065,2174,8265,2035,1445,1723,840
Net earnings (loss) from continuing operations(491)5,3764,3094,1324,5714,2624,3103,227
Net earnings (loss) from discontinued operations, net of tax423(232)21,719(83)578552148293
Net earnings (loss)(68)5,14426,0284,0495,1494,8144,4583,520
Basic net earnings(loss) per share:
Basic net earnings (loss) per share from continuing operations(0.19)2.071.711.711.741.621.641.24
Basic net earnings (loss) per share from discontinued operations0.16(0.09)8.61(0.03)0.220.210.060.11
Basic net earnings (loss) per share(0.03)1.9810.321.681.961.831.701.35
Diluted net earnings (loss) per share:
Diluted net earnings (loss) per share from continuing operations(0.19)2.051.691.701.711.601.621.22
Diluted net earnings (loss) per share from discontinued operations0.16(0.09)8.52(0.03)0.220.200.060.11
Diluted net earnings (loss) per share(0.03)1.9610.211.671.931.801.681.33
(1)The fiscal first quarter of 2023 includes a $6.9 billion charge related to talc matters.
(2)The fiscal third quarter of 2023 includes; a non-cash gain on the exchange offer of $21.0 billion that was recorded in Net earnings from discontinued operations, net of taxes; $0.6 billion related to the unfavorable change in the fair value of the retained stake in Kenvue and $0.4 billion related to the partial impairment of Idorsia convertible debt and the change in the fair value of the Idorsia equity securities held.
(3)The fourth quarter of 2023 includes favorable changes in the fair value of securities of $0.4 billion
(4)In the fiscal first quarter of 2022, the Company recorded an intangible asset impairment charge of approximately $0.6 billion related to an in-process research and development asset, bermekimab (JnJ-77474462).
(5)The fiscal fourth quarter of 2022 includes one-time COVID-19 Vaccine related exit costs of $0.8 billion.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Jan. 01, 2023
Oct. 02, 2022
Jul. 03, 2022
Apr. 03, 2022
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Pay vs Performance Disclosure                      
Net earnings $ 4,049 $ 26,028 $ 5,144 $ (68) $ 3,520 $ 4,458 $ 4,814 $ 5,149 $ 35,153 $ 17,941 $ 20,878
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of consolidation
Principles of consolidation
The consolidated financial statements include the accounts of Johnson & Johnson and its subsidiaries (the Company). Intercompany accounts and transactions are eliminated. Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures.
Business segments
Business segments
Following the completion of the exchange offer, the Company is organized into two business segments: Innovative Medicine and MedTech. The Innovative Medicine segment is focused on the following therapeutic areas, including Immunology, Infectious diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases. Products in this segment are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use. The MedTech segment includes a broad portfolio of products used in the Orthopaedic, Surgery, Interventional Solutions and Vision fields. These products are distributed to wholesalers, hospitals and retailers, and used principally in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics.
New accounting standards and Recently issued accounting standards
New accounting standards
Recently adopted accounting standards
ASU 2022-04: Liabilities-Supplier Finance Programs (Topic 405-50) – Disclosure of Supplier Finance Program Obligations
The Company adopted the standard as of the beginning of fiscal year 2023, which requires that a buyer in a supplier finance program disclose additional information about the program for financial statement users.
The Company has agreements for supplier finance programs with third-party financial institutions. These programs provide participating suppliers the ability to finance payment obligations from the Company with the third-party financial institutions. The Company is not a party to the arrangements between the suppliers and the third-party financial institutions. The Company’s obligations to its suppliers, including amounts due, and scheduled payment dates (which have general payment terms of 90 days), are not affected by a participating supplier’s decision to participate in the program.
As of both December 31, 2023, and January 1, 2023, $0.7 billion were valid obligations under the program. The obligations are presented as Accounts payable on the Consolidated Balance Sheets.
Recently issued accounting standards
Not adopted as of December 31, 2023
ASU 2023-07: Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
This update requires expanded annual and interim disclosures for significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. This update will be effective for fiscal years beginning after December 15, 2023, and is to be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.

ASU 2023-09: Income Taxes (Topic 740) - Improvements to Income Tax Disclosures
This update standardizes categories for the effective tax rate reconciliation, requires disaggregation of income taxes and additional income tax-related disclosures. This update is required to be effective for the Company for fiscal periods beginning after December 15, 2024. As this accounting standard only impacts disclosures, it will not have a material impact on the Company’s Consolidated Financial Statements.
Cash equivalents
Cash equivalents
The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months from the date of purchase as current marketable securities. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating. The Company invests its cash primarily in government securities and obligations, corporate debt securities, money market funds and reverse repurchase agreements (RRAs).
RRAs are collateralized by deposits in the form of Government Securities and Obligations for an amount not less than 102% of their value. The Company does not record an asset or liability as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least an A (or equivalent) credit rating. The Company utilizes a third party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the RRAs on a daily basis. RRAs with stated maturities of greater than three months from the date of purchase are classified as marketable securities.
Investments
Investments
Investments classified as held to maturity investments are reported at amortized cost and realized gains or losses are reported in earnings. Investments classified as available-for-sale debt securities are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income. Available-for-sale securities available for current operations are classified as current assets; otherwise, they are classified as long term. Management determines the appropriate classification of its investment in debt and equity securities at the time of purchase and re-evaluates such determination at each balance sheet date. The Company reviews its investments for impairment and adjusts these investments to fair value through earnings, as required.
Property, plant and equipment and depreciation
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost. The Company utilizes the straight-line method of depreciation over the estimated useful lives of the assets:
Building and building equipment
30 years
Land and leasehold improvements
10 - 20 years
Machinery and equipment
2 - 13 years
The Company capitalizes certain computer software and development costs, included in machinery and equipment, when incurred in connection with developing or obtaining computer software for internal use. Capitalized software costs are amortized over the estimated useful lives of the software, which generally range from 3 to 8 years.
The Company reviews long-lived assets to assess recoverability using undiscounted cash flows. When certain events or changes in operating or economic conditions occur, an impairment assessment may be performed on the recoverability of the
carrying value of these assets. If the asset is determined to be impaired, the loss is measured based on the difference between the asset’s fair value and its carrying value. If quoted market prices are not available, the Company will estimate fair value using a discounted value of estimated future cash flows.
Revenue recognition
Revenue recognition
The Company recognizes revenue from product sales when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the goods to customers. The Company's global payment terms are typically between 30 to 90 days. Provisions for certain rebates, sales incentives, trade promotions, coupons, product returns, discounts to customers and governmental clawback provisions are accounted for as variable consideration and recorded as a reduction in sales. The liability is recognized within Accrued rebates, returns, and promotions on the consolidated balance sheet.
Product discounts granted are based on the terms of arrangements with direct, indirect and other market participants, as well as market conditions, including consideration of competitor pricing. Rebates are estimated based on contractual terms, historical experience, patient outcomes, trend analysis and projected market conditions in the various markets served. A significant portion of the liability related to rebates is from the sale of the Company's pharmaceutical products within the U.S., primarily the Managed Care, Medicare and Medicaid programs, which amounted to $11.5 billion and $9.6 billion as of December 31, 2023 and January 1, 2023, respectively. The Company evaluates market conditions for products or groups of products primarily through the analysis of wholesaler and other third-party sell-through and market research data, as well as internally generated information.
Sales returns are estimated and recorded based on historical sales and returns information. Products that exhibit unusual sales or return patterns due to dating, competition or other marketing matters are specifically investigated and analyzed as part of the accounting for sales return accruals.
Sales returns allowances represent a reserve for products that may be returned due to expiration, destruction in the field, or in specific areas, product recall. The sales returns reserve is based on historical return trends by product and by market as a percent to gross sales. In accordance with the Company’s accounting policies, the Company generally issues credit to customers for returned goods. The Company’s sales returns reserves are accounted for in accordance with the U.S. GAAP guidance for revenue recognition when right of return exists. Sales returns reserves are recorded at full sales value. Sales returns in the Innovative Medicine segments are almost exclusively not resalable. Sales returns for certain franchises in the MedTech segment are typically resalable but are not material. The Company infrequently exchanges products from inventory for returned products. The sales returns reserve for the total Company has been less than 1.0% of annual net trade sales during each of the fiscal years 2023, 2022 and 2021.
Promotional programs, such as product listing allowances are recorded in the same period as related sales and include volume-based sales incentive programs. Volume-based incentive programs are based on the estimated sales volumes for the incentive period and are recorded as products are sold. These arrangements are evaluated to determine the appropriate amounts to be deferred or recorded as a reduction of revenue. The Company also earns profit-share payments through collaborative arrangements of certain products, which are included in sales to customers. Profit-share payments were less than 2.0% of the total revenues in fiscal year 2023 and less than 3.0% of the total revenues in the fiscal years 2022 and 2021 and are included in sales to customers.
See Note 17 to the Consolidated Financial Statements for further disaggregation of revenue.
Shipping and handling
Shipping and handling
Shipping and handling costs incurred were $0.9 billion, $0.8 billion and $0.8 billion in fiscal years 2023, 2022 and 2021, respectively, and are included in selling, marketing and administrative expense. The amount of revenue received for shipping and handling is less than 1.0% of sales to customers for all periods presented.
Inventories
Inventories
Inventories are stated at the lower of cost or net realizable value determined by the first-in, first-out method.
Intangible assets and goodwill
Intangible assets and goodwill
The authoritative literature on U.S. GAAP requires that goodwill and intangible assets with indefinite lives be assessed annually for impairment. The Company completed its annual impairment test for 2023 in the fiscal fourth quarter. Future impairment
tests will be performed annually in the fiscal fourth quarter, or sooner if warranted. Purchased in-process research and development is accounted for as an indefinite lived intangible asset until the underlying project is completed, at which point the intangible asset will be accounted for as a definite lived intangible asset. If warranted the purchased in-process research and development could be written off or partially impaired depending on the underlying program.
Intangible assets that have finite useful lives continue to be amortized over their useful lives, and are reviewed for impairment when warranted by economic conditions. See Note 5 for further details on Intangible Assets and Goodwill.
Financial instruments
Financial instruments
As required by U.S. GAAP, all derivative instruments are recorded on the balance sheet at fair value. Fair value is the exit
price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement determined using assumptions that market participants would use in pricing an asset or liability. The authoritative literature establishes a three-level hierarchy to prioritize the inputs used in measuring fair value, with Level 1 having the highest priority and Level 3 having the lowest. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction, and if so, the type of hedge transaction.
The Company documents all relationships between hedged items and derivatives. The overall risk management strategy includes reasons for undertaking hedge transactions and entering into derivatives. The objectives of this strategy are: (1) minimize foreign currency exposure’s impact on the Company’s financial performance; (2) protect the Company’s cash flow from adverse movements in foreign exchange rates; (3) ensure the appropriateness of financial instruments; and (4) manage the enterprise risk associated with financial institutions. See Note 6 for additional information on Financial Instruments.
Leases
Leases
The Company determines whether an arrangement is a lease at contract inception by establishing if the contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right of Use (ROU) Assets and Lease Liabilities for operating leases are included in Other assets, Accrued liabilities, and Other liabilities on the consolidated balance sheet. The ROU Assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Commitments under finance leases are not significant, and are included in Property, plant and equipment, Loans and notes payable, and Long-term debt on the consolidated balance sheet.
ROU Assets and Lease Liabilities are recognized at the lease commencement date based on the present value of all minimum lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments, when the implicit rate is not readily determinable. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has elected the following policy elections on adoption: use of portfolio approach on leases of assets under master service agreements, exclusion of short term leases on the balance sheet, and not separating lease and non-lease components.
The Company primarily has operating lease for space, vehicles, manufacturing equipment and data processing equipment.
Product liability
Product liability
Accruals for product liability claims are recorded, on an undiscounted basis, when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing information and actuarially determined estimates where applicable. The accruals are adjusted periodically as additional information becomes available. The Company accrues an estimate of the legal defense costs needed to defend each matter when those costs are probable and can be reasonably estimated. To the extent adverse verdicts have been rendered against the Company, the Company does not record an accrual until a loss is determined to be probable and can be reasonably estimated.
The Company has self insurance through a wholly-owned captive insurance company. In addition to accruals in the self insurance program, claims that exceed the insurance coverage are accrued when losses are probable and amounts can be reasonably estimated.
Research and development
Research and development
Research and development expenses are expensed as incurred in accordance with ASC 730, Research and Development. Upfront and milestone payments made to third parties in connection with research and development collaborations are expensed as incurred up to the point of regulatory approval. Payments made to third parties subsequent to regulatory approval are capitalized and amortized over the remaining useful life of the related product. Amounts capitalized for such payments are included in other intangibles, net of accumulated amortization.
The Company enters into collaborative arrangements, typically with other pharmaceutical or biotechnology companies, to develop and commercialize drug candidates or intellectual property. These arrangements typically involve two (or more) parties who are active participants in the collaboration and are exposed to significant risks and rewards dependent on the commercial success of the activities. These collaborations usually involve various activities by one or more parties, including research and development, marketing and selling and distribution. Often, these collaborations require upfront, milestone and royalty or profit share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development. Amounts due from collaborative partners related to development activities are generally reflected as a reduction of research and development expense because the performance of contract development services is not central to the Company’s operations. In general, the income statement presentation for these collaborations is as follows:
Nature/Type of CollaborationStatement of Earnings Presentation
Third-party sale of product & profit share payments receivedSales to customers
Royalties/milestones paid to collaborative partner (post-regulatory approval)*Cost of products sold
Royalties received from collaborative partnerOther income (expense), net
Upfront payments & milestones paid to collaborative partner (pre-regulatory approval)Research and development expense
Research and development payments to collaborative partnerResearch and development expense
Research and development payments received from collaborative partner or government entityReduction of Research and development expense
*    Milestones are capitalized as intangible assets and amortized to cost of products sold over the useful life.
For all years presented, there was no individual project that represented greater than 5% of the total annual consolidated research and development expense.
The Company has a number of products and compounds developed in collaboration with strategic partners including XARELTO, co-developed with Bayer HealthCare AG and IMBRUVICA, developed in collaboration and co-marketed with Pharmacyclics LLC, an AbbVie company.
Separately, the Company has a number of licensing arrangements for products and compounds including DARZALEX, licensed from Genmab A/S.
Advertising
Advertising
Costs associated with advertising are expensed in the year incurred and are included in selling, marketing and administrative expenses. Advertising expenses worldwide, which comprised television, radio, print media and Internet advertising, were $0.5 billion, $0.7 billion and $1.2 billion in fiscal years 2023, 2022 and 2021, respectively.
Income taxes
Income taxes
Income taxes are recorded based on amounts refundable or payable for the current year and include the results of any difference between U.S. GAAP accounting and tax reporting, recorded as deferred tax assets or liabilities. The Company
estimates deferred tax assets and liabilities based on enacted tax regulations and rates. Future changes in tax laws and rates may affect recorded deferred tax assets and liabilities in the future.
The Company has unrecognized tax benefits for uncertain tax positions. The Company follows U.S. GAAP which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management believes that changes in these estimates would not have a material effect on the Company's results of operations, cash flows or financial position.
In 2017, the United States enacted into law new U.S. tax legislation, the U.S. Tax Cuts and Jobs Act (TCJA). This law included provisions for a comprehensive overhaul of the corporate income tax code, including a reduction of the statutory corporate tax rate from 35% to 21%, effective on January 1, 2018. The TCJA included a provision for a tax on all previously undistributed earnings of U.S. companies located in foreign jurisdictions. Undistributed earnings in the form of cash and cash equivalents were taxed at a rate of 15.5% and all other earnings were taxed at a rate of 8.0%. This tax is payable over 8 years and will not accrue interest. These payments began in 2018 and will continue through 2025. The remaining balance at the end of the 2023 was approximately $4.5 billion, of which $2.5 billion is classified as noncurrent and reflected as “Long-term taxes payable” on the Company’s balance sheet.
The TCJA also includes provisions for a tax on global intangible low-taxed income (GILTI). GILTI is described as the excess of a U.S. shareholder’s total net foreign income over a deemed return on tangible assets, as provided by the TCJA. In January 2018, the FASB issued guidance that allows companies to elect as an accounting policy whether to record the tax effects of GILTI in the period the tax liability is generated (i.e., “period cost”) or provide for deferred tax assets and liabilities related to basis differences that exist and are expected to effect the amount of GILTI inclusion in future years upon reversal (i.e., “deferred method”). The Company has elected to account for GILTI under the deferred method. The deferred tax amounts recorded are based on the evaluation of temporary differences that are expected to reverse as GILTI is incurred in future periods.
The Company has recorded deferred tax liabilities on all undistributed earnings prior to December 31, 2017 from its international subsidiaries. The Company has not provided deferred taxes on the undistributed earnings subsequent to January 1, 2018 from certain international subsidiaries where the earnings are considered to be indefinitely reinvested. The Company intends to continue to reinvest these earnings in those international operations. If the Company decides at a later date to repatriate these earnings to the U.S., the Company would be required to provide for the net tax effects on these amounts. The Company estimates that the tax effect of this repatriation would be approximately $0.5 billion under currently enacted tax laws and regulations and at current currency exchange rates. This amount does not include the possible benefit of U.S. foreign tax credits, which may substantially offset this cost.
Net earnings per share
Net earnings per share
Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities were exercised or converted into common stock using the treasury stock method.
Use of estimates
Use of estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported. Estimates are used when accounting for sales discounts, rebates, allowances and incentives, product liabilities, income taxes, withholding taxes, depreciation, amortization, employee benefits, contingencies and intangible asset and liability valuations. Actual results may or may not differ from those estimates.
The Company follows the provisions of U.S. GAAP when recording litigation related contingencies. A liability is recorded when a loss is probable and can be reasonably estimated. The best estimate of a loss within a range is accrued; however, if no estimate in the range is better than any other, the minimum amount is accrued.
Annual closing date
Annual closing date
The Company follows the concept of a fiscal year, which ends on the Sunday nearest to the end of the month of December. Normally each fiscal year consists of 52 weeks, but every five or six years the fiscal year consists of 53 weeks, and therefore includes additional shipping days, as was the case in fiscal year 2020, and will be the case again in fiscal year 2026.
v3.24.0.1
Summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Estimated Useful Lives of Assets
Property, plant and equipment are stated at cost. The Company utilizes the straight-line method of depreciation over the estimated useful lives of the assets:
Building and building equipment
30 years
Land and leasehold improvements
10 - 20 years
Machinery and equipment
2 - 13 years
v3.24.0.1
Cash, cash equivalents and current marketable securities (Tables)
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalent Composition
At the end of the fiscal year 2023 and 2022, cash, cash equivalents and current marketable securities comprised:
(Dollars in Millions)2023
Carrying
 Amount		Unrecognized
 Loss		Estimated
 Fair Value		Cash & Cash
Equivalents		Current
Marketable
Securities
Cash$3,340—3,3403,340—
Non-U.S. Sovereign Securities(1)
522—522174348
U.S. Reverse repurchase agreements4,377—4,3774,377—
Corporate debt securities(1)
338—338189149
Money market funds4,814—4,8144,814—
Time deposits(1)
662—662662—
Subtotal $14,053—14,05313,556497
U.S. Gov't Securities$8,562—8,5628,259303
U.S. Gov't Agencies71(1)70—70
Other Sovereign Securities5—514
Corporate and other debt securities237—23743194
Subtotal available for sale(2)
$8,875(1)8,8748,303571
Total cash, cash equivalents and current marketable securities
$21,8591,068
(Dollars in Millions)2022
Carrying AmountUnrecognized LossEstimated Fair ValueCash & Cash EquivalentsCurrent Marketable Securities
Cash$3,691—3,6913,691—
U.S. Reverse repurchase agreements1,419—1,4191,419—
Corporate debt securities(1)
873(1)872—873
Money market funds5,368—5,3685,368—
Time deposits(1)
443—443443—
Subtotal 11,794(1)11,79310,921873
U.S. Gov't Securities$9,959(28)9,9311,9228,009
U.S. Gov't Agencies210(5)205—205
Corporate and other debt securities352(1)35146305
Subtotal available for sale(2)
$10,521(34)10,4871,9688,519
Total cash, cash equivalents and current marketable securities
$12,8899,392
(1)Held to maturity investments are reported at amortized cost and realized gains or losses are reported in earnings.
(2)Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.
Contractual Maturities of Available for Sale Securities
The contractual maturities of the available for sale debt securities at December 31, 2023 are as follows:
(Dollars in Millions)Cost BasisFair Value
Due within one year$8,8658,864
Due after one year through five years1010
Due after five years through ten years——
Total debt securities$8,8758,874
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Summary of Inventories
At the end of fiscal years 2023 and 2022, inventories comprised:
(Dollars in Millions)20232022
Raw materials and supplies$2,3551,719
Goods in process1,9521,577
Finished goods6,8746,972
Total inventories$11,18110,268
v3.24.0.1
Property, plant and equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment at Cost and Accumulated Depreciation
At the end of fiscal years 2023 and 2022, property, plant and equipment at cost and accumulated depreciation were:
(Dollars in Millions)20232022
Land and land improvements$795784
Buildings and building equipment12,37511,470
Machinery and equipment28,97926,603
Construction in progress5,6274,677
Total property, plant and equipment, gross$47,77643,534
Less accumulated depreciation27,87825,552
Total property, plant and equipment, net$19,89817,982
v3.24.0.1
Intangible assets and goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
At the end of fiscal years 2023 and 2022, the gross and net amounts of intangible assets were:
(Dollars in Millions)20232022
Intangible assets with definite lives:  
Patents and trademarks — gross$40,41739,388
Less accumulated amortization(24,808)(20,616)
Patents and trademarks — net$15,60918,772
Customer relationships and other intangibles — gross$20,32219,764
Less accumulated amortization(12,685)(11,363)
Customer relationships and other intangibles — net(1)
$7,6378,401
Intangible assets with indefinite lives:  
Trademarks$1,7141,630
Purchased in-process research and development9,2159,686
Total intangible assets with indefinite lives$10,92911,316
Total intangible assets — net$34,17538,489
(1)The majority is comprised of customer relationships
Goodwill
Goodwill as of December 31, 2023 and January 1, 2023, as allocated by segment of business, was as follows:
(Dollars in Millions)Innovative
Medicine		MedTechTotal
Goodwill at January 2, 2022$10,58014,85625,436
Goodwill, related to acquisitions—11,05611,056
Goodwill, related to divestitures———
Currency translation/other(396)(49)(445)
Goodwill at January 1, 202310,18425,86336,047
Goodwill, related to acquisitions———
Goodwill, related to divestitures———
Currency translation/other223288*511
Goodwill at December 31, 2023$10,40726,15136,558
*Includes purchase price allocation adjustments for Abiomed
Intangible Asset Amortization Expense
The estimated amortization expense related to intangible assets for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions)
20242025202620272028
$4,3003,5002,9002,3001,600
v3.24.0.1
Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Derivative Activity
The following table is a summary of the activity related to derivatives and hedges for the fiscal years ended December 31, 2023 and January 1, 2023, net of tax:
December 31, 2023January 1, 2023
(Dollars in Millions)SalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) ExpenseSalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
Hedged items$———(930)————(1,098)—
Derivatives designated as hedging instruments———930————1,098—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing$———130————140—
Amount of gain or (loss) recognized in AOCI———130————140—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
Amount of gain or (loss) reclassified from AOCI into income7186(37)—8(72)(271)149—(23)
Amount of gain or (loss) recognized in AOCI10447(18)—9531961—(113)
Cross currency interest rate swaps contracts:
Amount of gain or (loss) reclassified from AOCI into income———275————425—
Amount of gain or (loss) recognized in AOCI$———(156)————42—
As of December 31, 2023 and January 1, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges
Line item in the Consolidated Balance Sheet in which the hedged item is includedCarrying Amount of the Hedged LiabilityCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
(Dollars in Millions)December 31, 2023January 1, 2023December 31, 2023January 1, 2023
Long-term Debt$8,862$8,665$(1,216)$(1,435)
Schedule of Effect of Derivatives not Designated as Hedging Instruments
The following table is the effect of derivatives not designated as hedging instrument for the fiscal years ended December 31, 2023 and January 1, 2023:
(Dollars in Millions)Location of Gain /(Loss) Recognized in Income on DerivativeGain/(Loss)
Recognized In
Income on Derivative
Derivatives Not Designated as Hedging InstrumentsDecember 31, 2023January 1, 2023
Foreign Exchange ContractsOther (income) expense$(60)94
Schedule of Effect of Net Investment Hedges
The following table is the effect of net investment hedges for the fiscal years ended December 31, 2023 and January 1, 2023:
Gain/(Loss)
Recognized In
Accumulated OCI		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income Into IncomeGain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)December 31, 2023January 1, 2023December 31, 2023January 1, 2023
Debt$(131)197Interest (income) expense——
Cross Currency interest rate swaps$642766Interest (income) expense——
Summary of Activity Related to Equity Investments
The following table is a summary of the activity related to equity investments for the fiscal years ended December 31, 2023 and January 1, 2023:
January 1, 2023December 31, 2023
(Dollars in Millions)Carrying Value
Changes in Fair Value Reflected in Net Income(1)
Sales/ Purchases/Other(2)
Carrying ValueNon Current Other Assets
Equity Investments with readily determinable value *$576(368)4,2654,4734,473
Equity Investments without readily determinable value$613182696696
January 2, 2022January 1, 2023
(Dollars in Millions)Carrying Value
Changes in Fair Value Reflected in Net Income(1)
Sales/ Purchases/Other(2)
Carrying ValueNon Current Other Assets
Equity Investments with readily determinable value$1,884(538)(770)576576
Equity Investments without readily determinable value$41393107613613
(1)Recorded in Other Income/Expense
(2)Other includes impact of currency
* Includes the 9.5% remaining stake in Kenvue and the $0.4 billion unfavorable change in fair value of the investment between separation date and the end of the fiscal year.
Financial Assets and Liabilities at Fair Value
The Company’s significant financial assets and liabilities measured at fair value as of the fiscal year ended December 31, 2023 and January 1, 2023 were as follows:
20232022
(Dollars in Millions)Level 1Level 2Level 3Total
Total(1)
Derivatives designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—539—539629
Interest rate contracts (2)
—988—9881,534
Total$—1,527—1,5272,163
Liabilities:     
Forward foreign exchange contracts—624—624511
Interest rate contracts (2)
—5,338—5,3382,778
Total$—5,962—5,9623,289
Derivatives not designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—64—6438
Liabilities:     
Forward foreign exchange contracts—75—7568
Available For Sale Other Investments:
Equity investments(3)
4,473——4,473576
Debt securities(4)
—8,874—8,87410,487
Other Liabilities
Contingent Consideration(5)
$1,0921,0921,120
Gross to Net Derivative Reconciliation20232022
(Dollars in Millions)
Total Gross Assets$1,5912,201
Credit Support Agreements (CSA)(1,575)(2,176)
Total Net Asset1625
Total Gross Liabilities6,0373,357
Credit Support Agreements (CSA)(5,604)(3,023)
Total Net Liabilities$433334
Summarized information about changes in liabilities for contingent consideration is as follows:
202320222021
(Dollars in Millions)
Beginning Balance$1,120533633
Changes in estimated fair value 29(194)(52)
Additions (6)
—792—
Payments/Other(57)(11)(48)
Ending Balance (5)
$1,0921,120533
(1)2022 assets and liabilities are all classified as Level 2 with the exception of equity investments of $576 million, which are classified as Level 1 and contingent consideration of $1,120 million, classified as Level 3.
(2)Includes cross currency interest rate swaps and interest rate swaps.
(3)Classified as non-current other assets.
(4)Classified as cash equivalents and current marketable securities.
(5)Includes $1,092 million, $1,116 million and $520 million, classified as non-current other liabilities as of December 31, 2023, January 1, 2023 and January 2, 2022, respectively. Includes $4 million and $13 million classified as current liabilities as of January 1, 2023 and January 2, 2022, respectively.
(6)In fiscal year 2022, the Company recorded $704 million of contingent consideration related to Abiomed.
v3.24.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The components of long-term debt are as follows:
(Dollars in Millions)2023 Effective
Rate
%		 2022 Effective
Rate
%
6.73% Debentures due 2023
$— — % $250 6.73 %
3.375% Notes due 2023
—— 8013.17 
2.05% Notes due 2023
—— 5002.09 
0.650% Notes due 2024
(750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)
831
(2)
0.68 792
(3)
0.68 
5.50% Notes due 2024
(500MM 1.2756 GBP )(2)/(500MM GBP 1.2037)(3)
637
(2)
6.75  600
(3)
6.75 
2.625% Notes due 2025
7502.63 7492.63 
0.55% Notes due 2025
9500.57 9180.57 
2.46% Notes due 2026
1,9972.47 1,9962.47 
2.95% Notes due 2027
9002.96 8772.96 
0.95% Notes due 2027
1,4190.96 1,3940.96 
1.150% Notes due 2028
(750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)
828
(2)
1.21 794
(3)
1.21 
2.90% Notes due 2028
1,4972.91 1,4962.91 
6.95% Notes due 2029
298 7.14  298 7.14 
1.30% Notes due 2030
1,6301.30 1,6071.30 
4.95% Debentures due 2033
499 4.95  498 4.95 
4.375% Notes due 2033
8544.24 8544.24 
1.650% Notes due 2035
(1.5B Euro 1.1090)(2)/(1.5B Euro 1.0651)(3)
1,652
(2)
1.68 1,591
(3)
1.68 
3.587% Notes due 2036
8643.59 8423.59 
5.95% Notes due 2037
994 5.99  993 5.99 
3.625% Notes due 2037
1,3573.64 1,3363.64 
5.85% Debentures due 2038
697 5.85  697 5.85 
3.400% Notes due 2038
9933.42 9923.42 
4.50% Debentures due 2040
541 4.63  540 4.63 
2.10% Notes due 2040
8492.14 8282.14 
4.85% Notes due 2041
2974.89 2974.89 
4.50% Notes due 2043
4964.52 4964.52 
3.73% Notes due 2046
1,9773.74 1,9763.74 
3.75% Notes due 2047
8323.76 8123.76 
3.500% Notes due 2048
7433.52 7433.52 
2.250% Notes due 2050
8262.29 8082.29 
2.450% Notes due 2060
1,0732.49 1,0552.49 
Other69 —  7 — 
Subtotal27,350
(4)
2.98 %
(1)
28,437
(4)
3.04 %
(1)
Less current portion1,469   1,551  
Total long-term debt$25,881   $26,886  
(1)Weighted average effective rate.
(2)Translation rate at December 31, 2023.
(3)Translation rate at January 1, 2023.
(4)The excess of the carrying value over the fair value of debt was $1.0 billion and $1.6 billion at the end of fiscal year 2023 and fiscal year 2022, respectively.
Aggregate Maturities of Long Term Obligations
Aggregate maturities of long-term debt obligations commencing in 2024 are:
(Dollars in Millions)
20242025202620272028After 2028
$1,4691,7001,9972,3202,32517,539
v3.24.0.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
The provision for taxes on income consists of:
(Dollars in Millions)202320222021
Currently payable:
U.S. taxes$2,7052,2741,338
International taxes3,0902,2952,069
Total currently payable5,7954,5693,407
Deferred:
U.S. taxes(3,440)(1,990)565
International taxes(619)410(2,595)
Total deferred(4,059)(1,580)(2,030)
Provision for taxes on income$1,7362,9891,377
Comparison of Income Taxes at Statutory Rate and Company's Effective Tax Rate
A comparison of income tax expense at the U.S. statutory rate of 21% in fiscal years 2023, 2022 and 2021, to the Company’s effective tax rate is as follows:
(Dollars in Millions)202320222021
U.S. $(2,033)4,6064,275
International17,09514,75314,903
Earnings before taxes on income:$15,06219,35919,178
Tax rates:
U.S. statutory rate21.0 %21.0 21.0 
International operations(1)
(8.1)(5.0)(19.1)
U.S. Tax Settlements(3.0)— — 
U.S. taxes on international income(2)
(0.3)(1.1)8.9 
Tax benefits from loss on capital assets— — (1.6)
Tax benefits on share-based compensation(0.8)(1.4)(1.2)
All other2.7 1.9 (0.8)
Effective Rate11.5 %15.4 7.2 
(1)International operations reflect the impacts of operations in jurisdictions with statutory tax rates different than the U.S., particularly Ireland, Switzerland, Belgium and Puerto Rico, which is a favorable impact on the effective tax rate as compared with the U.S. statutory rate.
(2)Includes the impact of the GILTI tax, the Foreign-Derived Intangible Income deduction and other foreign income that is taxable under the U.S. tax code. The 2023 and 2022 amount includes the impact of certain provisions of the 2017 TCJA that became effective in fiscal 2022. The 2023 amount includes the impact of certain foreign subsidiaries deferred tax remeasurements for legislative elections and the 2021 amounts include the reorganization of international subsidiaries further described below.
Temporary Differences and Carryforwards
Temporary differences and carryforwards at the end of fiscal years 2023 and 2022 were as follows:
2023 Deferred Tax2022 Deferred Tax
(Dollars in Millions)AssetLiabilityAssetLiability
Employee related obligations$586685
Stock based compensation686632
Depreciation of property, plant and equipment(902)(845)
Goodwill and intangibles(1,252)(1,737)
R&D capitalized for tax3,5952,611
Reserves & liabilities3,8162,733
Income reported for tax purposes(1)
3592,026
Net realizable operating loss carryforwards(2)
9961,319
Undistributed foreign earnings1,801(1,695)1,517(1,604)
Global intangible low-taxed income(2,731)(3,628)
Miscellaneous international831861(66)
Miscellaneous U.S. (4)452
Total deferred income taxes$12,670(6,584)12,836(7,880)
(1)In fiscal 2023, the Company changed the presentation of income taxes accrued on intercompany profits on inventory still owned by the Company as part of “Prepaid expenses and other” on the Consolidated Balance Sheet.
(2)Net of valuation allowances of $1.1 billion and $0.8 billion in 2023 and 2022. The change in the valuation allowance from 2022 to 2023 was driven by approximately $0.1 billion from acquisition related activity and the remainder was due to normal operations during the fiscal year.
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to unrecognized tax benefits for continuing operations:
(Dollars in Millions)202320222021
Beginning of year$3,7163,2103,260
Increases related to current year tax positions239523242
Increases related to prior period tax positions24414323
Decreases related to prior period tax positions(781)(148)(128)
Settlements(880)(1)(187)
Lapse of statute of limitations(53)(11)—
End of year$2,4853,7163,210
v3.24.0.1
Employee related obligations (Tables)
 12 Months Ended
Dec. 31, 2023
Compensation Related Costs [Abstract]  
Employee Related Obligations
At the end of fiscal 2023 and fiscal 2022, employee related obligations recorded on the Consolidated Balance Sheets were:
(Dollars in Millions)20232022
Pension benefits$3,1292,475
Postretirement benefits1,9631,728
Postemployment benefits2,5272,832
Deferred compensation68100
Total employee obligations7,6877,135
Less current benefits payable538593
Employee related obligations — non-current$7,1496,542
v3.24.0.1
Pensions and other benefit plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for 2023, 2022 and 2021 include the following components:
Retirement PlansOther Benefit Plans
(Dollars in Millions)202320222021202320222021
Service cost$8931,3191,412264320309
Interest cost1,43790876821410480
Expected return on plan assets(2,716)(2,756)(2,644)(7)(8)(7)
Amortization of prior service cost (184)(184)(181)(2)(5)(31)
Recognized actuarial losses (gains)(199)6501,25123122151
Curtailments and settlements9311(5)——
Net periodic benefit cost (credit)$(676)(62)607487533502
Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation
The following table represents the weighted-average actuarial assumptions:
Retirement PlansOther Benefit Plans
Worldwide Benefit Plans202320222021202320222021
Net Periodic Benefit Cost
Service cost discount rate4.85 %2.46 2.14 5.40 2.59 2.09 
Interest cost discount rate5.25 %2.80 2.34 5.43 2.64 2.33 
Rate of increase in compensation levels3.71 %4.02 4.01 4.22 4.21 4.25 
Expected long-term rate of return on plan assets7.21 %7.25 7.71 
Benefit Obligation
Discount rate4.58 %5.01 2.49 5.11 5.42 2.68 
Rate of increase in compensation levels3.69 %4.00 4.01 4.22 4.21 4.21 
Assumed Health Care Cost Trend Rates
The following table displays the assumed healthcare cost trend rates, for all individuals:
Healthcare Plans20232022
Healthcare cost trend rate assumed for next year13.90 %*5.96 %
Rate to which the cost trend rate is assumed to decline (ultimate trend)4.00 %3.99 %
Year the rate reaches the ultimate trend rate2048 2047 
*excludes ongoing negotiations regarding healthcare cost with service providers
Schedule of Net Funded Status
The following table sets forth information related to the benefit obligation and the fair value of plan assets at fiscal year-end 2023 and 2022 for the Company’s defined benefit retirement plans and other post-retirement plans:
Retirement PlansOther Benefit Plans
(Dollars in Millions)2023202220232022
Change in Benefit Obligation
Projected benefit obligation — beginning of year$29,39041,2724,1924,874
Service cost8931,319264320
Interest cost1,437908214104
Plan participant contributions7367——
Amendments(6)7——
Actuarial (gains) losses(1)
2,068(12,159)469(704)
Divestitures & acquisitions(2)
(352)—1—
Curtailments, settlements & restructuring(238)(7)(332)—
Benefits paid from plan(3)
(2,122)(1,220)(702)(393)
Effect of exchange rates601(797)2(9)
Projected benefit obligation — end of year$31,74429,3904,1084,192
Change in Plan Assets
Plan assets at fair value — beginning of year$31,49641,90978102
Actual return (loss) on plan assets3,951(8,663)16(17)
Company contributions268261694386
Plan participant contributions7367——
Settlements(176)(5)——
Divestitures & acquisitions(2)
(509)———
Benefits paid from plan assets(3)
(2,122)(1,220)(702)(393)
Effect of exchange rates626(853)——
Plan assets at fair value — end of year$33,60731,4968678
Funded status — end of year$1,8632,106(4,022)(4,114)
Amounts Recognized in the Company’s Balance Sheet consist of the following:
Non-current assets$4,9924,581——
Current liabilities(119)(127)(416)(461)
Non-current liabilities(3,010)(2,348)(3,606)(3,653)
Total recognized in the consolidated balance sheet — end of year$1,8632,106(4,022)(4,114)
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following:
Net actuarial loss$4,9623,948354239
Prior service cost (credit)(1,236)(1,417)(6)(7)
Unrecognized net transition obligation———
Total before tax effects$3,7262,531348232
Accumulated Benefit Obligations — end of year$30,13927,797
(1)The actuarial (gains)/losses for retirement plans in 2023 and 2022 were primarily driven by changes in the discount rates.
(2)Primarily driven by the Kenvue separation.
(3)Includes approximately $800 million transferred to a group annuity contract issued by a third-party insurer for the U.S. Salaried Pension Plan.
Retirement PlansOther Benefit Plans
(Dollars in Millions)2023202220232022
Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
Net periodic benefit cost (credit)$(676)(62)487533
Net actuarial (gain) loss711(793)136(751)
Amortization of net actuarial loss199(655)(22)(121)
Prior service cost (credit)(2)7——
Amortization of prior service (cost) credit18518325
Effect of exchange rates103(140)—(1)
Total loss/(income) recognized in other comprehensive income, before tax$1,195(1,398)116(868)
Total recognized in net periodic benefit cost and other comprehensive income$519(1,460)603(335)
Information Related to the Benefit Obligation and the Fair Value of Plan Assets
The following table displays the funded status of the Company's U.S. Qualified & Non-Qualified pension plans and international funded and unfunded pension plans at December 31, 2023 and December 31, 2022, respectively:
U.S. PlansInternational Plans
Qualified PlansNon-Qualified PlansFunded PlansUnfunded Plans
(Dollars in Millions)20232022202320222023202220232022
Plan Assets$22,29820,937——11,30910,559——
Projected Benefit Obligation19,15218,3942,0371,93710,4318,98212477
Accumulated Benefit Obligation18,55717,6961,9821,8729,4988,16610263
Over (Under) Funded Status
Projected Benefit Obligation$3,1462,543(2,037)(1,937)8781,577(124)(77)
Accumulated Benefit Obligation3,7413,241(1,982)(1,872)1,8112,393(102)(63)
Projected Future Benefit Payments from Company's Retirement and Other Benefit Plans
The following table displays the projected future benefit payments from the Company’s retirement and other benefit plans:
(Dollars in Millions)202420252026202720282029-2033
Projected future benefit payments
Retirement plans$1,4811,4731,5491,6471,74510,133
Other benefit plans $4274383964114282,360
Projected Future Minimum Contributions to the Company's U.S. and International Unfunded Retirement Plans
The following table displays the projected future minimum contributions to the unfunded retirement plans. These amounts do not include any discretionary contributions that the Company may elect to make in the future.
(Dollars in Millions)202420252026202720282029-2033
Projected future contributions$122126133139145787
Company' Retirement Plan Asset Allocation and Target Allocations
The Company’s retirement plan asset allocation at the end of 2023 and 2022 and target allocations for 2024 are as follows:
Percent of
Plan Assets		Target
Allocation
202320222024
Worldwide Retirement Plans
Equity securities58 %62 %58 %
Debt securities42 38 42 
Total plan assets100 %100 %100 %
Schedule of Defined Benefit Plans Disclosures
The following table sets forth the Retirement Plans' investments measured at fair value as of December 31, 2023 and December 31, 2022:
Quoted Prices
in Active
Markets for
Identical Assets		Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs(1)
Investments Measured at Net Asset Value
(Level 1)(Level 2)(Level 3)Total Assets
(Dollars in Millions)2023202220232022202320222023202220232022
Short-term investment funds
$122682913————84139
Government and agency securities——5,9855,863————5,9855,863
Debt instruments——3,8993,681————3,8993,681
Equity securities7,7648,846—2————7,7648,848
Commingled funds——4,9674,36243566,6726,09611,68210,514
Other assets——493392123,2952,5063,4362,551
Investments at fair value
$7,7768,87215,72913,954135689,9678,60233,60731,496
(1) The activity for the Level 3 assets is not significant for all years presented.
v3.24.0.1
Capital and treasury stock (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Changes in Treasury Stock
Changes in treasury stock were:
Treasury Stock
(Amounts in Millions Except Treasury Stock Shares in Thousands)SharesAmount
Balance at January 3, 2021487,331$38,490
Employee compensation and stock option plans(17,399)(2,847)
Repurchase of common stock20,9463,456
Balance at January 2, 2022490,87839,099
Employee compensation and stock option plans(20,007)(3,440)
Repurchase of common stock35,3756,035
Balance at January 1, 2023506,24641,694
Employee compensation and stock option plans(15,521)(2,529)
Repurchase of common stock31,0855,079
Kenvue share exchange (Note 21)190,95531,418
Balance at December 31, 2023712,765$75,662
v3.24.0.1
Accumulated other comprehensive income (loss) (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income
Components of other comprehensive income (loss) consist of the following:
(Dollars in Millions)Foreign
Currency
Translation		Gain/
(Loss) On
Securities		Employee
Benefit Plans		Gain/
(Loss) On
Derivatives
& Hedges		Total
Accumulated
Other
Comprehensive
Income (Loss)
January 3, 2021$(8,938)1(6,957)652(15,242)
Net 2021 changes(1,079)(4)4,255(988)2,184
January 2, 2022(10,017)(3)(2,702)(336)(13,058)
Net 2022 changes(1,796)(24)1,80510691
January 1, 2023(11,813)(27)(897)(230)(12,967)
Net 2023 changes(3,221)26(1,399)(147)(4,741)
Kenvue Separation/IPO4,885296*5,181
December 31, 2023$(10,149)(1)(2,000)(377)(12,527)
v3.24.0.1
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Reconciliation of Basic Net Earnings per Share to Diluted Net Earnings per Share
The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022:
(In Millions Except Per Share Amounts)202320222021
Basic net earnings per share from continuing operations$5.266.236.76
Basic net earnings per share from discontinued operations8.620.601.17
Total net earnings per share - basic13.886.837.93
Average shares outstanding — basic2,533.52,625.22,632.1
Potential shares exercisable under stock option plans94.1140.1138.0
Less: shares repurchased under treasury stock method(67.2)(101.4)(96.1)
Adjusted average shares outstanding — diluted2,560.42,663.92,674.0
Diluted net earnings per share from continuing operations5.206.146.66
Diluted net earnings per share from discontinuing operations8.520.591.15
Total net earnings per share - diluted$13.726.737.81
v3.24.0.1
Common stock, stock option plans and stock compensation agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule Valuation Assumptions
The average fair value of options granted was $27.85, $23.23 and $20.86, in fiscal years 2023, 2022 and 2021, respectively. The fair value was estimated based on the weighted average assumptions of:
202320222021
Risk-free rate3.74 %1.98 %0.83 %
Expected volatility17.69 %18.00 %18.59 %
Expected life (in years)7.07.07.0
Expected dividend yield2.90 %2.70 %2.50 %
Summary of Stock Option Activity
A summary of option activity under the Plan as of December 31, 2023, is presented below:
(Shares in Thousands)Outstanding
Shares		Weighted
Average Exercise
Price		Aggregate
Intrinsic
Value
(Dollars in Millions)
Shares at January 1, 2023118,672$134.95$4,949
Options granted16,320162.75
Options exercised(12,386)109.48
Options canceled/forfeited*(10,368)155.62
Shares at December 31, 2023112,238$139.88$2,239
Summary of Options Outstanding
The following table summarizes stock options outstanding and exercisable at December 31, 2023:
(Shares in Thousands)OutstandingExercisable
Exercise Price RangeOptions
Average Life(1)
Weighted
Average
Exercise Price		OptionsWeighted
Average
Exercise Price
$90.44 - $101.87
20,7741.4$99.2120,774$99.21
$115.67 - $129.51
19,3683.6122.4919,368122.49
$131.94 - $151.41
27,3915.6142.8426,676142.61
$162.70 - $162.75
13,9289.1162.756162.75
$164.62 - $165.89
30,7777.6165.29174165.12
 112,2385.5$139.8866,998$123.39
(1) Average contractual life remaining in years.
Summary of Restricted Share Units
A summary of the restricted share units and performance share units activity under the Plans as of December 31, 2023 is presented below:
(Shares in Thousands)Outstanding
Restricted Share Units		Outstanding
Performance Share Units
Shares at January 1, 202313,6162,357
Granted5,910828
Issued(4,329)(785)
Canceled/forfeited/adjusted*(2,259)(363)
Shares at December 31, 202312,9382,037
*includes 1,421 shares of restricted share units and 264 shares of performance share units cancelled as a result of the conversion of Johnson & Johnson restricted share units and performance share units held by Kenvue employees into Kenvue restricted share units
v3.24.0.1
Segments of business and geographic areas (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Sales by Segment of Business
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
INNOVATIVE MEDICINE(1)
Immunology
     U.S.$11,53911,03610,8434.6 %1.8 
     International6,5135,8995,90710.4 (0.1)
     Worldwide 18,05216,93516,7506.6 1.1 
     REMICADE
     U.S.1,1431,4172,019(19.3)(29.8)
     U.S. Exports147204236(28.0)(13.6)
     International549722935(23.9)(22.8)
     Worldwide 1,8392,3433,190(21.5)(26.6)
     SIMPONI / SIMPONI ARIA
     U.S.1,1241,1661,127(3.6)3.5 
     International1,0731,0171,1485.4 (11.4)
     Worldwide 2,1972,1842,2760.6 (4.0)
     STELARA
     U.S.6,9666,3885,9389.0 7.6 
     International3,8923,3353,19616.7 4.4 
     Worldwide 10,8589,7239,13411.7 6.5 
     TREMFYA
     U.S.2,1471,8441,50316.5 22.7 
     International99982462421.2 32.0 
     Worldwide 3,1472,6682,12717.9 25.4 
     OTHER IMMUNOLOGY
     U.S.111721(33.8)(18.4)
     International003— *
     Worldwide 111724(33.8)(28.2)
Infectious Diseases
     U.S.1,5001,6802,249(10.7)(25.3)
     International2,9183,7693,576(22.6)5.4 
     Worldwide 4,4185,4495,825(18.9)(6.5)
     COVID-19 VACCINE
U.S.0120634*(81.1)
International1,1172,0591,751(45.8)17.6 
Worldwide1,1172,1792,385(48.8)(8.6)
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
     EDURANT / rilpivirine
     U.S.353641(3.7)(10.8)
     International1,11597295314.8 2.0 
     Worldwide 1,1501,00899414.1 1.5 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     U.S.1,4461,4941,508(3.2)(1.0)
     International408449575(9.2)(21.9)
     Worldwide 1,8541,9432,083(4.6)(6.7)
     OTHER INFECTIOUS DISEASES
     U.S.193066(34.5)(55.5)
     International278289297(3.8)(2.6)
     Worldwide 297318363(6.7)(12.3)
Neuroscience
     U.S.4,0653,5703,34713.9 6.7 
     International3,0763,3233,641(7.5)(8.7)
     Worldwide 7,1406,8936,9883.6 (1.4)
     CONCERTA / methylphenidate
     U.S.23015117252.5 (12.5)
     International55449349512.2 (0.4)
     Worldwide 78364466721.6 (3.5)
       INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
     U.S.2,8972,7142,5506.7 6.5 
     International1,2181,4261,472(14.6)(3.1)
     Worldwide 4,1154,1404,022(0.6)3.0 
     SPRAVATO
     U.S.58932819879.7 65.7 
     International1004626*76.9 
     Worldwide 68937422484.1 67.0 
     OTHER NEUROSCIENCE(2)
     U.S.349376427(7.3)(11.9)
     International1,2041,3581,647(11.3)(17.5)
     Worldwide 1,5531,7342,074(10.4)(16.4)
Oncology
     U.S.8,4626,9305,95822.1 16.3 
     International9,1999,0528,5901.6 5.4 
     Worldwide 17,66115,98314,54810.5 9.9 
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
      CARVYKTI
     U.S.469133—**
     International30——**
     Worldwide500133—**
     DARZALEX
     U.S.5,2774,2103,16925.4 32.8 
     International4,4673,7672,85418.6 32.0 
     Worldwide 9,7447,9776,02322.2 32.4 
     ERLEADA
     U.S.1,06596881310.0 19.2 
     International1,32291347844.8 *
     Worldwide2,3871,8811,29126.9 45.7 
     IMBRUVICA
     U.S.1,0511,3901,747(24.4)(20.4)
     International2,2142,3942,622(7.5)(8.7)
     Worldwide 3,2643,7844,369(13.7)(13.4)
     ZYTIGA /abiraterone acetate
     U.S.5074119(32.1)(37.8)
     International8371,6962,178(50.7)(22.1)
     Worldwide 8871,7702,297(49.9)(22.9)
     OTHER ONCOLOGY
     U.S.549156110*41.8 
     International33028345816.9 (38.2)
     Worldwide 879438568*(22.9)
Pulmonary Hypertension
     U.S.2,6972,3462,36515.0 (0.8)
     International1,1171,0711,0854.3 (1.3)
     Worldwide 3,8153,4173,45011.6 (1.0)
     OPSUMIT
     U.S.1,2921,1321,14714.1 (1.3)
     International6816516724.6 (3.2)
     Worldwide 1,9731,7831,81910.6 (2.0)
     UPTRAVI
     U.S.1,3261,1041,05620.1 4.5 
     International25521818117.3 20.4 
     Worldwide 1,5821,3221,23719.7 6.9 
     OTHER PULMONARY HYPERTENSION
     U.S.79110163(28.6)(32.3)
     International182202232(10.3)(12.8)
     Worldwide 260313395(16.7)(20.8)
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
Cardiovascular / Metabolism / Other
     U.S.2,9063,0423,192(4.5)(4.7)
     International765845927(9.4)(8.9)
     Worldwide 3,6713,8874,119(5.5)(5.6)
     XARELTO
     U.S.2,3652,4732,438(4.4)1.4 
     International———— — 
     Worldwide 2,3652,4732,438(4.4)1.4 
     OTHER(3)
     U.S.541569754(5.0)(24.5)
     International765845927(9.4)(8.8)
     Worldwide 1,3061,4141,682(7.6)(15.9)
TOTAL INNOVATIVE MEDICINE
     U.S.31,16928,60427,9549.0 2.3 
     International23,59023,95923,726(1.5)1.0 
     Worldwide 54,75952,56351,6804.2 1.7 
MEDTECH
Interventional Solutions
     U.S.3,6332,1691,83667.5 18.2 
     International2,7172,1312,13527.5 (0.2)
     Worldwide 6,3504,3003,97147.7 8.3 
     ELECTROPHYSIOLOGY
     U.S.2,4582,0361,73020.7 17.7 
     International2,2301,9011,89317.3 0.4 
     Worldwide4,6883,9373,62319.1 8.7 
     ABIOMED(4)
     U.S.1,06631—**
     International240——**
     Worldwide1,30631—**
     OTHER INTERVENTIONAL SOLUTIONS
     U.S.1091021066.7 (3.8)
     International2472302427.3 (5.0)
     Worldwide3563323487.1 (4.6)
Orthopaedics
     U.S.5,5255,3215,1263.8 3.8 
     International3,4173,2673,4624.6 (5.6)
     Worldwide 8,9428,5878,5884.1 0.0 
     HIPS
     U.S.9969438785.6 7.3 
     International564571602(1.2)(5.1)
     Worldwide 1,5601,5141,4803.0 2.3 
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
     KNEES
     U.S.8968517875.3 8.2 
     International55950853810.2 (5.7)
     Worldwide 1,4561,3591,3257.1 2.6 
     TRAUMA
     U.S.1,9491,8821,8193.6 3.5 
     International1,0309891,0664.1 (7.2)
     Worldwide 2,9792,8712,8853.8 (0.5)
     SPINE, SPORTS & OTHER
     U.S.1,6841,6451,6422.4 0.2 
     International1,2631,1981,2565.4 (4.6)
     Worldwide 2,9472,8432,8983.7 (1.9)
Surgery
     U.S.4,0313,8973,8673.4 0.8 
     International6,0065,7935,9453.7 (2.6)
     Worldwide 10,0379,6909,8123.6 (1.2)
     ADVANCED
     U.S.1,8331,7841,7612.8 1.3 
     International2,8372,7852,8611.9 (2.6)
     Worldwide 4,6714,5694,6222.2 (1.1)
     GENERAL
     U.S.2,1982,1132,1054.0 0.4 
     International3,1683,0083,0855.3 (2.5)
     Worldwide 5,3665,1215,1904.8 (1.3)
Vision
     U.S.2,0861,9901,8574.8 7.2 
     International2,9862,8592,8314.5 1.0 
     Worldwide 5,0724,8494,6884.6 3.4 
     CONTACT LENSES / OTHER
     U.S.1,6261,5221,3986.8 8.9 
     International2,0762,0222,0432.7 (1.0)
     Worldwide 3,7023,5433,4404.5 3.0 
     SURGICAL
     U.S.460468459(1.8)2.0 
     International9108377888.6 6.2 
     Worldwide 1,3701,3061,2484.9 4.6 
TOTAL MEDTECH   
     U.S.15,27513,37712,68614.2 5.4 
     International15,12514,05014,3747.7 (2.3)
     Worldwide 30,40027,42727,06010.8 1.4 
 Sales to Customers % Change
(Dollars in Millions)202320222021’23 vs. ’22’22 vs. ’21
WORLDWIDE   
     U.S.46,44441,98140,64010.6 3.3 
     International38,71538,00938,1001.9 (0.2)
     Worldwide $85,15979,99078,7406.5 %1.6 
*Percentage greater than 100% or not meaningful
(1)Previously referred to as Pharmaceutical
(2)Inclusive of RISPERDAL CONSTA which was previously disclosed separately
(3) Inclusive of INVOKANA which was previously disclosed separately
(4) Acquired on December 22, 2022
Schedule of Segment Reporting Information
 Income Before TaxIdentifiable Assets
(Dollars in Millions)
2023 (3)
2022 (4)
2021 (5)
20232022
Innovative Medicine$18,24615,64717,750$58,32458,436
MedTech4,6694,4474,20874,71070,956
Total22,91520,09421,958133,034129,392
Less: Expense not allocated to segments (1)
7,8537352,780
Discontinued operations—27,237
General corporate (2)
34,52430,749
Worldwide total$15,06219,35919,178$167,558187,378

Additions to Property,
Plant & Equipment		Depreciation and
Amortization
(Dollars in Millions)202320222021202320222021
Innovative Medicine$1,6531,3741,198$3,8473,6874,029
MedTech2,3722,1201,9332,9432,3022,286
Segments total4,0253,4943,1316,7905,9896,315
Discontinued operations162303314383641739
General corporate356212207313340336
Worldwide total$4,5434,0093,652$7,4866,9707,390
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
 Sales to Customers
Long-Lived Assets (6)
(Dollars in Millions)20232022202120232022
United States$46,44441,98140,640$54,83258,750
Europe20,41020,66420,59531,61629,878
Western Hemisphere excluding U.S. 4,5494,1083,9271,4911,289
Asia-Pacific, Africa13,75613,23713,5781,5001,520
Segments total85,15979,99078,74089,43991,437
Discontinued operations—27,237
General corporate1,1921,081
Other non long-lived assets76,92767,623
Worldwide total$85,15979,99078,740$167,558187,378
See Note 1 for a description of the segments in which the Company operates.
Export sales are not significant. In fiscal year 2023, the Company utilized three wholesalers distributing products for both segments that represented approximately 18.2%, 15.1% and 14.2% of the total consolidated revenues. In fiscal year 2022, the Company had three wholesalers distributing products for both segments that represented approximately 18.9%, 15.0% and 13.8% of the total consolidated revenues. In fiscal year 2021, the Company had three wholesalers distributing products for all three segments that represented approximately 16.6%, 12.6%, and 12.6% of the total consolidated revenues.
(1)Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. Fiscal 2023 includes an approximately $7 billion charge related to talc matters (See Note 19, Legal proceedings, for additional details) and $0.4 billion related to the unfavorable change in the fair value of the retained stake in Kenvue.
(2)General corporate includes cash, cash equivalents and marketable securities.
(3)Innovative Medicine includes:
•One-time COVID-19 Vaccine manufacturing exit related costs of $0.7 billion
•A restructuring related charge of $0.5 billion
•Unfavorable changes in the fair value of securities of $0.4 billion
•Favorable litigation related items of $0.1 billion
•Loss on divestiture $0.2 billion.
•An intangible asset impairment charge of approximately $0.2 billion related to market dynamics associated with a non-strategic asset (M710) acquired as part of the acquisition of Momenta Pharmaceuticals in 2020.
MedTech includes:
•Acquired in process research and development asset of $0.4 billion related to the Laminar acquisition in 2023
•A restructuring related charge of $0.3 billion
•Acquisition and integration related costs of $0.2 billion primarily related to the acquisition of Abiomed
•A Medical Device Regulation charge of $0.3 billion
•Income from litigation settlements of $0.1 billion
(4)Innovative Medicine includes:
•One-time COVID-19 Vaccine manufacturing exit related costs of $1.5 billion
•An intangible asset impairment charge of approximately $0.8 billion related to an in-process research and development asset, bermekimab (JnJ-77474462), an investigational drug for the treatment of Atopic Dermatitis (AD) and Hidradenitis Suppurativa (HS) acquired with the acquisition of XBiotech, Inc. in the fiscal year 2020. Additional information regarding efficacy of the AD and HS indications became available which led the Company to the decision to terminate the development of bermekimab for AD and HS
•Litigation expense of $0.1 billion
•Unfavorable changes in the fair value of securities of $0.7 billion
•A restructuring related charge of $0.1 billion
MedTech includes:
•Litigation expense of $0.6 billion primarily for pelvic mesh related costs
•A restructuring related charge of $0.3 billion
•Acquisition and integration related costs of $0.3 billion primarily related to the acquisition of Abiomed
•A Medical Device Regulation charge of $0.3 billion
(5)Innovative Medicine includes:
•Litigation expense of $0.6 billion, primarily related to Risperdal Gynecomastia
•Divestiture gains of $0.6 billion
•Gains of $0.5 billion related to the change in the fair value of securities
•A restructuring related charge of $0.1 billion
MedTech includes:
•An in-process research and development expense of $0.9 billion related to Ottava
•A restructuring related charge of $0.3 billion
•A Medical Device Regulation charge of $0.2 billion
•Litigation expense of $0.1 billion
(6)Long-lived assets include property, plant and equipment, net for fiscal years 2023, and 2022 of $19,898 and $17,982, respectively, and intangible assets and goodwill, net for fiscal years 2023 and 2022 of $70,733 and $74,536, respectively.
v3.24.0.1
Legal proceedings (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Loss Contingencies by Contingency
The table below contains the most significant of these cases and provides the approximate number of plaintiffs in the United States with direct claims in pending lawsuits regarding injuries allegedly due to the relevant product or product category as of December 31, 2023:
Product or product categoryNumber of plaintiffs
Body powders containing talc, primarily JOHNSON’S Baby Powder59,140 
DePuy ASR XL Acetabular System and DePuy ASR Hip Resurfacing System160 
PINNACLE Acetabular Cup System920 
Pelvic meshes6,720 
ETHICON PHYSIOMESH Flexible Composite Mesh370 
RISPERDAL200 
ELMIRON2,150 
v3.24.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Summary of Severance Charges and Associated Spending
The following table summarizes the restructuring expenses for the fiscal year 2023:
(Pre-tax Dollars in Millions)2023
Innovative Medicine Segment(1)
$479
MedTech Segment(2)
319
Total Programs$798
(1)Included $449 million in Restructuring and $30 million in Cost of products sold on the Consolidated Statement of Earnings
(2)Included $40 million in Restructuring and $279 million in Cost of products sold on the Consolidated Statement of Earnings
v3.24.0.1
Kenvue separation and discontinued operations (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
Details of Net Earnings from Discontinued Operations, net of taxes are as follows:
(Dollars in Millions)
 2023(1)
20222021
Sales to customers$10,03614,95315,035
Cost of products sold4,3696,4946,452
Gross profit5,6678,4598,583
Selling, marketing and administrative expenses3,0854,5194,542
Research and development expense258468437
Interest Income(117)——
Interest expense, net of portion capitalized199——
Other (income) expense, net1,0921,060(37)
(Gain) on separation of Kenvue(20,984)——
Restructuring—4643
Earnings from Discontinued Operations Before Provision for Taxes on Income22,1342,3663,598
Provision for taxes on income307795521
Net earnings from Discontinued Operations$21,8271,5713,077
(1)The Company ceased consolidating the results of the Consumer Health business on August 23, 2023, the date of the exchange offer, but continued to reflect any separation costs incurred as part of discontinued operations through the end of the fiscal fourth quarter.
The following table presents depreciation, amortization and capital expenditures of the discontinued operations related to Kenvue:
(Dollars in Millions)
 2023(1)
20222021
Depreciation and Amortization$383641739
Capital expenditures$162303314
Details of assets and liabilities of discontinued operations were as follows:
January 1, 2023
Assets
Cash and cash equivalents $1,238
Accounts receivable trade, less allowances for doubtful accounts2,121
Inventories 2,215
Prepaid expenses and other receivables256
Total current assets of discontinued operations5,830
Property, plant and equipment, net 1,821
Intangible assets, net 9,836
Goodwill 9,184
Deferred taxes on income 176
Other assets390
Total noncurrent assets of discontinued operations$21,407
Liabilities
Loans and notes payable$15
Accounts payable1,814
Accrued liabilities including accrued taxes on income644
Accrued rebates, returns and promotions838
Accrued compensation and employee related obligations279
Total current liabilities of discontinued operations 3,590
Long-term debt 2
Deferred taxes on income 2,383
Employee related obligations 225
Other liabilities291
Total noncurrent liabilities of discontinued operations$2,901
v3.24.0.1
Selected quarterly financial data (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2023
Selected Quarterly Financial Information [Abstract]  
Summary of Selected Quarterly Financial Data (unaudited)
Selected unaudited quarterly financial data has been recast for discontinued operations for the years 2023 and 2022 and is summarized below:
 20232022
(Dollars in Millions Except Per Share Data)
First Quarter(1)
Second Quarter
Third Quarter(2)
Fourth Quarter(3)
First Quarter(4)
Second Quarter Third Quarter
Fourth Quarter(5)
Segment sales to customers        
Innovative Medicine$13,41313,73113,89313,72212,86913,31713,21413,163
MedTech 7,4817,7887,4587,6736,9716,8986,7826,776
Total sales20,89421,51921,35121,39519,84020,21519,99619,939
Gross profit14,20715,05714,74514,59713,82213,89313,82413,855
Earnings (Loss) before provision for taxes on income (1,287)6,3065,2174,8265,2035,1445,1723,840
Net earnings (loss) from continuing operations(491)5,3764,3094,1324,5714,2624,3103,227
Net earnings (loss) from discontinued operations, net of tax423(232)21,719(83)578552148293
Net earnings (loss)(68)5,14426,0284,0495,1494,8144,4583,520
Basic net earnings(loss) per share:
Basic net earnings (loss) per share from continuing operations(0.19)2.071.711.711.741.621.641.24
Basic net earnings (loss) per share from discontinued operations0.16(0.09)8.61(0.03)0.220.210.060.11
Basic net earnings (loss) per share(0.03)1.9810.321.681.961.831.701.35
Diluted net earnings (loss) per share:
Diluted net earnings (loss) per share from continuing operations(0.19)2.051.691.701.711.601.621.22
Diluted net earnings (loss) per share from discontinued operations0.16(0.09)8.52(0.03)0.220.200.060.11
Diluted net earnings (loss) per share(0.03)1.9610.211.671.931.801.681.33
(1)The fiscal first quarter of 2023 includes a $6.9 billion charge related to talc matters.
(2)The fiscal third quarter of 2023 includes; a non-cash gain on the exchange offer of $21.0 billion that was recorded in Net earnings from discontinued operations, net of taxes; $0.6 billion related to the unfavorable change in the fair value of the retained stake in Kenvue and $0.4 billion related to the partial impairment of Idorsia convertible debt and the change in the fair value of the Idorsia equity securities held.
(3)The fourth quarter of 2023 includes favorable changes in the fair value of securities of $0.4 billion
(4)In the fiscal first quarter of 2022, the Company recorded an intangible asset impairment charge of approximately $0.6 billion related to an in-process research and development asset, bermekimab (JnJ-77474462).
(5)The fiscal fourth quarter of 2022 includes one-time COVID-19 Vaccine related exit costs of $0.8 billion.
v3.24.0.1
Summary of significant accounting policies - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Aug. 23, 2023
May 08, 2023
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Segment
Employee
$ / shares
Jan. 01, 2023
USD ($)
$ / shares
Jan. 02, 2022
USD ($)
Dec. 29, 2019
Dec. 30, 2018
Jul. 02, 2023
USD ($)
Concentration of Credit Risk [Line Items]                
Number of employees | Employee     131,900          
Common Stock, Par or Stated Value Per Share | $ / shares     $ 1.00 $ 1.00        
Proceeds from Kenvue initial public offering     $ 4,241 $ 0 $ 0      
Realized gain (loss) on investment   $ 2,500            
Number of business segments | Segment     2          
Supplier finance program, obligation, current     $ 700 $ 700        
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]     Accounts Payable, Current Accounts Payable, Current        
Minimum reverse repurchase agreement collateral (as a percent)     102.00%          
Accrued rebates, returns and promotions     $ 16,001 $ 13,579        
Sales return reserve (as a percent)     1.00% 1.00% 1.00%      
Percentage of profit share payments (less than)     2.00% 3.00% 3.00%      
Cost of products sold     $ 26,553 $ 24,596 $ 23,402      
Shipping and handling costs as a percent of sales     1.00% 1.00% 1.00%      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]     Other assets, noncurrent Other assets, noncurrent        
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]     Accrued Liabilities, Current Accrued Liabilities, Current        
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]     Other Liabilities, Noncurrent Other Liabilities, Noncurrent        
Operating lease, right-of-use asset     $ 1,000          
Operating lease liabilities     1,100          
Operating lease costs     200 $ 200 $ 200      
Cash paid for operating leases     200 200 200      
Advertising expense     $ 500 $ 700 $ 1,200      
U.S. statutory rate     21.00% 21.00% 21.00% 21.00% 35.00%  
TCJA, undistributed foreign earnings percent related to cash and cash equivalents           15.50%    
TCJA, undistributed foreign earnings percent related to earnings other than cash and cash equivalents           8.00%    
TCJA, provisional liability     $ 4,500          
TJCA , provisional liability, non-current     2,500          
Repatriation of foreign earnings amount     500          
Selling, marketing and administrative expenses     $ 21,512 $ 20,246 $ 20,118      
Kenvue Inc.                
Concentration of Credit Risk [Line Items]                
Split-off percentage 80.10%              
Kenvue Inc.                
Concentration of Credit Risk [Line Items]                
Common Stock, Par or Stated Value Per Share | $ / shares   $ 0.01            
Sale of stock (in USD per share) | $ / shares   $ 22.00            
Johnson & Johnson | Kenvue Inc.                
Concentration of Credit Risk [Line Items]                
Percentage ownership after transaction   89.60%            
Common stock, value               $ 1,300
Percentage ownership after transaction 9.50%              
IPO | Kenvue Inc.                
Concentration of Credit Risk [Line Items]                
Sale of stock, number of shares issued in transaction (in shares) | shares   198,734,444            
Proceeds from Kenvue initial public offering   $ 4,200            
Minimum | Software Development                
Concentration of Credit Risk [Line Items]                
Estimated useful lives of the assets     3 years          
Maximum | Software Development                
Concentration of Credit Risk [Line Items]                
Estimated useful lives of the assets     8 years          
R&D Expense | Project Concentration Risk                
Concentration of Credit Risk [Line Items]                
Concentration risk, threshold percentage (as a percent)     0.05 0.05 0.05      
Shipping and Handling                
Concentration of Credit Risk [Line Items]                
Cost of products sold       $ 800 $ 800      
Selling, marketing and administrative expenses     $ 900          
Pharmaceutical                
Concentration of Credit Risk [Line Items]                
Accrued rebates, returns and promotions     $ 11,500 $ 9,600        
v3.24.0.1
Summary of significant accounting policies - Estimated Useful Lives of Assets (Details)
Dec. 31, 2023
Minimum | Land and leasehold improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of the assets 10 years
Minimum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of the assets 2 years
Maximum | Building and building equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of the assets 30 years
Maximum | Land and leasehold improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of the assets 20 years
Maximum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of the assets 13 years
v3.24.0.1
Cash, cash equivalents and current marketable securities - Cash and Cash Equivalent Composition (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Fair value, available-for-sale $ 8,874 $ 10,487
Cash & Cash Equivalents 21,859 12,889
Current Marketable Securities 1,068 9,392
Held-to-maturity Securities    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, held-to-maturity 14,053 11,794
Held-to-maturity, unrecognized loss 0 (1)
Fair value, held-to-maturity 14,053 11,793
Cash & Cash Equivalents 13,556 10,921
Current Marketable Securities 497 873
Held-to-maturity Securities | Non-U.S. Sovereign Securities    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, held-to-maturity 522  
Held-to-maturity, unrecognized loss 0  
Fair value, held-to-maturity 522  
Cash & Cash Equivalents 174  
Current Marketable Securities 348  
Held-to-maturity Securities | Cash    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, held-to-maturity 3,340 3,691
Held-to-maturity, unrecognized loss 0 0
Fair value, held-to-maturity 3,340 3,691
Cash & Cash Equivalents 3,340 3,691
Current Marketable Securities 0 0
Held-to-maturity Securities | U.S. Reverse repurchase agreements    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, held-to-maturity 4,377 1,419
Held-to-maturity, unrecognized loss 0 0
Fair value, held-to-maturity 4,377 1,419
Cash & Cash Equivalents 4,377 1,419
Current Marketable Securities 0 0
Held-to-maturity Securities | Corporate debt securities    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, held-to-maturity 338 873
Held-to-maturity, unrecognized loss 0 (1)
Fair value, held-to-maturity 338 872
Cash & Cash Equivalents 189 0
Current Marketable Securities 149 873
Held-to-maturity Securities | Money market funds    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, held-to-maturity 4,814 5,368
Held-to-maturity, unrecognized loss 0 0
Fair value, held-to-maturity 4,814 5,368
Cash & Cash Equivalents 4,814 5,368
Current Marketable Securities 0 0
Held-to-maturity Securities | Time deposits    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, held-to-maturity 662 443
Held-to-maturity, unrecognized loss 0 0
Fair value, held-to-maturity 662 443
Cash & Cash Equivalents 662 443
Current Marketable Securities 0 0
Available-for-sale Securities    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, available-for-sale 8,875 10,521
Available-for-sale, unrecognized loss (1) (34)
Fair value, available-for-sale 8,874 10,487
Cash & Cash Equivalents 8,303 1,968
Current Marketable Securities 571 8,519
Available-for-sale Securities | Corporate debt securities    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, available-for-sale 237 352
Available-for-sale, unrecognized loss 0 (1)
Fair value, available-for-sale 237 351
Cash & Cash Equivalents 43 46
Current Marketable Securities 194 305
Available-for-sale Securities | U.S. Gov't Securities    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, available-for-sale 8,562 9,959
Available-for-sale, unrecognized loss 0 (28)
Fair value, available-for-sale 8,562 9,931
Cash & Cash Equivalents 8,259 1,922
Current Marketable Securities 303 8,009
Available-for-sale Securities | U.S. Gov't Agencies    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, available-for-sale 71 210
Available-for-sale, unrecognized loss (1) (5)
Fair value, available-for-sale 70 205
Cash & Cash Equivalents 0 0
Current Marketable Securities 70 $ 205
Available-for-sale Securities | Other Sovereign Securities    
Cash, Cash Equivalents, and Short-term Investments [Abstract]    
Carrying Amount, available-for-sale 5  
Available-for-sale, unrecognized loss 0  
Fair value, available-for-sale 5  
Cash & Cash Equivalents 1  
Current Marketable Securities $ 4  
v3.24.0.1
Cash, cash equivalents and current marketable securities - Contractual Maturities of Available for Sale Securities (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Cost Basis  
Due within one year $ 8,865
Due after one year through five years 10
Due after five years through ten years 0
Total debt securities 8,875
Fair Value  
Due within one year 8,864
Due after one year through five years 10
Due after five years through ten years 0
Total debt securities $ 8,874
v3.24.0.1
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Summary of Inventories    
Raw materials and supplies $ 2,355 $ 1,719
Goods in process 1,952 1,577
Finished goods 6,874 6,972
Total inventories $ 11,181 $ 10,268
v3.24.0.1
Property, plant and equipment - Property, Plant and Equipment at Cost and Accumulated Depreciation (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross $ 47,776 $ 43,534
Less accumulated depreciation 27,878 25,552
Total property, plant and equipment, net 19,898 17,982
Land and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 795 784
Building and building equipment    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 12,375 11,470
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 28,979 26,603
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross $ 5,627 $ 4,677
v3.24.0.1
Property, plant and equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Property, Plant and Equipment [Abstract]      
Interest expense capitalized $ 70 $ 49 $ 49
Depreciation expense, including the amortization of capitalized interest $ 2,600 $ 2,400 $ 2,400
v3.24.0.1
Intangible assets and goodwil - Schedule of Intangible Assets and Goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Intangible assets with indefinite lives:    
Indefinite lived intangible assets $ 10,929 $ 11,316
Total intangible assets - net 34,175 38,489
Trademarks    
Intangible assets with indefinite lives:    
Indefinite lived intangible assets 1,714 1,630
Purchased in-process research and development    
Intangible assets with indefinite lives:    
Indefinite lived intangible assets 9,215 9,686
Patents And Trademarks    
Intangible assets with definite lives:    
Finite lived intangible assets gross 40,417 39,388
Less accumulated amortization (24,808) (20,616)
Finite lived intangible assets net 15,609 18,772
Customer relationships and other intangible assets    
Intangible assets with definite lives:    
Finite lived intangible assets gross 20,322 19,764
Less accumulated amortization (12,685) (11,363)
Finite lived intangible assets net $ 7,637 $ 8,401
v3.24.0.1
Intangible assets and goodwill - Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Goodwill [Roll Forward]    
Goodwill beginning of period $ 36,047 $ 25,436
Goodwill, related to acquisitions 0 11,056
Goodwill, related to divestitures 0 0
Currency translation/other 511 (445)
Goodwill end of period 36,558 36,047
Innovative Medicine    
Goodwill [Roll Forward]    
Goodwill beginning of period 10,184 10,580
Goodwill, related to acquisitions 0 0
Goodwill, related to divestitures 0 0
Currency translation/other 223 (396)
Goodwill end of period 10,407 10,184
MedTech    
Goodwill [Roll Forward]    
Goodwill beginning of period 25,863 14,856
Goodwill, related to acquisitions 0 11,056
Goodwill, related to divestitures 0 0
Currency translation/other 288 (49)
Goodwill end of period $ 26,151 $ 25,863
v3.24.0.1
Intangible assets and goodwill - Narrative (Details) - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Dec. 22, 2022
Finite-Lived Intangible Assets [Line Items]        
Intangible assets useful life       14 years
Amortization expense of amortizable intangible assets $ 4.5 $ 3.9 $ 4.2  
Patents And Trademarks        
Finite-Lived Intangible Assets [Line Items]        
Intangible assets useful life 11 years      
Customer relationships and other intangible assets        
Finite-Lived Intangible Assets [Line Items]        
Intangible assets useful life 19 years      
v3.24.0.1
Intangible assets and goodwill - Estimated Amortization of Intangible Assets (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 4,300
2025 3,500
2026 2,900
2027 2,300
2028 $ 1,600
v3.24.0.1
Fair value measurements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Derivative [Line Items]    
Deferred net losses (gains) on derivatives included in accumulated other comprehensive income $ (377)  
Description of reclassification of cash flow hedge gain (loss) next 12 months  
Maximum length of time for hedging transaction exposure 18 months  
Foreign exchange contracts    
Derivative [Line Items]    
Collateral paid $ 4,000 $ 800
Derivative, notional amount 42,900 41,500
Cross currency interest rate swaps    
Derivative [Line Items]    
Derivative, notional amount 39,700 36,200
Interest Rate Swap    
Derivative [Line Items]    
Derivative, notional amount 10,000 10,000
Equity securities | Equity Investments without readily determinable value    
Derivative [Line Items]    
Equity, fair value adjustment, impairment loss (1) (51)
Equity, fair value adjustment, change in observable prices $ 27 $ 142
v3.24.0.1
Fair value measurements - Summary of Derivative Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income $ 569 $ 348 $ 789
Amount of gain or (loss) recognized in AOCI 422 454 $ (199)
Sales | Interest Rate Swap | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Sales | Cross currency interest rate swaps contracts: | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Sales | Cross currency interest rate swaps contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Sales | Forward foreign exchange contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 7 (72)  
Amount of gain or (loss) recognized in AOCI 10 5  
Cost of Products Sold | Interest Rate Swap | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Cost of Products Sold | Cross currency interest rate swaps contracts: | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Cost of Products Sold | Cross currency interest rate swaps contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Cost of Products Sold | Forward foreign exchange contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 186 (271)  
Amount of gain or (loss) recognized in AOCI 447 319  
R&D Expense | Interest Rate Swap | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
R&D Expense | Cross currency interest rate swaps contracts: | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
R&D Expense | Cross currency interest rate swaps contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
R&D Expense | Forward foreign exchange contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income (37) 149  
Amount of gain or (loss) recognized in AOCI (18) 61  
Interest (Income) Expense | Interest Rate Swap | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing (930) (1,098)  
Amount of gain or (loss) recognized in AOCI 930 1,098  
Interest (Income) Expense | Cross currency interest rate swaps contracts: | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 130 140  
Amount of gain or (loss) recognized in AOCI 130 140  
Interest (Income) Expense | Cross currency interest rate swaps contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 275 425  
Amount of gain or (loss) recognized in AOCI (156) 42  
Interest (Income) Expense | Forward foreign exchange contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Other (Income) Expense | Interest Rate Swap | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Other (Income) Expense | Cross currency interest rate swaps contracts: | Fair Value Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Other (Income) Expense | Cross currency interest rate swaps contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 0 0  
Amount of gain or (loss) recognized in AOCI 0 0  
Other (Income) Expense | Forward foreign exchange contracts: | Cash Flow Hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain or (loss) reclassified from AOCI into income 8 (23)  
Amount of gain or (loss) recognized in AOCI $ 9 $ (113)  
v3.24.0.1
Fair value measurements - Schedule of Derivatives Recorded in Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying Amount of the Hedged Liability $ 6,037 $ 3,357
Long-term Debt | Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying Amount of the Hedged Liability 8,862 8,665
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability $ (1,216) $ (1,435)
v3.24.0.1
Fair value measurements - Schedule of Effect of Derivatives not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Forward foreign exchange contracts: | Not Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain/(Loss) Recognized In Income on Derivative $ (60) $ 94
v3.24.0.1
Fair value measurements - Schedule of Effect of Net Investment Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Dec. 31, 2023
Jan. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Recognized In Accumulated OCI     $ (131) $ 197
Cross currency interest rate swaps contracts:        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Recognized In Accumulated OCI     $ 642 $ 766
Other (Income) Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Reclassified From Accumulated OCI Into Income $ 0 $ 0    
Other (Income) Expense | Cross currency interest rate swaps contracts:        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Reclassified From Accumulated OCI Into Income $ 0 $ 0    
v3.24.0.1
Fair value measurements - Summary of Activity Related to Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Aug. 23, 2023
Oct. 01, 2023
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Equity Investment [Roll Forward]          
Other assets, noncurrent     $ 14,153 $ 9,212  
Equity securities, FV-NI, gain (loss)   $ (600) 400    
Kenvue Inc. | Johnson & Johnson          
Equity Investment [Roll Forward]          
Percentage ownership after transaction 9.50%        
Equity securities | Equity Investments with readily determinable value          
Equity Investment [Roll Forward]          
Marketable securities, noncurrent     4,473 576 $ 1,884
Equity, fair value adjustment     (368) (538)  
Equity investments, increase (decrease) from acquisition (sale) during period     4,265 (770)  
Other assets, noncurrent     4,473 576  
Equity securities | Equity Investments without readily determinable value          
Equity Investment [Roll Forward]          
Equity securities without readily determinable fair value, amount     696 613 $ 413
Equity, fair value adjustment     1 93  
Equity investments, increase (decrease) from acquisition (sale) during period     82 107  
Other assets, noncurrent     $ 696 $ 613  
v3.24.0.1
Fair value measurements - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets $ 1,527    
Derivatives designated as hedging instruments : Liabilities 5,962    
Equity investments 4,473 $ 576  
Debt securities 8,874 10,487  
Contingent Consideration 1,092 1,120  
Total Gross Assets 1,591 2,201  
Credit Support Agreements (CSA) $ (1,575) $ (2,176)  
Derivative Asset, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag Total Net Asset Total Net Asset  
Total Net Asset $ 16 $ 25  
Total Gross Liabilities 6,037 3,357  
Credit Support Agreements (CSA) $ (5,604) $ (3,023)  
Derivative Liability, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag Total Net Liabilities Total Net Liabilities  
Total Net Liabilities $ 433 $ 334  
Beginning Balance 1,120 533 $ 633
Changes in estimated fair value 29 (194) (52)
Additions 0 792 0
Payments/Other (57) (11) (48)
Ending Balance 1,092 1,120 533
Other Noncurrent Liabilities      
Financial assets and liabilities at fair value      
Contingent Consideration 1,092 1,116 520
Other Current Liabilities      
Financial assets and liabilities at fair value      
Contingent Consideration   4 $ 13
Abiomed      
Financial assets and liabilities at fair value      
Contingent Consideration 704    
Level 1      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Equity investments 4,473 576  
Debt securities 0    
Level 2      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 1,527 2,163  
Derivatives designated as hedging instruments : Liabilities 5,962 3,289  
Equity investments 0    
Debt securities 8,874    
Level 3      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Equity investments 0    
Debt securities 0    
Contingent Consideration 1,092 1,120  
Foreign exchange contracts      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 539    
Derivatives designated as hedging instruments : Liabilities 624    
Derivatives not designated as hedging instruments : Assets 64    
Derivatives not designated as hedging instruments : Liabilities 75    
Foreign exchange contracts | Level 1      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Derivatives not designated as hedging instruments : Assets 0    
Derivatives not designated as hedging instruments : Liabilities 0    
Foreign exchange contracts | Level 2      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 539 629  
Derivatives designated as hedging instruments : Liabilities 624 511  
Derivatives not designated as hedging instruments : Assets 64 38  
Derivatives not designated as hedging instruments : Liabilities 75 68  
Foreign exchange contracts | Level 3      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Derivatives not designated as hedging instruments : Assets 0    
Derivatives not designated as hedging instruments : Liabilities 0    
Interest rate swaps contracts:      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 988    
Derivatives designated as hedging instruments : Liabilities 5,338    
Interest rate swaps contracts: | Level 1      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Interest rate swaps contracts: | Level 2      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 988 1,534  
Derivatives designated as hedging instruments : Liabilities 5,338 $ 2,778  
Interest rate swaps contracts: | Level 3      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities $ 0    
v3.24.0.1
Borrowings - Schedule of Long-term Debt Instruments (Details)
€ in Millions, £ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Jan. 01, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
GBP (£)
Jan. 01, 2023
EUR (€)
Jan. 01, 2023
GBP (£)
Debt Instrument [Line Items]            
Long-term debt $ 27,350 $ 28,437        
Effective interest rate 2.98% 3.04% 2.98% 2.98% 3.04% 3.04%
Less current portion $ 1,469 $ 1,551        
Total long-term debt 25,881 26,886        
Excess of carrying value over fair value of debt 1,000          
Excess of fair value over carrying value of debt   1,600        
6.73% Debentures due 2023            
Debt Instrument [Line Items]            
Long-term debt $ 0 $ 250        
Effective interest rate 0.00% 6.73% 0.00% 0.00% 6.73% 6.73%
Stated interest rate (as a percent) 6.73%   6.73% 6.73%    
3.375% Notes due 2023            
Debt Instrument [Line Items]            
Long-term debt $ 0 $ 801        
Effective interest rate 0.00% 3.17% 0.00% 0.00% 3.17% 3.17%
Stated interest rate (as a percent) 3.375%   3.375% 3.375%    
2.05% Notes due 2023            
Debt Instrument [Line Items]            
Long-term debt $ 0 $ 500        
Effective interest rate 0.00% 2.09% 0.00% 0.00% 2.09% 2.09%
Stated interest rate (as a percent) 2.05%   2.05% 2.05%    
0.650% Notes due 2024 (750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)            
Debt Instrument [Line Items]            
Long-term debt $ 831 $ 792        
Effective interest rate 0.68% 0.68% 0.68% 0.68% 0.68% 0.68%
Stated interest rate (as a percent) 0.65%   0.65% 0.65%    
Debt instrument, face amount | €     € 750   € 750  
Foreign currency exchange rate, translation 1.1090 1.0651 1.1090 1.1090 1.0651 1.0651
5.50% Notes due 2024 (500MM 1.2756 GBP )(2)/(500MM GBP 1.2037)(3)            
Debt Instrument [Line Items]            
Long-term debt $ 637 $ 600        
Effective interest rate 6.75% 6.75% 6.75% 6.75% 6.75% 6.75%
Stated interest rate (as a percent) 5.50%   5.50% 5.50%    
Debt instrument, face amount | £       £ 500   £ 500
Foreign currency exchange rate, translation 1.2756 1.2037 1.2756 1.2756 1.2037 1.2037
2.625% Notes due 2025            
Debt Instrument [Line Items]            
Long-term debt $ 750 $ 749        
Effective interest rate 2.63% 2.63% 2.63% 2.63% 2.63% 2.63%
Stated interest rate (as a percent) 2.625%   2.625% 2.625%    
0.55% Notes due 2025            
Debt Instrument [Line Items]            
Long-term debt $ 950 $ 918        
Effective interest rate 0.57% 0.57% 0.57% 0.57% 0.57% 0.57%
Stated interest rate (as a percent) 0.55%   0.55% 0.55%    
2.46% Notes due 2026            
Debt Instrument [Line Items]            
Long-term debt $ 1,997 $ 1,996        
Effective interest rate 2.47% 2.47% 2.47% 2.47% 2.47% 2.47%
Stated interest rate (as a percent) 2.46%   2.46% 2.46%    
2.95% Notes due 2027            
Debt Instrument [Line Items]            
Long-term debt $ 900 $ 877        
Effective interest rate 2.96% 2.96% 2.96% 2.96% 2.96% 2.96%
Stated interest rate (as a percent) 2.95%   2.95% 2.95%    
0.95% Notes due 2027            
Debt Instrument [Line Items]            
Long-term debt $ 1,419 $ 1,394        
Effective interest rate 0.96% 0.96% 0.96% 0.96% 0.96% 0.96%
Stated interest rate (as a percent) 0.95%   0.95% 0.95%    
1.150% Notes due 2028
(750MM Euro 1.1090)(2)/(750MM Euro 1.0651)(3)            
Debt Instrument [Line Items]            
Long-term debt $ 828 $ 794        
Effective interest rate 1.21% 1.21% 1.21% 1.21% 1.21% 1.21%
Stated interest rate (as a percent) 1.15%   1.15% 1.15%    
Debt instrument, face amount | €     € 750   € 750  
Foreign currency exchange rate, translation 1.1090 1.0651 1.1090 1.1090 1.0651 1.0651
2.90% Notes due 2028            
Debt Instrument [Line Items]            
Long-term debt $ 1,497 $ 1,496        
Effective interest rate 2.91% 2.91% 2.91% 2.91% 2.91% 2.91%
Stated interest rate (as a percent) 2.90%   2.90% 2.90%    
6.95% Notes due 2029            
Debt Instrument [Line Items]            
Long-term debt $ 298 $ 298        
Effective interest rate 7.14% 7.14% 7.14% 7.14% 7.14% 7.14%
Stated interest rate (as a percent) 6.95%   6.95% 6.95%    
1.30% Notes due 2030            
Debt Instrument [Line Items]            
Long-term debt $ 1,630 $ 1,607        
Effective interest rate 1.30% 1.30% 1.30% 1.30% 1.30% 1.30%
Stated interest rate (as a percent) 1.30%   1.30% 1.30%    
4.95% Debentures due 2033            
Debt Instrument [Line Items]            
Long-term debt $ 499 $ 498        
Effective interest rate 4.95% 4.95% 4.95% 4.95% 4.95% 4.95%
Stated interest rate (as a percent) 4.95%   4.95% 4.95%    
4.375% Notes due 2033            
Debt Instrument [Line Items]            
Long-term debt $ 854 $ 854        
Effective interest rate 4.24% 4.24% 4.24% 4.24% 4.24% 4.24%
Stated interest rate (as a percent) 4.375%   4.375% 4.375%    
1.650% Notes due 2035
(1.5B Euro 1.1090)(2)/(1.5B Euro 1.0651)(3)            
Debt Instrument [Line Items]            
Long-term debt $ 1,652 $ 1,591        
Effective interest rate 1.68% 1.68% 1.68% 1.68% 1.68% 1.68%
Stated interest rate (as a percent) 1.65%   1.65% 1.65%    
Debt instrument, face amount | €     € 1,500   € 1,500  
Foreign currency exchange rate, translation 1.1090 1.0651 1.1090 1.1090 1.0651 1.0651
3.587% Notes due 2036            
Debt Instrument [Line Items]            
Long-term debt $ 864 $ 842        
Effective interest rate 3.59% 3.59% 3.59% 3.59% 3.59% 3.59%
Stated interest rate (as a percent) 3.587%   3.587% 3.587%    
5.95% Notes due 2037            
Debt Instrument [Line Items]            
Long-term debt $ 994 $ 993        
Effective interest rate 5.99% 5.99% 5.99% 5.99% 5.99% 5.99%
Stated interest rate (as a percent) 5.95%   5.95% 5.95%    
3.625% Notes due 2037            
Debt Instrument [Line Items]            
Long-term debt $ 1,357 $ 1,336        
Effective interest rate 3.64% 3.64% 3.64% 3.64% 3.64% 3.64%
Stated interest rate (as a percent) 3.625%   3.625% 3.625%    
5.85% Debentures due 2038            
Debt Instrument [Line Items]            
Long-term debt $ 697 $ 697        
Effective interest rate 5.85% 5.85% 5.85% 5.85% 5.85% 5.85%
Stated interest rate (as a percent) 5.85%   5.85% 5.85%    
3.400% Notes due 2038            
Debt Instrument [Line Items]            
Long-term debt $ 993 $ 992        
Effective interest rate 3.42% 3.42% 3.42% 3.42% 3.42% 3.42%
Stated interest rate (as a percent) 3.40%   3.40% 3.40%    
4.50% Debentures due 2040            
Debt Instrument [Line Items]            
Long-term debt $ 541 $ 540        
Effective interest rate 4.63% 4.63% 4.63% 4.63% 4.63% 4.63%
Stated interest rate (as a percent) 4.50%   4.50% 4.50%    
2.10% Notes due 2040            
Debt Instrument [Line Items]            
Long-term debt $ 849 $ 828        
Effective interest rate 2.14% 2.14% 2.14% 2.14% 2.14% 2.14%
Stated interest rate (as a percent) 2.10%   2.10% 2.10%    
4.85% Notes due 2041            
Debt Instrument [Line Items]            
Long-term debt $ 297 $ 297        
Effective interest rate 4.89% 4.89% 4.89% 4.89% 4.89% 4.89%
Stated interest rate (as a percent) 4.85%   4.85% 4.85%    
4.50% Notes due 2043            
Debt Instrument [Line Items]            
Long-term debt $ 496 $ 496        
Effective interest rate 4.52% 4.52% 4.52% 4.52% 4.52% 4.52%
Stated interest rate (as a percent) 4.50%   4.50% 4.50%    
3.73% Notes due 2046            
Debt Instrument [Line Items]            
Long-term debt $ 1,977 $ 1,976        
Effective interest rate 3.74% 3.74% 3.74% 3.74% 3.74% 3.74%
Stated interest rate (as a percent) 3.73%   3.73% 3.73%    
3.75% Notes due 2047            
Debt Instrument [Line Items]            
Long-term debt $ 832 $ 812        
Effective interest rate 3.76% 3.76% 3.76% 3.76% 3.76% 3.76%
Stated interest rate (as a percent) 3.75%   3.75% 3.75%    
3.500% Notes due 2048            
Debt Instrument [Line Items]            
Long-term debt $ 743 $ 743        
Effective interest rate 3.52% 3.52% 3.52% 3.52% 3.52% 3.52%
Stated interest rate (as a percent) 3.50%   3.50% 3.50%    
2.250% Notes due 2050            
Debt Instrument [Line Items]            
Long-term debt $ 826 $ 808        
Effective interest rate 2.29% 2.29% 2.29% 2.29% 2.29% 2.29%
Stated interest rate (as a percent) 2.25%   2.25% 2.25%    
2.450% Notes due 2060            
Debt Instrument [Line Items]            
Long-term debt $ 1,073 $ 1,055        
Effective interest rate 2.49% 2.49% 2.49% 2.49% 2.49% 2.49%
Stated interest rate (as a percent) 2.45%   2.45% 2.45%    
Other            
Debt Instrument [Line Items]            
Long-term debt $ 69 $ 7        
Effective interest rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
v3.24.0.1
Borrowings - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Sep. 30, 2023
Nov. 30, 2022
Short-term Debt [Line Items]        
Borrowing capacity under credit facility     $ 10,000 $ 10,000
Short-term borrowings and the current portion of long-term debt $ 3,500 $ 12,800    
Borrowed under the commercial paper program 1,500 1,600    
Loans and notes payable 3,451 12,756    
Commercial Paper        
Short-term Debt [Line Items]        
Loans and notes payable $ 2,000 $ 11,200    
Debt, weighted average interest rate 5.37% 4.23%    
Debt instrument, term 2 months 2 months    
v3.24.0.1
Borrowings - Aggregate Maturities of Long Term Obligations (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Aggregate maturities of long-term obligations  
2024 $ 1,469
2025 1,700
2026 1,997
2027 2,320
2028 2,325
After 2028 $ 17,539
v3.24.0.1
Income taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Currently payable:      
U.S. taxes $ 2,705 $ 2,274 $ 1,338
International taxes 3,090 2,295 2,069
Total currently payable 5,795 4,569 3,407
Deferred:      
U.S. taxes (3,440) (1,990) 565
International taxes (619) 410 (2,595)
Total deferred (4,059) (1,580) (2,030)
Provision for taxes on income $ 1,736 $ 2,989 $ 1,377
v3.24.0.1
Income taxes - Comparison of Income Taxes at Statutory Rate and Company's Effective Tax Rate (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Jan. 01, 2023
Oct. 02, 2022
Jul. 03, 2022
Apr. 03, 2022
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Dec. 29, 2019
Dec. 30, 2018
Comparison Of Income Tax Expense At Statutory Rate And Company's Tax Rate Abstract                          
U.S.                  $ (2,033) $ 4,606 $ 4,275    
International                 17,095 14,753 14,903    
Earnings before provision for taxes on income $ 4,826 $ 5,217 $ 6,306 $ (1,287) $ 3,840 $ 5,172 $ 5,144 $ 5,203 $ 15,062 $ 19,359 $ 19,178    
Tax rates:                          
U.S. statutory rate                 21.00% 21.00% 21.00% 21.00% 35.00%
International operations                 (8.10%) (5.00%) (19.10%)    
U.S. Tax Settlements                 (3.00%) 0.00% 0.00%    
U.S. taxes on international income                 (0.30%) (1.10%) 8.90%    
Tax benefits from loss on capital assets         (1.60%)           (1.60%)    
Tax benefits on share-based compensation                 (0.80%) (1.40%) (1.20%)    
All other                 2.70% 1.90% (0.80%)    
Effective Rate                 11.50% 15.40% 7.20%    
v3.24.0.1
Income taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Jan. 03, 2021
Tax Credit Carryforward [Line Items]            
Effective income tax rate reconciliation, increase (decrease), percent (3.00%)   3.90% (8.20%)    
Decrease in foreign tax credits $ 400          
Decrease in foreign tax credits, percent 2.60%          
Deferred tax assets, tax basis increase of certain assets due to reorganization   $ 300   $ 300 $ 2,300  
Effective income tax rate reconciliation, GILTI, amount     $ 100      
Increase (decrease) in deferred tax liabilities, global intangible low-taxed income (GILTI)       300 $ 1,700  
Tax benefits from loss on capital assets   1.60%     1.60%  
Unrecognized tax benefits $ 2,485 $ 3,716 2,485 3,716 $ 3,210 $ 3,260
Unrecognized tax benefits, interest on income tax expense     99 136 $ 42  
Unrecognized tax benefits, interest on income taxes accrued $ 264 637 $ 264 637    
State and Local Jurisdiction            
Tax Credit Carryforward [Line Items]            
Effective tax rate reconciliation, net increase (decrease) in tax rate, percent     3.40%   3.20%  
Deferred tax assets, net         $ 600  
Auris Health | Purchased in-process research and development(1)            
Tax Credit Carryforward [Line Items]            
Impairment of intangible assets, excluding goodwill   $ 900        
Effective income tax rate reconciliation, nondeductible expense, impairment losses, percent   22.40%        
Talc | Consumer Health            
Tax Credit Carryforward [Line Items]            
Litigation expense     $ 7,000 $ 1,600    
Effective income tax rate reconciliation, tax settlement, percent     21.10%      
Effective income tax rate reconciliation, litigation settlement, percent       0.235    
Risperdal | Consumer Health            
Tax Credit Carryforward [Line Items]            
Litigation expense       $ 800    
Effective income tax rate reconciliation, litigation settlement, percent       0.164    
v3.24.0.1
Income taxes - Temporary Differences and Carryforwards (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Asset    
Employee related obligations $ 586 $ 685
Stock based compensation 686 632
R&D capitalized for tax 3,595 2,611
Reserves & liabilities 3,816 2,733
Income reported for tax purposes 359 2,026
Net realizable operating loss carryforwards 996 1,319
Undistributed foreign earnings 1,801 1,517
Miscellaneous international 831 861
Miscellaneous U.S.    452
Total deferred income taxes 12,670 12,836
Liability    
Depreciation of property, plant and equipment (902) (845)
Goodwill and intangibles (1,252) (1,737)
Undistributed foreign earnings (1,695) (1,604)
Global intangible low-taxed income (2,731) (3,628)
Miscellaneous international   (66)
Miscellaneous U.S.  (4)  
Total deferred income taxes (6,584) (7,880)
Operating loss carryforwards, valuation allowance 1,100 $ 800
Increase in valuation allowance $ 100  
v3.24.0.1
Income taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Summary of unrecognized tax benefits      
Beginning of year $ 3,716 $ 3,210 $ 3,260
Increases related to current year tax positions 239 523 242
Increases related to prior period tax positions 244 143 23
Decreases related to prior period tax positions (781) (148) (128)
Settlements (880) (1) (187)
Lapse of statute of limitations (53) (11) 0
End of year $ 2,485 $ 3,716 $ 3,210
v3.24.0.1
Employee related obligations - Employee Related Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Employee-related Liabilities [Abstract]    
Pension benefits $ 3,129 $ 2,475
Postretirement benefits 1,963 1,728
Postemployment benefits 2,527 2,832
Deferred compensation 68 100
Total employee obligations 7,687 7,135
Less current benefits payable 538 593
Employee related obligations — non-current $ 7,149 $ 6,542
v3.24.0.1
Employee related obligations - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Compensation Related Costs [Abstract]    
Prepaid employee related obligations $ 4,992 $ 4,581
v3.24.0.1
Pensions and other benefit plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Defined Benefit Plan Disclosure [Line Items]      
Percentage of corridor of greater of market value of assets 10.00%    
Accumulated benefit obligation unfunded plans $ 5,800 $ 2,700  
Projected benefit obligation, unfunded plans 6,100 2,700  
Plan with accumulated benefit obligation in excess of plan assets, plan assets 3,100 300  
Fair value of company's common stock directly held in plan assets $ 14 $ 21  
Percentage of company's common stock to plan asset 0.00% 0.10%  
Retirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets $ 33,607 $ 31,496 $ 41,909
Other Benefit Plans      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 86 78 $ 102
U.S. Plans      
Defined Benefit Plan Disclosure [Line Items]      
Contribution to pension plans 135    
International Plans      
Defined Benefit Plan Disclosure [Line Items]      
Contribution to pension plans 133    
Commingled funds | Level 2 | Other Benefit Plans      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets $ 86 $ 78  
Maximum | Retirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Retirement plan benefits employee compensation period 5 years    
v3.24.0.1
Pensions and other benefit plans - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Retirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 893 $ 1,319 $ 1,412
Interest cost 1,437 908 768
Expected return on plan assets (2,716) (2,756) (2,644)
Amortization of prior service cost (184) (184) (181)
Recognized actuarial losses (gains) (199) 650 1,251
Curtailments and settlements 93 1 1
Net periodic benefit cost (credit) (676) (62) 607
Other Benefit Plans      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 264 320 309
Interest cost 214 104 80
Expected return on plan assets (7) (8) (7)
Amortization of prior service cost (2) (5) (31)
Recognized actuarial losses (gains) 23 122 151
Curtailments and settlements (5) 0 0
Net periodic benefit cost (credit) $ 487 $ 533 $ 502
v3.24.0.1
Pensions and other benefit plans - Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation (Details)
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Retirement Plans      
Net Periodic Benefit Cost      
Service cost discount rate 4.85% 2.46% 2.14%
Interest cost discount rate 5.25% 2.80% 2.34%
Rate of increase in compensation levels 3.71% 4.02% 4.01%
Expected long-term rate of return on plan assets 7.21% 7.25% 7.71%
Benefit Obligation      
Discount rate 4.58% 5.01% 2.49%
Rate of increase in compensation levels 3.69% 4.00% 4.01%
Other Benefit Plans      
Net Periodic Benefit Cost      
Service cost discount rate 5.40% 2.59% 2.09%
Interest cost discount rate 5.43% 2.64% 2.33%
Rate of increase in compensation levels 4.22% 4.21% 4.25%
Benefit Obligation      
Discount rate 5.11% 5.42% 2.68%
Rate of increase in compensation levels 4.22% 4.21% 4.21%
v3.24.0.1
Pensions and other benefit plans - Assumed Health Care Cost Trend Rates (Details)
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]    
Healthcare cost trend rate assumed for next year 13.90% 5.96%
Rate to which the cost trend rate is assumed to decline (ultimate trend) 4.00% 3.99%
Year the rate reaches the ultimate trend rate 2048 2047
v3.24.0.1
Pensions and other benefit plans - Schedule of Net Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Amounts Recognized in the Company’s Balance Sheet consist of the following:      
Non-current assets $ 4,992 $ 4,581  
Current liabilities (538) (593)  
Non-current liabilities (7,149) (6,542)  
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]      
Transferred to group annuity contract 800    
Retirement Plans      
Change in Benefit Obligation      
Projected benefit obligation - beginning of year 29,390 41,272  
Service cost 893 1,319 $ 1,412
Interest cost 1,437 908 768
Plan participant contributions 73 67  
Amendments (6) 7  
Actuarial (gains) losses 2,068 (12,159)  
Divestitures & acquisitions (352) 0  
Curtailments, settlements & restructuring (238) (7)  
Benefits paid from plan (2,122) (1,220)  
Effect of exchange rates 601 (797)  
Projected benefit obligation - end of year 31,744 29,390 41,272
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value — beginning of year 31,496 41,909  
Actual return on plan assets 3,951 (8,663)  
Company contributions 268 261  
Plan participant contributions 73 67  
Settlements (176) (5)  
Divestitures & acquisitions (509) 0  
Benefits paid from plan assets (2,122) (1,220)  
Effect of exchange rates 626 (853)  
Plan assets at fair value - End of year 33,607 31,496 41,909
Funded status - end of year 1,863 2,106  
Amounts Recognized in the Company’s Balance Sheet consist of the following:      
Non-current assets 4,992 4,581  
Current liabilities (119) (127)  
Non-current liabilities (3,010) (2,348)  
Total recognized in the consolidated balance sheet — end of year 1,863 2,106  
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]      
Net actuarial loss 4,962 3,948  
Prior service cost (credit) (1,236) (1,417)  
Unrecognized net transition obligation 0 0  
Total before tax effects 3,726 2,531  
Accumulated Benefit Obligation 30,139 27,797  
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Net periodic benefit cost (credit) (676) (62) 607
Net actuarial (gain) loss 711 (793)  
Amortization of net actuarial loss 199 (655)  
Prior service cost (credit) (2) 7  
Amortization of prior service (cost) credit 185 183  
Effect of exchange rates 103 (140)  
Total loss/(income) recognized in other comprehensive income, before tax 1,195 (1,398)  
Total recognized in net periodic benefit cost and other comprehensive income 519 (1,460)  
Other Benefit Plans      
Change in Benefit Obligation      
Projected benefit obligation - beginning of year 4,192 4,874  
Service cost 264 320 309
Interest cost 214 104 80
Plan participant contributions 0 0  
Amendments 0 0  
Actuarial (gains) losses 469 (704)  
Divestitures & acquisitions 1 0  
Curtailments, settlements & restructuring (332) 0  
Benefits paid from plan (702) (393)  
Effect of exchange rates 2 (9)  
Projected benefit obligation - end of year 4,108 4,192 4,874
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value — beginning of year 78 102  
Actual return on plan assets 16 (17)  
Company contributions 694 386  
Plan participant contributions 0 0  
Settlements 0 0  
Divestitures & acquisitions 0 0  
Benefits paid from plan assets (702) (393)  
Effect of exchange rates 0 0  
Plan assets at fair value - End of year 86 78 102
Funded status - end of year (4,022) (4,114)  
Amounts Recognized in the Company’s Balance Sheet consist of the following:      
Non-current assets 0 0  
Current liabilities (416) (461)  
Non-current liabilities (3,606) (3,653)  
Total recognized in the consolidated balance sheet — end of year (4,022) (4,114)  
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]      
Net actuarial loss 354 239  
Prior service cost (credit) (6) (7)  
Unrecognized net transition obligation 0  
Total before tax effects 348 232  
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Net periodic benefit cost (credit) 487 533 $ 502
Net actuarial (gain) loss 136 (751)  
Amortization of net actuarial loss (22) (121)  
Prior service cost (credit) 0 0  
Amortization of prior service (cost) credit 2 5  
Effect of exchange rates 0 (1)  
Total loss/(income) recognized in other comprehensive income, before tax 116 (868)  
Total recognized in net periodic benefit cost and other comprehensive income $ 603 $ (335)  
v3.24.0.1
Pensions and other benefit plans - Information Related to the Benefit Obligation and the Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Qualified Plans | U.S. Plans    
Defined Benefit Plan Disclosure [Line Items]    
Plan Assets $ 22,298 $ 20,937
Projected Benefit Obligation 19,152 18,394
Accumulated Benefit Obligation 18,557 17,696
Projected Benefit Obligation 3,146 2,543
Accumulated Benefit Obligation 3,741 3,241
Non-Qualified Plans | U.S. Plans    
Defined Benefit Plan Disclosure [Line Items]    
Plan Assets 0 0
Projected Benefit Obligation 2,037 1,937
Accumulated Benefit Obligation 1,982 1,872
Projected Benefit Obligation (2,037) (1,937)
Accumulated Benefit Obligation (1,982) (1,872)
Funded Plans | International Plans    
Defined Benefit Plan Disclosure [Line Items]    
Plan Assets 11,309 10,559
Projected Benefit Obligation 10,431 8,982
Accumulated Benefit Obligation 9,498 8,166
Projected Benefit Obligation 878 1,577
Accumulated Benefit Obligation 1,811 2,393
Unfunded Plans | International Plans    
Defined Benefit Plan Disclosure [Line Items]    
Plan Assets 0 0
Projected Benefit Obligation 124 77
Accumulated Benefit Obligation 102 63
Projected Benefit Obligation (124) (77)
Accumulated Benefit Obligation $ (102) $ (63)
v3.24.0.1
Pensions and other benefit plans - Projected Future Benefit Payments from Company's Retirement and Other Benefit Plans (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Retirement plans  
Defined Benefit Plan Disclosure [Line Items]  
2024 $ 1,481
2025 1,473
2026 1,549
2027 1,647
2028 1,745
2029-2033 10,133
Other benefit plans   
Defined Benefit Plan Disclosure [Line Items]  
2024 427
2025 438
2026 396
2027 411
2028 428
2029-2033 $ 2,360
v3.24.0.1
Pensions and other benefit plans - Projected Future Minimum Contributions to the Company's U.S. and International Unfunded Retirement Plans (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Retirement Benefits [Abstract]  
2024 $ 122
2025 126
2026 133
2027 139
2028 145
2029-2033 $ 787
v3.24.0.1
Pensions and other benefit plans - Company' Retirement Plan Asset Allocation and Target Allocations (Details)
Dec. 31, 2023
Jan. 01, 2023
Defined Benefit Plan Disclosure [Line Items]    
Percent of Plan Assets 100.00% 100.00%
Target Allocation 100.00%  
Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Percent of Plan Assets 58.00% 62.00%
Target Allocation 58.00%  
Debt securities    
Defined Benefit Plan Disclosure [Line Items]    
Percent of Plan Assets 42.00% 38.00%
Target Allocation 42.00%  
v3.24.0.1
Pensions and other benefit plans - Schedule of Defined Benefit Plans Disclosures (Details) - Retirement plans - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets $ 33,607 $ 31,496 $ 41,909
Fair Value, Measurements, Recurring      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 33,607 31,496  
Investments Measured at Net Asset Value 9,967 8,602  
Fair Value, Measurements, Recurring | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 7,776 8,872  
Fair Value, Measurements, Recurring | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 15,729 13,954  
Fair Value, Measurements, Recurring | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 135 68  
Fair Value, Measurements, Recurring | Short-term investment funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 841 39  
Fair Value, Measurements, Recurring | Short-term investment funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 12 26  
Fair Value, Measurements, Recurring | Short-term investment funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 829 13  
Fair Value, Measurements, Recurring | Short-term investment funds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Government and agency securities      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 5,985 5,863  
Fair Value, Measurements, Recurring | Government and agency securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Government and agency securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 5,985 5,863  
Fair Value, Measurements, Recurring | Government and agency securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Debt instruments      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 3,899 3,681  
Fair Value, Measurements, Recurring | Debt instruments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Debt instruments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 3,899 3,681  
Fair Value, Measurements, Recurring | Debt instruments | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 7,764 8,848  
Fair Value, Measurements, Recurring | Equity securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 7,764 8,846  
Fair Value, Measurements, Recurring | Equity securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 2  
Fair Value, Measurements, Recurring | Equity securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Commingled funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 11,682 10,514  
Investments Measured at Net Asset Value 6,672 6,096  
Fair Value, Measurements, Recurring | Commingled funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Commingled funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 4,967 4,362  
Fair Value, Measurements, Recurring | Commingled funds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 43 56  
Fair Value, Measurements, Recurring | Other assets      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 3,436 2,551  
Investments Measured at Net Asset Value 3,295 2,506  
Fair Value, Measurements, Recurring | Other assets | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 0 0  
Fair Value, Measurements, Recurring | Other assets | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets 49 33  
Fair Value, Measurements, Recurring | Other assets | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan Assets $ 92 $ 12  
v3.24.0.1
Savings plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Savings Plan [Abstract]      
Matching contributions $ 263 $ 257 $ 239
v3.24.0.1
Capital and treasury stock - Changes in Treasury Stock (Details) - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Changes in Treasury Stock Shares Outstanding [Roll Forward]      
Treasury Stock, beginning balance (shares) 506,246 490,878 487,331
Employee compensation and stock option plans (shares) (15,521) (20,007) (17,399)
Treasury Stock, ending balance (shares) 712,765 506,246 490,878
Changes in treasury stock      
Treasury Stock, Balance $ 41,694 $ 39,099 $ 38,490
Employee compensation and stock option plans (2,529) (3,440) (2,847)
Repurchase of common stock 5,054 6,035 3,456
Treasury Stock, Ending Balance $ 75,662 $ 41,694 $ 39,099
Treasury Stock Amount      
Changes in Treasury Stock Shares Outstanding [Roll Forward]      
Repurchase of common stock (shares) 31,085 35,375 20,946
Treasury Stock, ending balance (shares) 190,955    
Changes in treasury stock      
Repurchase of common stock $ 5,054 $ 6,035 $ 3,456
Repurchase of common stock 5,079    
Treasury Stock, Ending Balance $ 31,418    
v3.24.0.1
Capital and treasury stock - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Billions
 12 Months Ended
Jan. 02, 2024
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Sep. 14, 2022
Equity, Class of Treasury Stock [Line Items]          
Common stock, shares issued (in shares)   3,119,843 3,119,843 3,119,843  
Cash dividends paid (in dollars per share)   $ 4.70 $ 4.45 $ 4.19  
Subsequent Event          
Equity, Class of Treasury Stock [Line Items]          
Cash dividend (in dollars per share) $ 1.19        
December 17, 2018 Share Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Stock repurchase program, authorized amount         $ 5.0
v3.24.0.1
Accumulated other comprehensive income (loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance $ 76,804 $ 74,023 $ 63,278
Net change (4,741) 91 2,184
Ending Balance 68,774 76,804 74,023
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (11,813) (10,017) (8,938)
Net change (3,221) (1,796) (1,079)
Kenvue Separation/IPO 4,885    
Ending Balance (10,149) (11,813) (10,017)
Gain/ (Loss) On Securities      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (27) (3) 1
Net change 26 (24) (4)
Ending Balance (1) (27) (3)
Employee Benefit Plans      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (897) (2,702) (6,957)
Net change (1,399) 1,805 4,255
Kenvue Separation/IPO 296    
Ending Balance (2,000) (897) (2,702)
Gain/ (Loss) On Derivatives & Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (230) (336) 652
Net change (147) 106 (988)
Ending Balance (377) (230) (336)
Accumulated Other Comprehensive Income (Loss)      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (12,967) (13,058) (15,242)
Net change (4,741) 91 2,184
Kenvue Separation/IPO 5,181    
Ending Balance $ (12,527) $ (12,967) $ (13,058)
v3.24.0.1
International currency translation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Foreign Currency Translation [Abstract]      
Foreign currency transaction gain (loss), before tax $ (366) $ (286) $ (216)
v3.24.0.1
Earnings per share - Reconciliation of Basic Net Earnings per Share to Diluted Net Earnings per Share (Details) - $ / shares
shares in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Jan. 01, 2023
Oct. 02, 2022
Jul. 03, 2022
Apr. 03, 2022
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Reconciliation of basic net earnings per share to diluted net earnings per share                      
Basic net earnings per share from continuing operations (in dollars per share) $ 1.71 $ 1.71 $ 2.07 $ (0.19) $ 1.24 $ 1.64 $ 1.62 $ 1.74 $ 5.26 $ 6.23 $ 6.76
Basic net earnings per share from discontinued operations (in dollars per share) (0.03) 8.61 (0.09) 0.16 0.11 0.06 0.21 0.22 8.62 0.60 1.17
Basic net earnings per share (in dollars per share) 1.68 10.32 1.98 (0.03) 1.35 1.70 1.83 1.96 $ 13.88 $ 6.83 $ 7.93
Average shares outstanding — basic (in shares)                 2,533.5 2,625.2 2,632.1
Potential shares exercisable under stock option plans (in shares)                 94.1 140.1 138.0
Less: shares repurchased under treasury stock method (in shares)                 (67.2) (101.4) (96.1)
Average shares outstanding - diluted (in shares)                 2,560.4 2,663.9 2,674.0
Diluted net earnings per share from continuing operations (in dollars per share) 1.70 1.69 2.05 (0.19) 1.22 1.62 1.60 1.71 $ 5.20 $ 6.14 $ 6.66
Diluted net earnings per share from discontinuing operations (in dollars per share) (0.03) 8.52 (0.09) 0.16 0.11 0.06 0.20 0.22 8.52 0.59 1.15
Diluted net earnings per share (in dollars per share) $ 1.67 $ 10.21 $ 1.96 $ (0.03) $ 1.33 $ 1.68 $ 1.80 $ 1.93 $ 13.72 $ 6.73 $ 7.81
v3.24.0.1
Earnings per share - Narrative (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2023
shares
Earnings Per Share [Abstract]  
Antidilutive securities excluded from computation of earnings per share (in shares) 43
v3.24.0.1
Common stock, stock option plans and stock compensation agreements - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
StockBasedCompensationPlans
$ / shares
shares
Jan. 01, 2023
USD ($)
$ / shares
shares
Jan. 02, 2022
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of stock-based compensation plans | StockBasedCompensationPlans 1    
Compensation cost charged for Long term incentive plan | $ $ 1,087 $ 1,028 $ 1,038
Total income tax benefit recognized | $ 221 177 199
Exercise of options, tax benefit | $ 126 267 213
Total compensation cost not yet recognized for option | $ $ 907 $ 866 $ 775
Weighted average period for total compensation cost not yet recognized 1 year 9 months 18 days 1 year 9 months 18 days 1 year 9 months 10 days
Average fair value of option granted (in dollars per share) | $ / shares $ 27.85 $ 23.23 $ 20.86
Total intrinsic value of options exercised | $ $ 729 $ 1,228 $ 919
Options cancelled in period (in shares) 7,689    
Stock options outstanding (in shares) 112,238,000 118,672,000 117,361,000
Stock option average life 5 years 6 months 5 years 9 months 18 days 5 years 9 months 18 days
Stock options exercisable (in shares)   63,661,000 62,742,000
Stock options average price (in dollars per share) | $ / shares   $ 113.06 $ 104.42
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options expiration period 10 years    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Average fair value of RSU's and PSU's granted (in dollars per share) | $ / shares $ 152.63 $ 153.67 $ 152.62
Fair Value of RSU or PSU units settled | $ $ 605 $ 591 $ 611
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Average fair value of RSU's and PSU's granted (in dollars per share) | $ / shares $ 145.17 $ 170.46 $ 179.35
Fair Value of RSU or PSU units settled | $ $ 140 $ 94 $ 83
Minimum | Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 6 months    
Minimum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 6 months    
Minimum | Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 0.00%    
Maximum | Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 4 years    
Maximum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Maximum | Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 200.00%    
2022 Long-Term Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized for issuance under long-term incentive plan (in shares) 150,000,000    
Shares issued subject to stock options or stock appreciation rights (in shares) 110,000,000    
Shares subject to full value awards (in shares) 40,000,000    
Shares subject to full value award, excess (in shares) 40,000,000    
Shares available for future grants under long-term incentive plan 130,000,000    
v3.24.0.1
Common stock, stock option plans and stock compensation agreements - Schedule Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Weighted average assumptions of fair value of options      
Risk-free rate 3.74% 1.98% 0.83%
Expected volatility 17.69% 18.00% 18.59%
Expected life (in years) 7 years 7 years 7 years
Expected dividend yield 2.90% 2.70% 2.50%
v3.24.0.1
Common stock, stock option plans and stock compensation agreements - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Outstanding Shares    
Options outstanding beginning of period (in shares) 118,672  
Options granted (in shares) 16,320  
Options exercised (in shares) (12,386)  
Options canceled/forfeited (in shares) (10,368)  
Options outstanding end of period (in shares) 112,238  
Weighted Average Exercise Price    
Options exercise price beginning of period (in dollars per share) $ 134.95  
Options granted, average exercise price (in dollars per share) 162.75  
Options exercised, average exercise price (in dollars per share) 109.48  
Options canceled/forfeited, average exercise price (in dollars per share) 155.62  
Options exercise price end of period (in dollars per share) $ 139.88  
Aggregate intrinsic value $ 2,239 $ 4,949
v3.24.0.1
Common stock, stock option plans and stock compensation agreements - Summary of Options Outstanding (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Stock options outstanding and exercisable      
Outstanding number of Options (in shares) 112,238 118,672 117,361
Outstanding, Average Life 5 years 6 months 5 years 9 months 18 days 5 years 9 months 18 days
Outstanding Average Exercise Price (in dollars per share) $ 139.88    
Exercisable number of Options (in shares) 66,998    
Exercisable, Average Exercise Price (in dollars per share) $ 123.39    
$90.44 - $101.87      
Stock options outstanding and exercisable      
Price Range, Minimum (in dollars per share) 90.44    
Price Range, Maximum (in dollars per share) $ 101.87    
Outstanding number of Options (in shares) 20,774    
Outstanding, Average Life 1 year 4 months 24 days    
Outstanding Average Exercise Price (in dollars per share) $ 99.21    
Exercisable number of Options (in shares) 20,774    
Exercisable, Average Exercise Price (in dollars per share) $ 99.21    
$115.67 - $129.51      
Stock options outstanding and exercisable      
Price Range, Minimum (in dollars per share) 115.67    
Price Range, Maximum (in dollars per share) $ 129.51    
Outstanding number of Options (in shares) 19,368    
Outstanding, Average Life 3 years 7 months 6 days    
Outstanding Average Exercise Price (in dollars per share) $ 122.49    
Exercisable number of Options (in shares) 19,368    
Exercisable, Average Exercise Price (in dollars per share) $ 122.49    
$131.94 - $151.41      
Stock options outstanding and exercisable      
Price Range, Minimum (in dollars per share) 131.94    
Price Range, Maximum (in dollars per share) $ 151.41    
Outstanding number of Options (in shares) 27,391    
Outstanding, Average Life 5 years 7 months 6 days    
Outstanding Average Exercise Price (in dollars per share) $ 142.84    
Exercisable number of Options (in shares) 26,676    
Exercisable, Average Exercise Price (in dollars per share) $ 142.61    
$162.70 - $162.75      
Stock options outstanding and exercisable      
Price Range, Minimum (in dollars per share) 162.70    
Price Range, Maximum (in dollars per share) $ 162.75    
Outstanding number of Options (in shares) 13,928    
Outstanding, Average Life 9 years 1 month 6 days    
Outstanding Average Exercise Price (in dollars per share) $ 162.75    
Exercisable number of Options (in shares) 6    
Exercisable, Average Exercise Price (in dollars per share) $ 162.75    
$164.62 - $165.89      
Stock options outstanding and exercisable      
Price Range, Minimum (in dollars per share) 164.62    
Price Range, Maximum (in dollars per share) $ 165.89    
Outstanding number of Options (in shares) 30,777    
Outstanding, Average Life 7 years 7 months 6 days    
Outstanding Average Exercise Price (in dollars per share) $ 165.29    
Exercisable number of Options (in shares) 174    
Exercisable, Average Exercise Price (in dollars per share) $ 165.12    
v3.24.0.1
Common stock, stock option plans and stock compensation agreements - Summary of Restricted Share Units (Details)
 12 Months Ended
Dec. 31, 2023
shares
Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Beginning balance (in shares) 13,616,000
Granted (in shares) 5,910,000
Issued (in shares) (4,329,000)
Canceled/forfeited/adjusted (in shares) (2,259,000)
Ending balance (in shares) 12,938,000
Cancelled in period (in shares) 1,421
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Beginning balance (in shares) 2,357,000
Granted (in shares) 828,000
Issued (in shares) (785,000)
Canceled/forfeited/adjusted (in shares) (363,000)
Ending balance (in shares) 2,037,000
Cancelled in period (in shares) 264
v3.24.0.1
Segments of Business and Geographic Areas - Sales by Segment of Business (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Oct. 01, 2023
USD ($)
Jul. 02, 2023
USD ($)
Apr. 02, 2023
USD ($)
Jan. 01, 2023
USD ($)
Oct. 02, 2022
USD ($)
Jul. 03, 2022
USD ($)
Apr. 03, 2022
USD ($)
Dec. 31, 2023
USD ($)
segment
Jan. 01, 2023
USD ($)
Jan. 02, 2022
USD ($)
Segment
Segment Reporting Information [Line Items]                      
Number of segments                 2   3
Sales to Customers $ 21,395 $ 21,351 $ 21,519 $ 20,894 $ 19,939 $ 19,996 $ 20,215 $ 19,840 $ 85,159 $ 79,990 $ 78,740
% Change                 6.50% 1.60%  
Innovative Medicine                      
Segment Reporting Information [Line Items]                      
Sales to Customers 13,722 13,893 13,731 13,413 13,163 13,214 13,317 12,869 $ 54,759 $ 52,563 51,680
% Change                 4.20% 1.70%  
Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 18,052 $ 16,935 16,750
% Change                 6.60% 1.10%  
Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 4,418 $ 5,449 5,825
% Change                 (18.90%) (6.50%)  
Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 7,140 $ 6,893 6,988
% Change                 3.60% (1.40%)  
Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 17,661 $ 15,983 14,548
% Change                 10.50% 9.90%  
Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,815 $ 3,417 3,450
% Change                 11.60% (1.00%)  
Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,671 $ 3,887 4,119
% Change                 (5.50%) (5.60%)  
MedTech                      
Segment Reporting Information [Line Items]                      
Sales to Customers $ 7,673 $ 7,458 $ 7,788 $ 7,481 $ 6,776 $ 6,782 $ 6,898 $ 6,971 $ 30,400 $ 27,427 27,060
% Change                 10.80% 1.40%  
MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 6,350 $ 4,300 3,971
% Change                 47.70% 8.30%  
MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 8,942 $ 8,587 8,588
% Change                 4.10% 0.00%  
MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 10,037 $ 9,690 9,812
% Change                 3.60% (1.20%)  
MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 5,072 $ 4,849 4,688
% Change                 4.60% 3.40%  
Remicade | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,839 $ 2,343 3,190
% Change                 (21.50%) (26.60%)  
Simponi/Simponi Aria | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,197 $ 2,184 2,276
% Change                 0.60% (4.00%)  
Stelara | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 10,858 $ 9,723 9,134
% Change                 11.70% 6.50%  
Tremfya | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,147 $ 2,668 2,127
% Change                 17.90% 25.40%  
Other Immunology | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 11 $ 17 24
% Change                 (33.80%) (28.20%)  
COVID-19 | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,117 $ 2,179 2,385
% Change                 (48.80%) (8.60%)  
EDURANT/rilpivirine | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,150 $ 1,008 994
% Change                 14.10% 1.50%  
PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,854 $ 1,943 2,083
% Change                 (4.60%) (6.70%)  
Other Infectious Diseases | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 297 $ 318 363
% Change                 (6.70%) (12.30%)  
CONCERTA/Methylphenidate | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 783 $ 644 667
% Change                 21.60% (3.50%)  
INVEGA SUSTENNA/XEPLION/TRINZA/TREVICTA | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 4,115 $ 4,140 4,022
% Change                 (0.60%) 3.00%  
RISPERDAL CONSTA | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 689 $ 374 224
% Change                 84.10% 67.00%  
OTHER NEUROSCIENCE | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,553 $ 1,734 2,074
% Change                 (10.40%) (16.40%)  
CARVYKTI | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 500 $ 133 0
DARZALEX | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 9,744 $ 7,977 6,023
% Change                 22.20% 32.40%  
ERLEADA | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,387 $ 1,881 1,291
% Change                 26.90% 45.70%  
IMBRUVICA | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,264 $ 3,784 4,369
% Change                 (13.70%) (13.40%)  
ZYTIGA/abiraterone acetate | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 887 $ 1,770 2,297
% Change                 (49.90%) (22.90%)  
Other Oncology | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 879 $ 438 568
% Change                   (22.90%)  
OPSUMIT | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,973 $ 1,783 1,819
% Change                 10.60% (2.00%)  
UPTRAVI | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,582 $ 1,322 1,237
% Change                 19.70% 6.90%  
Other | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 260 $ 313 395
% Change                 (16.70%) (20.80%)  
Other | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,306 $ 1,414 1,682
% Change                 (7.60%) (15.90%)  
XARELTO | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,365 $ 2,473 2,438
% Change                 (4.40%) 1.40%  
ELECTROPHYSIOLOGY | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 4,688 $ 3,937 3,623
% Change                 19.10% 8.70%  
Abiomed | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,306 $ 31 0
Other Interventional Solutions | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 356 $ 332 348
% Change                 7.10% (4.60%)  
HIPS | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,560 $ 1,514 1,480
% Change                 3.00% 2.30%  
KNEES | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,456 $ 1,359 1,325
% Change                 7.10% 2.60%  
TRAUMA | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,979 $ 2,871 2,885
% Change                 3.80% (0.50%)  
SPINE,SPORTS & OTHER | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,947 $ 2,843 2,898
% Change                 3.70% (1.90%)  
ADVANCED | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 4,671 $ 4,569 4,622
% Change                 2.20% (1.10%)  
GENERAL | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 5,366 $ 5,121 5,190
% Change                 4.80% (1.30%)  
CONTACT LENSES/OTHER | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,702 $ 3,543 3,440
% Change                 4.50% 3.00%  
SURGICAL | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,370 $ 1,306 1,248
% Change                 4.90% 4.60%  
United States                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 46,444 $ 41,981 40,640
% Change                 10.60% 3.30%  
United States | Innovative Medicine                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 31,169 $ 28,604 27,954
% Change                 9.00% 2.30%  
United States | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 11,539 $ 11,036 10,843
% Change                 4.60% 1.80%  
United States | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,500 $ 1,680 2,249
% Change                 (10.70%) (25.30%)  
United States | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 4,065 $ 3,570 3,347
% Change                 13.90% 6.70%  
United States | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 8,462 $ 6,930 5,958
% Change                 22.10% 16.30%  
United States | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,697 $ 2,346 2,365
% Change                 15.00% (0.80%)  
United States | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,906 $ 3,042 3,192
% Change                 (4.50%) (4.70%)  
United States | MedTech                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 15,275 $ 13,377 12,686
% Change                 14.20% 5.40%  
United States | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,633 $ 2,169 1,836
% Change                 67.50% 18.20%  
United States | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 5,525 $ 5,321 5,126
% Change                 3.80% 3.80%  
United States | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 4,031 $ 3,897 3,867
% Change                 3.40% 0.80%  
United States | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,086 $ 1,990 1,857
% Change                 4.80% 7.20%  
United States | Remicade | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,143 $ 1,417 2,019
% Change                 (19.30%) (29.80%)  
United States | Simponi/Simponi Aria | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,124 $ 1,166 1,127
% Change                 (3.60%) 3.50%  
United States | Stelara | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 6,966 $ 6,388 5,938
% Change                 9.00% 7.60%  
United States | Tremfya | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,147 $ 1,844 1,503
% Change                 16.50% 22.70%  
United States | Other Immunology | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 11 $ 17 21
% Change                 (33.80%) (18.40%)  
United States | COVID-19 | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 0 $ 120 634
% Change                   (81.10%)  
United States | EDURANT/rilpivirine | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 35 $ 36 41
% Change                 (3.70%) (10.80%)  
United States | PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,446 $ 1,494 1,508
% Change                 (3.20%) (1.00%)  
United States | Other Infectious Diseases | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 19 $ 30 66
% Change                 (34.50%) (55.50%)  
United States | CONCERTA/Methylphenidate | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 230 $ 151 172
% Change                 52.50% (12.50%)  
United States | INVEGA SUSTENNA/XEPLION/TRINZA/TREVICTA | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,897 $ 2,714 2,550
% Change                 6.70% 6.50%  
United States | RISPERDAL CONSTA | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 589 $ 328 198
% Change                 79.70% 65.70%  
United States | OTHER NEUROSCIENCE | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 349 $ 376 427
% Change                 (7.30%) (11.90%)  
United States | CARVYKTI | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 469 $ 133 0
United States | DARZALEX | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 5,277 $ 4,210 3,169
% Change                 25.40% 32.80%  
United States | ERLEADA | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,065 $ 968 813
% Change                 10.00% 19.20%  
United States | IMBRUVICA | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,051 $ 1,390 1,747
% Change                 (24.40%) (20.40%)  
United States | ZYTIGA/abiraterone acetate | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 50 $ 74 119
% Change                 (32.10%) (37.80%)  
United States | Other Oncology | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 549 $ 156 110
% Change                   41.80%  
United States | OPSUMIT | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,292 $ 1,132 1,147
% Change                 14.10% (1.30%)  
United States | UPTRAVI | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,326 $ 1,104 1,056
% Change                 20.10% 4.50%  
United States | Other | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 79 $ 110 163
% Change                 (28.60%) (32.30%)  
United States | Other | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 541 $ 569 754
% Change                 (5.00%) (24.50%)  
United States | XARELTO | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,365 $ 2,473 2,438
% Change                 (4.40%) 1.40%  
United States | ELECTROPHYSIOLOGY | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,458 $ 2,036 1,730
% Change                 20.70% 17.70%  
United States | Abiomed | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,066 $ 31 0
United States | Other Interventional Solutions | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 109 $ 102 106
% Change                 6.70% (3.80%)  
United States | HIPS | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 996 $ 943 878
% Change                 5.60% 7.30%  
United States | KNEES | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 896 $ 851 787
% Change                 5.30% 8.20%  
United States | TRAUMA | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,949 $ 1,882 1,819
% Change                 3.60% 3.50%  
United States | SPINE,SPORTS & OTHER | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,684 $ 1,645 1,642
% Change                 2.40% 0.20%  
United States | ADVANCED | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,833 $ 1,784 1,761
% Change                 2.80% 1.30%  
United States | GENERAL | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,198 $ 2,113 2,105
% Change                 4.00% 0.40%  
United States | CONTACT LENSES/OTHER | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,626 $ 1,522 1,398
% Change                 6.80% 8.90%  
United States | SURGICAL | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 460 $ 468 459
% Change                 (1.80%) 2.00%  
Non-US                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 38,715 $ 38,009 38,100
% Change                 1.90% (0.20%)  
Non-US | Innovative Medicine                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 23,590 $ 23,959 23,726
% Change                 (1.50%) 1.00%  
Non-US | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 6,513 $ 5,899 5,907
% Change                 10.40% (0.10%)  
Non-US | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,918 $ 3,769 3,576
% Change                 (22.60%) 5.40%  
Non-US | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,076 $ 3,323 3,641
% Change                 (7.50%) (8.70%)  
Non-US | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 9,199 $ 9,052 8,590
% Change                 1.60% 5.40%  
Non-US | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,117 $ 1,071 1,085
% Change                 4.30% (1.30%)  
Non-US | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 765 $ 845 927
% Change                 (9.40%) (8.90%)  
Non-US | MedTech                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 15,125 $ 14,050 14,374
% Change                 7.70% (2.30%)  
Non-US | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,717 $ 2,131 2,135
% Change                 27.50% (0.20%)  
Non-US | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,417 $ 3,267 3,462
% Change                 4.60% (5.60%)  
Non-US | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 6,006 $ 5,793 5,945
% Change                 3.70% (2.60%)  
Non-US | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,986 $ 2,859 2,831
% Change                 4.50% 1.00%  
Non-US | Remicade | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 549 $ 722 935
% Change                 (23.90%) (22.80%)  
Non-US | Simponi/Simponi Aria | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,073 $ 1,017 1,148
% Change                 5.40% (11.40%)  
Non-US | Stelara | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,892 $ 3,335 3,196
% Change                 16.70% 4.40%  
Non-US | Tremfya | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 999 $ 824 624
% Change                 21.20% 32.00%  
Non-US | Other Immunology | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 0 $ 0 3
% Change                 0.00%    
Non-US | COVID-19 | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,117 $ 2,059 1,751
% Change                 (45.80%) 17.60%  
Non-US | EDURANT/rilpivirine | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,115 $ 972 953
% Change                 14.80% 2.00%  
Non-US | PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 408 $ 449 575
% Change                 (9.20%) (21.90%)  
Non-US | Other Infectious Diseases | Innovative Medicine | Infectious Diseases                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 278 $ 289 297
% Change                 (3.80%) (2.60%)  
Non-US | CONCERTA/Methylphenidate | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 554 $ 493 495
% Change                 12.20% (0.40%)  
Non-US | INVEGA SUSTENNA/XEPLION/TRINZA/TREVICTA | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,218 $ 1,426 1,472
% Change                 (14.60%) (3.10%)  
Non-US | RISPERDAL CONSTA | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 100 $ 46 26
% Change                   76.90%  
Non-US | OTHER NEUROSCIENCE | Innovative Medicine | Neuroscience                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,204 $ 1,358 1,647
% Change                 (11.30%) (17.50%)  
Non-US | CARVYKTI | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 30 $ 0 0
Non-US | DARZALEX | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 4,467 $ 3,767 2,854
% Change                 18.60% 32.00%  
Non-US | ERLEADA | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,322 $ 913 478
% Change                 44.80%    
Non-US | IMBRUVICA | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,214 $ 2,394 2,622
% Change                 (7.50%) (8.70%)  
Non-US | ZYTIGA/abiraterone acetate | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 837 $ 1,696 2,178
% Change                 (50.70%) (22.10%)  
Non-US | Other Oncology | Innovative Medicine | Oncology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 330 $ 283 458
% Change                 16.90% (38.20%)  
Non-US | OPSUMIT | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 681 $ 651 672
% Change                 4.60% (3.20%)  
Non-US | UPTRAVI | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 255 $ 218 181
% Change                 17.30% 20.40%  
Non-US | Other | Innovative Medicine | Pulmonary Hypertension                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 182 $ 202 232
% Change                 (10.30%) (12.80%)  
Non-US | Other | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 765 $ 845 927
% Change                 (9.40%) (8.80%)  
Non-US | XARELTO | Innovative Medicine | Cardiovascular/Metabolism/Other                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 0 $ 0 0
% Change                 0.00% 0.00%  
Non-US | ELECTROPHYSIOLOGY | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,230 $ 1,901 1,893
% Change                 17.30% 0.40%  
Non-US | Abiomed | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 240 $ 0 0
Non-US | Other Interventional Solutions | MedTech | Interventional Solutions                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 247 $ 230 242
% Change                 7.30% (5.00%)  
Non-US | HIPS | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 564 $ 571 602
% Change                 (1.20%) (5.10%)  
Non-US | KNEES | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 559 $ 508 538
% Change                 10.20% (5.70%)  
Non-US | TRAUMA | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,030 $ 989 1,066
% Change                 4.10% (7.20%)  
Non-US | SPINE,SPORTS & OTHER | MedTech | Orthopaedics                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 1,263 $ 1,198 1,256
% Change                 5.40% (4.60%)  
Non-US | ADVANCED | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,837 $ 2,785 2,861
% Change                 1.90% (2.60%)  
Non-US | GENERAL | MedTech | Surgery                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 3,168 $ 3,008 3,085
% Change                 5.30% (2.50%)  
Non-US | CONTACT LENSES/OTHER | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 2,076 $ 2,022 2,043
% Change                 2.70% (1.00%)  
Non-US | SURGICAL | MedTech | Vision                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 910 $ 837 788
% Change                 8.60% 6.20%  
UNITED STATES Exports | Remicade | Innovative Medicine | Immunology                      
Segment Reporting Information [Line Items]                      
Sales to Customers                 $ 147 $ 204 $ 236
% Change                 (28.00%) (13.60%)  
v3.24.0.1
Segments of Business and Geographic Areas - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Jan. 01, 2023
Oct. 02, 2022
Jul. 03, 2022
Apr. 03, 2022
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Segment Reporting Information [Line Items]                      
Earnings before provision for taxes on income $ 4,826 $ 5,217 $ 6,306 $ (1,287) $ 3,840 $ 5,172 $ 5,144 $ 5,203 $ 15,062 $ 19,359 $ 19,178
Net assets divested 0       27,237       0 27,237  
Identifiable Assets 167,558       187,378       167,558 187,378  
Additions to Property, Plant & Equipment                 4,543 4,009 3,652
Depreciation and Amortization                 7,486 6,970 7,390
MedTech | Laminar                      
Segment Reporting Information [Line Items]                      
Payments to Acquire in Process Research and Development                 400    
Segments Total                      
Segment Reporting Information [Line Items]                      
Identifiable Assets 133,034       129,392       133,034 129,392  
Additions to Property, Plant & Equipment                 4,025 3,494 3,131
Depreciation and Amortization                 6,790 5,989 6,315
Consumer Health                      
Segment Reporting Information [Line Items]                      
Additions to Property, Plant & Equipment                 162 303 314
Depreciation and Amortization                 383 641 739
Operating Segments                      
Segment Reporting Information [Line Items]                      
Earnings before provision for taxes on income                 22,915 20,094 21,958
Operating Segments | Innovative Medicine                      
Segment Reporting Information [Line Items]                      
Earnings before provision for taxes on income                 18,246 15,647 17,750
Identifiable Assets 58,324       58,436       58,324 58,436  
Additions to Property, Plant & Equipment                 1,653 1,374 1,198
Depreciation and Amortization                 3,847 3,687 4,029
Operating Segments | MedTech                      
Segment Reporting Information [Line Items]                      
Earnings before provision for taxes on income                 4,669 4,447 4,208
Identifiable Assets 74,710       70,956       74,710 70,956  
Additions to Property, Plant & Equipment                 2,372 2,120 1,933
Depreciation and Amortization                 2,943 2,302 2,286
Corporate, Non-Segment                      
Segment Reporting Information [Line Items]                      
Less: Expense not allocated to segments                 7,853 735 2,780
Corporate, Non-Segment | General Corporate                      
Segment Reporting Information [Line Items]                      
Identifiable Assets $ 34,524       $ 30,749       34,524 30,749  
Additions to Property, Plant & Equipment                 356 212 207
Depreciation and Amortization                 $ 313 $ 340 $ 336
v3.24.0.1
Segments of Business and Geographic Areas - Schedule of Segment Reporting By Geographic Area (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Oct. 01, 2023
USD ($)
Jul. 02, 2023
USD ($)
Apr. 02, 2023
USD ($)
Jan. 01, 2023
USD ($)
Oct. 02, 2022
USD ($)
Jul. 03, 2022
USD ($)
Apr. 03, 2022
USD ($)
Dec. 31, 2023
USD ($)
segment
Jan. 01, 2023
USD ($)
Jan. 02, 2022
USD ($)
Segment
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers $ 21,395 $ 21,351 $ 21,519 $ 20,894 $ 19,939 $ 19,996 $ 20,215 $ 19,840 $ 85,159 $ 79,990 $ 78,740
Net assets divested 0       27,237       0 27,237  
Assets 167,558       187,378       $ 167,558 187,378  
Number of segments                 2   3
Equity securities, FV-NI, gain (loss)   600             $ (400)    
Restructuring                 489 275 $ 209
Gain (loss) related to litigation settlement                 100    
Research and development in process                 313 783 $ 900
Property, Plant and Equipment                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Long-Lived Assets 19,898       17,982       19,898 17,982  
Other Intangible Assets                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Long-Lived Assets 70,733       74,536       70,733 74,536  
bermekimab | In Process Research and Development                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Impairment of intangible assets, excluding goodwill               600   $ 800  
Baby Powder | Talc                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Loss contingency, loss in period       6,900         $ 7,000    
Wholesaler 1 | Sales Revenue, Net | Wholesaler Concentration Risk                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Concentration risk (as a percent)                 18.20% 18.90% 16.60%
Wholesaler 2 | Sales Revenue, Net | Wholesaler Concentration Risk                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Concentration risk (as a percent)                 15.10% 15.00% 12.60%
Wholesaler 3 | Sales Revenue, Net | Wholesaler Concentration Risk                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Concentration risk (as a percent)                 14.20% 13.80% 12.60%
Innovative Medicine                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers 13,722 13,893 13,731 13,413 13,163 13,214 13,317 12,869 $ 54,759 $ 52,563 $ 51,680
Restructuring                   100 100
Marketable securities, realized gain (loss) 400 400             (400) (700) 500
Gain (loss) related to litigation settlement                 100    
Gain (loss) on divestiture                 (200)   600
Litigation expense                   100 600
Innovative Medicine | Momenta                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Impairment of intangible assets, excluding goodwill                 200    
MedTech                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers 7,673 $ 7,458 $ 7,788 $ 7,481 6,776 $ 6,782 $ 6,898 $ 6,971 30,400 27,427 27,060
Restructuring                   300 300
Acquisition costs, period cost                 200 300  
Regulation charge                 300 300 200
Litigation expense                   600 100
Research and development in process                     900
United States                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 46,444 41,981 40,640
United States | Innovative Medicine                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 31,169 28,604 27,954
United States | MedTech                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 15,275 13,377 12,686
Operating Segments                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 85,159 79,990 78,740
Long-Lived Assets 89,439       91,437       89,439 91,437  
Restructuring                 798    
Operating Segments | Innovative Medicine                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Assets 58,324       58,436       58,324 58,436  
Supplies expense         800       700 1,500  
Restructuring                 479    
Operating Segments | MedTech                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Assets 74,710       70,956       74,710 70,956  
Restructuring                 319    
Operating Segments | United States                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 46,444 41,981 40,640
Long-Lived Assets 54,832       58,750       54,832 58,750  
Operating Segments | Europe                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 20,410 20,664 20,595
Long-Lived Assets 31,616       29,878       31,616 29,878  
Operating Segments | Western Hemisphere excluding U.S.                       
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 4,549 4,108 3,927
Long-Lived Assets 1,491       1,289       1,491 1,289  
Operating Segments | Asia-Pacific, Africa                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Sales to Customers                 13,756 13,237 $ 13,578
Long-Lived Assets 1,500       1,520       1,500 1,520  
Corporate, Non-Segment                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Other non long-lived assets 76,927       67,623       76,927 67,623  
Corporate, Non-Segment | General Corporate                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Long-Lived Assets 1,192       1,081       1,192 1,081  
Assets $ 34,524       $ 30,749       $ 34,524 $ 30,749  
v3.24.0.1
Acquisitions and divestitures (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 22, 2022
Dec. 31, 2023
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Jun. 30, 2024
Business Acquisition [Line Items]            
Acquisitions, net of cash acquired (Note 18)     $ 0 $ 17,652 $ 60  
Payments to acquire businesses, gross       17,700    
Liabilities       1,100    
Tangible assets       17,300    
Goodwill, related to acquisitions     0 11,056    
Research and development in process     313 783 900  
Contingent Consideration   $ 1,092 1,092 1,120    
Intangible assets useful life 14 years          
Acquisition related costs       300    
Proceeds from divestiture of brands     200      
Asset Acquisition, Consideration Transferred     500      
Asset, held-for-sale, not part of disposal group   300 300      
Goodwill, Purchase Accounting Adjustments     200      
Laminar            
Business Acquisition [Line Items]            
Asset Acquisition, Consideration Transferred     400      
MedTech            
Business Acquisition [Line Items]            
Goodwill, related to acquisitions     0 11,056    
Research and development in process         900  
Acquisition costs, period cost     200 $ 300    
Evra and Doxil            
Business Acquisition [Line Items]            
Proceeds from divestiture of brands         $ 600  
Non-Tradeable Contingent Value Right            
Business Acquisition [Line Items]            
Dividends payable, amount per share (in dollars per share) $ 8.75          
Non-Tradeable Contingent Value Right | Class I Recommendation For Impella            
Business Acquisition [Line Items]            
Dividends payable, amount per share (in dollars per share) $ 10.00          
Ambrx            
Business Acquisition [Line Items]            
Equity interests issued and issuable   2,000        
Acquisitions, net of cash acquired (Note 18)   1,900        
Ambrx | Forecast            
Business Acquisition [Line Items]            
Acquisition price (in dollars per share)           $ 28.00
Abiomed            
Business Acquisition [Line Items]            
Equity interests issued and issuable $ 17,100          
Acquisition price (in dollars per share) $ 380.00          
Liabilities   3,000 3,000      
Cash and equivalents $ 16,500          
Other assets assumed   20,100 20,100      
Cash acquired from acquisition     300      
Goodwill, related to acquisitions     11,100      
Finite-lived intangible assets acquired     6,600      
Research and development in process     1,100      
Marketable securities assumed   600 600      
Contingent Consideration   704 704      
Deferred tax liability, acquisition   $ 2,000 $ 2,000      
Discount rate 9.50%          
Abiomed | Minimum            
Business Acquisition [Line Items]            
Probability of success factor 52.00%          
Abiomed | Maximum            
Business Acquisition [Line Items]            
Probability of success factor 70.00%          
Abiomed | Non-Tradeable Contingent Value Right            
Business Acquisition [Line Items]            
Non-tradeable contingent value right (in dollars per share) $ 35.00          
Non-tradeable contingent value right $ 1,600          
Dividends payable, amount per share (in dollars per share) $ 17.50          
Contingent consideration $ 3,700          
Abiomed | Non-Tradeable Contingent Value Right | Impella            
Business Acquisition [Line Items]            
Dividends payable, amount per share (in dollars per share) $ 7.50          
v3.24.0.1
Legal proceedings - Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Apr. 24, 2023
USD ($)
Oct. 31, 2021
USD ($)
entity
Sep. 30, 2021
claimant
cases
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Oct. 31, 2019
USD ($)
Jul. 31, 2018
USD ($)
Dec. 31, 2023
USD ($)
claimant
claim
Sep. 30, 2023
cases
May 31, 2023
cases
Jul. 04, 2021
USD ($)
May 31, 2021
cases
claimant
Legal Proceeding (Textuals)                          
Number of new entities created | entity   3                      
Loss contingency, payment period 25 years                        
Bankruptcy loss contingency, discount rate 4.41%                        
Talc                          
Legal Proceeding (Textuals)                          
Product liability contingency, number of claimants | claimant                 59,140        
Opioid                          
Legal Proceeding (Textuals)                          
Product liability contingency, number of claimants | claimant                 3,500        
Amount reserved for settlement                       $ 5,000.0  
Loss contingency accrual, payment percentage                       60.00%  
Loss contingency accrual, payments                 $ 700.0        
Number of pending claims | claim                 35        
Remaining pending claims | claim                 430        
Additional pending claims | claim                 4        
Physiomesh                          
Legal Proceeding (Textuals)                          
Product liability contingency, number of claimants | claimant                 370        
Judicial Ruling                          
Legal Proceeding (Textuals)                          
Damages awarded           $ 6.8 $ 8,000.0            
Pending Litigation | Physiomesh                          
Legal Proceeding (Textuals)                          
Product liability contingency, number of claimants | claimant                         4,300
Number of pending claims | cases                         3,600
Number of claims within settlement agreement | cases                   3,729 292    
Claims dismissed | cases     3,390                    
Pending Litigation | Ethicon                          
Legal Proceeding (Textuals)                          
Product liability contingency, number of claimants | claimant     3,584                    
DePuy ASR U.S. | Settled Litigation                          
Legal Proceeding (Textuals)                          
Number of patients in settlement | claimant                 10,000        
Baby Powder | Talc                          
Legal Proceeding (Textuals)                          
Reserve established   $ 2,000.0                      
Reserve established within trust, total $ 9,000.0                        
Reserve established within trust, nominal value $ 12,000.0                        
Reserve established within trust, liability                 33.00%        
Ingham vs. Johnson & Johnson                          
Legal Proceeding (Textuals)                          
Damages awarded         $ 2,100.0     $ 4,700.0          
Loss contingency, damages paid, value       $ 2,500.0                  
MDL | Pending Litigation | Physiomesh                          
Legal Proceeding (Textuals)                          
Number of pending claims | claim                 5        
MCL | Pending Litigation | Physiomesh                          
Legal Proceeding (Textuals)                          
Number of pending claims | claim                 3        
v3.24.0.1
Legal proceedings - Product Liabilities (Details)
Dec. 31, 2023
claimant
Talc  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 59,140
ASR  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 160
Pinnacle Acetabular Cup System  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 920
Pelvic Meshes  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 6,720
Physiomesh  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 370
Risperdal  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 200
Elmiron  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 2,150
v3.24.0.1
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 489 $ 275 $ 209
R&D Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 479    
R&D Restructuring Plan | Minimum      
Restructuring Cost and Reserve [Line Items]      
Pre-tax restructuring charges 500    
R&D Restructuring Plan | Maximum      
Restructuring Cost and Reserve [Line Items]      
Pre-tax restructuring charges 600    
Orthopaedics Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 319    
Orthopaedics Restructuring Plan | Minimum      
Restructuring Cost and Reserve [Line Items]      
Pre-tax restructuring charges 700    
Orthopaedics Restructuring Plan | Maximum      
Restructuring Cost and Reserve [Line Items]      
Pre-tax restructuring charges $ 800    
v3.24.0.1
Restructuring - Schedule of Restructuring Reserve (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Restructuring Reserve [Roll Forward]      
Restructuring charges $ 489 $ 275 $ 209
Operating Segments      
Restructuring Reserve [Roll Forward]      
Restructuring charges 798    
Innovative Medicine      
Restructuring Reserve [Roll Forward]      
Restructuring charges   100 100
Innovative Medicine | Operating Segments      
Restructuring Reserve [Roll Forward]      
Restructuring charges 479    
Innovative Medicine | Restructuring Charges      
Restructuring Reserve [Roll Forward]      
Restructuring charges 449    
Innovative Medicine | Costs of Goods and Services Sold      
Restructuring Reserve [Roll Forward]      
Restructuring charges 30    
MedTech      
Restructuring Reserve [Roll Forward]      
Restructuring charges   $ 300 $ 300
MedTech | Operating Segments      
Restructuring Reserve [Roll Forward]      
Restructuring charges 319    
MedTech | Restructuring Charges      
Restructuring Reserve [Roll Forward]      
Restructuring charges 40    
MedTech | Costs of Goods and Services Sold      
Restructuring Reserve [Roll Forward]      
Restructuring charges $ 279    
v3.24.0.1
Kenvue separation and discontinued operations - Details (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Aug. 23, 2023
May 08, 2023
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Jul. 02, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Common stock, par value per share (in usd per share)     $ 1.00 $ 1.00    
Proceeds from Kenvue initial public offering     $ 4,241 $ 0 $ 0  
Realized gain (loss) on investment   $ 2,500        
Common stock received in exchange offer $ 31,400          
Net assets divested     0 27,237    
Accumulated other comprehensive loss     12,527 12,967    
Transition service agreement, term 24 months          
Separation costs incurred     986 1,089 $ 67  
Incremental tax cost       $ 500    
Minimum            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Transition manufacturing agreement, term 3 months          
Maximum            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Transition manufacturing agreement, term 5 years          
Consumer Health Business            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Net assets divested $ 11,600          
Accumulated other comprehensive loss 4,300          
Decrease in noncontrolling interest 1,200          
Noncash gain on exchange offer $ 21,000          
Kenvue Inc.            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Split-off percentage 80.10%          
Kenvue Inc.            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Stock issued in exchange offer (in shares) 190,955,436          
Kenvue Inc.            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Common stock, par value per share (in usd per share)   $ 0.01        
Sale of stock (in USD per share)   $ 22.00        
Stock issued in exchange offer (in shares) 1,533,830,450          
Johnson & Johnson | Kenvue Inc.            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Percentage ownership after transaction   89.60%        
Common stock, value           $ 1,300
Percentage ownership after transaction 9.50%          
Equity securities, fair market value $ 4,300   $ 400      
Johnson & Johnson | Kenvue Inc. | Consumer Health Business            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Noncash gain on exchange offer $ 2,800          
IPO | Kenvue Inc.            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Sale of stock, number of shares issued in transaction (in shares)   198,734,444        
Proceeds from Kenvue initial public offering   $ 4,200        
v3.24.0.1
Kenvue separation and discontinued operations - Net Earnings from Discontinued Operation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Discontinued Operations and Disposal Groups [Abstract]      
Sales to customers $ 10,036 $ 14,953 $ 15,035
Cost of products sold 4,369 6,494 6,452
Gross profit 5,667 8,459 8,583
Selling, marketing and administrative expenses 3,085 4,519 4,542
Research and development expense 258 468 437
Interest Income (117) 0 0
Interest expense, net of portion capitalized 199 0 0
Other (income) expense, net 1,092 1,060 (37)
(Gain) on separation of Kenvue (20,984) 0 0
Restructuring 0 46 43
Earnings from Discontinued Operations Before Provision for Taxes on Income 22,134 2,366 3,598
Provision for taxes on income 307 795 521
Net earnings from Discontinued Operations $ 21,827 $ 1,571 $ 3,077
v3.24.0.1
Kenvue separation and discontinued operations - Depreciation and Amortization of Discontinued Operation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Discontinued Operations and Disposal Groups [Abstract]      
Depreciation and Amortization $ 383 $ 641 $ 739
Capital expenditures $ 162 $ 303 $ 314
v3.24.0.1
Kenvue separation and discontinued operations - Assets and Liabilities of Discontinued Operations (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Jan. 01, 2023
Assets    
Cash and cash equivalents   $ 1,238
Accounts receivable trade, less allowances for doubtful accounts   2,121
Inventories   2,215
Prepaid expenses and other receivables   256
Total current assets of discontinued operations $ 0 5,830
Property, plant and equipment, net   1,821
Intangible assets, net   9,836
Goodwill   9,184
Deferred taxes on income   176
Other assets   390
Total noncurrent assets of discontinued operations 0 21,407
Liabilities    
Loans and notes payable   15
Accounts payable   1,814
Accrued liabilities including accrued taxes on income   644
Accrued rebates, returns and promotions   838
Accrued compensation and employee related obligations   279
Total current liabilities of discontinued operations 0 3,590
Long-term debt   2
Deferred taxes on income   2,383
Employee related obligations   225
Other liabilities   291
Total noncurrent liabilities of discontinued operations $ 0 $ 2,901
v3.24.0.1
Selected quarterly financial data (unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Jan. 01, 2023
Oct. 02, 2022
Jul. 03, 2022
Apr. 03, 2022
Dec. 31, 2023
Jan. 01, 2023
Jan. 02, 2022
Aug. 23, 2023
Segment Reporting Information [Line Items]                        
Sales to customers $ 21,395 $ 21,351 $ 21,519 $ 20,894 $ 19,939 $ 19,996 $ 20,215 $ 19,840 $ 85,159 $ 79,990 $ 78,740  
Gross profit 14,597 14,745 15,057 14,207 13,855 13,824 13,893 13,822 58,606 55,394 55,338  
Earnings before provision for taxes on income 4,826 5,217 6,306 (1,287) 3,840 5,172 5,144 5,203 15,062 19,359 19,178  
Net earnings from continuing operations 4,132 4,309 5,376 (491) 3,227 4,310 4,262 4,571 13,326 16,370 17,801  
Net earnings from discontinued operations (83) 21,719 (232) 423 293 148 552 578 21,827 1,571 3,077  
Net earnings $ 4,049 $ 26,028 $ 5,144 $ (68) $ 3,520 $ 4,458 $ 4,814 $ 5,149 $ 35,153 $ 17,941 $ 20,878  
Basic net earnings per share from continuing operations (in dollars per share) $ 1.71 $ 1.71 $ 2.07 $ (0.19) $ 1.24 $ 1.64 $ 1.62 $ 1.74 $ 5.26 $ 6.23 $ 6.76  
Basic net earnings per share from discontinued operations (in dollars per share) (0.03) 8.61 (0.09) 0.16 0.11 0.06 0.21 0.22 8.62 0.60 1.17  
Basic net earnings per share (in dollars per share) 1.68 10.32 1.98 (0.03) 1.35 1.70 1.83 1.96 13.88 6.83 7.93  
Diluted net earnings per share from continuing operations (in dollars per share) 1.70 1.69 2.05 (0.19) 1.22 1.62 1.60 1.71 5.20 6.14 6.66  
Diluted net earnings per share from discontinuing operations (in dollars per share) (0.03) 8.52 (0.09) 0.16 0.11 0.06 0.20 0.22 8.52 0.59 1.15  
Diluted net earnings per share (in dollars per share) $ 1.67 $ 10.21 $ 1.96 $ (0.03) $ 1.33 $ 1.68 $ 1.80 $ 1.93 $ 13.72 $ 6.73 $ 7.81  
Equity securities, FV-NI, gain (loss)   $ 600             $ (400)      
MedTech                        
Segment Reporting Information [Line Items]                        
Sales to customers $ 7,673 7,458 $ 7,788 $ 7,481 $ 6,776 $ 6,782 $ 6,898 $ 6,971 30,400 $ 27,427 $ 27,060  
Innovative Medicine                        
Segment Reporting Information [Line Items]                        
Sales to customers 13,722 13,893 $ 13,731 $ 13,413 13,163 $ 13,214 $ 13,317 12,869 54,759 52,563 51,680  
Marketable securities, realized gain (loss) $ 400 $ 400             (400) (700) 500  
bermekimab | In Process Research and Development                        
Segment Reporting Information [Line Items]                        
Impairment of intangible assets, excluding goodwill               $ 600   800    
Operating Segments                        
Segment Reporting Information [Line Items]                        
Sales to customers                 85,159 79,990 78,740  
Earnings before provision for taxes on income                 22,915 20,094 21,958  
Operating Segments | MedTech                        
Segment Reporting Information [Line Items]                        
Earnings before provision for taxes on income                 4,669 4,447 4,208  
Operating Segments | Innovative Medicine                        
Segment Reporting Information [Line Items]                        
Earnings before provision for taxes on income                 18,246 15,647 $ 17,750  
Supplies expense         $ 800       $ 700 $ 1,500    
Consumer Health Business                        
Segment Reporting Information [Line Items]                        
Noncash gain on exchange offer                       $ 21,000