Other comprehensive income (loss)

2,064

(972)

Net transfers to J&J

(1,750)

Ending balance (in shares) at Jan. 01, 2023

137

^[1]

0

Ending balance (in shares) at Jan. 01, 2023

^[1]

0

Ending balance at Jan. 01, 2023

^[1]

19,970

$ 0

0

$ 0

0

25,425

(5,455)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

1,664

1,195

469

155

Cash dividends on common stock

(766)

Net transfers to J&J

(308)

Distribution to J&J in connection with the Separation

188

153

35

(13,788)

Issuance of common stock in connection with the Kenvue IPO (in shares)

1,914,894,000

Issuance of common stock in connection with the Kenvue IPO

4,241

$ 19

4,222

Issuance of common stock under the Kenvue 2023 Plan (in shares)

513,000

Issuance of common stock under the Kenvue 2023 Plan, net

8

Purchase of treasury stock (in shares)

(350,000)

Purchase of treasury stock

(7)

$ (7)

Reclassification of Net Investment from J&J

0

25,712

(25,712)

Ending balance (in shares) at Dec. 31, 2023

$ (146)

$ (160)

91

(77)

1,915,057,000

Ending balance (in shares) at Dec. 31, 2023

350,000

Ending balance at Dec. 31, 2023

$ 11,211

$ 19

16,147

$ (7)

429

0

(5,377)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

1,030

(769)

Cash dividends on common stock

(1,552)

Issuance of common stock under the Kenvue 2023 Plan (in shares)

254

9,569,000

Issuance of common stock under the Kenvue 2023 Plan, net

$ 69

69

Purchase of treasury stock (in shares)

(10,858,444)

(10,858,000)

Purchase of treasury stock

$ (235)

Ending balance (in shares) at Dec. 29, 2024

$ (340)

1,913,768,088

1,913,768,000

Ending balance (in shares) at Dec. 29, 2024

11,208,000

Ending balance at Dec. 29, 2024

$ 9,668

$ 19

$ 16,130

$ (242)

$ (93)

$ 0

$ (6,146)

[1]

Prior to April 4, 2023, the Company operated as a segment of J&J and not as a separate entity. The Company’s financial statements prior to April 4, 2023 were prepared on a combined basis and were derived from J&J’s historical consolidated financial statements and accounting records as if the Company had been operated on a standalone basis. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Basis of Presentation,” for more information.

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 29, 2024

Dec. 31, 2023

Jan. 01, 2023

Cash flows from operating activities

Adjustments to reconcile net income to cash flows from operating activities

$ 1,030

$ 1,664

$ 2,064

Depreciation and amortization

622

627

644

Losses (gains) on investments

254

188

137

Deferred income taxes

(285)

(114)

180

Impairment charges

578

0

12

72

7

(1)

Other

69

(1)

14

Net changes in assets and liabilities

Trade receivables

(218)

44

(142)

Inventories

182

349

(582)

Other current and non-current assets

(17)

(429)

119

Accounts payable and accrued liabilities

(536)

1,454

35

Employee-related obligations

27

(78)

2

Accrued taxes on income

(61)

(331)

(5)

Other liabilities

52

(212)

48

Net cash flows from operating activities

1,769

3,168

2,525

Cash flows used in investing activities

Purchases of property, plant, and equipment

(434)

(469)

(375)

Transfer of funds to J&J pursuant to the Facility Agreement

0

(8,941)

0

Proceeds from J&J upon repayment of the Facility Agreement

0

8,941

0

(Costs associated with) proceeds from sale of assets

(6)

21

8

Other investing activities

15

(40)

(23)

Net cash flows used in investing activities

(425)

(488)

(390)

Cash flows used in financing activities

Proceeds from (payments of) loans and notes payables

2

(14)

14

Proceeds from Commercial Paper Program, net of issuance cost

157

574

0

Proceeds from issuance of Senior Notes, net of issuance cost

0

7,686

0

Proceeds from Kenvue IPO, net

0

4,241

0

Distribution to J&J in connection with the Separation

0

(13,788)

0

Dividends paid

(1,552)

(766)

0

Net transfers to J&J

0

(274)

(1,597)

Purchases of treasury shares

(235)

(7)

0

Other financing activities

63

(179)

0

Net cash flows used in financing activities

(1,565)

(2,527)

(1,583)

Effect of exchange rate changes on cash and cash equivalents

(91)

(2)

(61)

Cash and cash equivalents, beginning of period

1,382

1,231

740

Net (decrease) increase in cash and cash equivalents

(312)

151

491

Cash and cash equivalents, end of period

1,070

1,382

1,231

Supplemental disclosures of cash flow information

Net cash paid for income taxes

^[1]

810

699

316

Cash paid for interest

$ 439

$ 224

$ 0

[1]	Net cash paid includes payments to J&J under the Tax Matters Agreements (as defined in Note 12, “Relationship with J&J”) for income tax liabilities, which J&J has paid on the Company’s behalf post-Kenvue IPO to the tax authorities.

Description of the Company and Summary of Significant Accounting Policies

12 Months Ended

Dec. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Company and Summary of Significant Accounting Policies

Description of the Company and Business Segments

Kenvue Inc. (“Kenvue” or the “Company”) is a pure-play consumer health company with iconic brands including Aveeno®, BAND-AID® Brand, Johnson’s®, Listerine®, Neutrogena®, Tylenol®, and Zyrtec®. The Company is organized into three reportable business segments: Self Care, Skin Health and Beauty, and Essential Health. The Self Care segment includes a broad product range such as pain care; cough, cold, and allergy; digestive health; smoking cessation; eye care; and other products. The Skin Health and Beauty segment is focused on face and body care, as well as hair, sun, and other products. The Essential Health segment includes oral care, baby care, women’s health, wound care, and other products.

Kenvue was initially formed as a wholly owned subsidiary of Johnson & Johnson (“J&J”). In November 2021, J&J announced its intention to separate its Consumer Health segment (the “Consumer Health Business”) into a new, publicly traded company (the “Separation”). Prior to the Kenvue IPO (as defined below), the Company primarily represented J&J’s Consumer Health Business. The Company also included certain other product lines previously reported in another segment of J&J. On April 4, 2023, in connection with the Separation, J&J completed in all material respects the transfer of the assets and liabilities of the Consumer Health Business to the Company and its subsidiaries (such transfer, the “Consumer Health Business Transfer”), other than the transfer of certain Deferred Local Businesses (as defined below in “—Variable Interest Entities and Net Economic Benefit Arrangements”).

On May 3, 2023, the registration statement related to the initial public offering of Kenvue’s common stock was declared effective, and on May 4, 2023, Kenvue’s common stock began trading on the New York Stock Exchange under the ticker symbol “KVUE” (the “Kenvue IPO”).

On May 8, 2023, the Kenvue IPO was completed through the sale of 198,734,444 shares of common stock, par value $0.01 per share, including the underwriters’ full exercise of their option to purchase 25,921,884 shares to cover over-allotments, at an initial public offering price of $22 per share for net proceeds of $4.2 billion after deducting underwriting discounts and commissions of $131 million. On May 8, 2023, in conjunction with the Consumer Health Business Transfer, the Company distributed $13.8 billion to J&J from 1) the net proceeds received from the sale of the common stock in the Kenvue IPO, 2) the net proceeds received from the Debt Financing Transactions as defined in Note 5, “Borrowings—Commercial Paper Program,” and 3) any cash and cash equivalents in excess of the $1.17 billion retained by the Company immediately following the Kenvue IPO. As of the closing of the Kenvue IPO, J&J owned 1,716,160,000 shares of Kenvue common stock, or approximately 89.6% of the total outstanding shares of Kenvue common stock.

On July 24, 2023, J&J announced an exchange offer (the “Exchange Offer”) under which its shareholders could exchange shares of J&J common stock for shares of Kenvue common stock owned by J&J. On August 23, 2023, J&J completed the Exchange Offer through which J&J accepted an aggregate of 190,955,435 shares of J&J common stock in exchange for 1,533,830,450 shares of Kenvue common stock, representing approximately 80.1% of Kenvue’s outstanding common stock as of August 23, 2023. As a result, Kenvue became a fully independent company, and as of the completion of the Exchange Offer, J&J owned approximately 9.5% of the outstanding shares of Kenvue common stock.

On May 17, 2024, J&J completed an additional exchange offer (the “Debt for Equity Exchange”) through which J&J exchanged indebtedness of J&J for 182,329,550 shares of Kenvue common stock owned by J&J. Following the completion of the Debt for Equity Exchange, J&J no longer owned any shares of Kenvue common stock.

Basis of Presentation

Effective April 4, 2023, the Company’s financial statements are presented on a consolidated basis, as J&J completed the Consumer Health Business Transfer on such date. The audited financial statements for all periods presented, including the historical results of the Company prior to April 4, 2023, are referred to as the “Consolidated Financial Statements.”

Intercompany balances and transactions have been eliminated. The Consolidated Financial Statements include the accounts of the Company and its affiliates and entities consolidated under the variable interest and voting models.

During the fiscal twelve months ended December 29, 2024, the Company recorded out-of-period adjustments primarily related to the Separation, which corrected an overstatement in Additional paid-in capital of $340 million, including the $84 million

($65 million net of tax) related to certain cloud computing arrangements described below. This amount did not have an impact on the operating results for the fiscal twelve months ended December 29, 2024. The Company concluded that these adjustments were not material to the Consolidated Financial Statements for either the current period or prior periods.

As of December 29, 2024, the Consolidated Balance Sheet reflects an adjustment for a change in classification from Property, plant, and equipment, net of $288 million to Other assets and Additional paid-in capital of $169 million and $84 million, respectively, related to certain cloud computing arrangements, net of amortization of $35 million. The Company concluded that this adjustment was not material to the Consolidated Financial Statements for either the current period or prior periods.

Periods prior to the Consumer Health Business Transfer

Prior to April 4, 2023, the Company operated as a segment of J&J and not as a separate entity. The Company’s financial statements prior to April 4, 2023 were prepared on a combined basis and were derived from J&J’s historical consolidated financial statements and accounting records as if the Company had been operated on a standalone basis.

Prior to the Kenvue IPO, the Company relied on J&J’s corporate and other support functions. Therefore, certain corporate and shared costs were allocated to the Company including the assets, liabilities, revenues, and expenses that J&J’s management determined were specifically or primarily identifiable to the Company, as well as direct and indirect costs that were attributable to the operations of the Company. Indirect costs are the costs of support functions that were provided on a centralized or geographic basis by J&J and its affiliates, which included, but were not limited to, facilities, insurance, logistics, quality, compliance, finance, human resources, benefits administration, procurement support, information technology, legal, corporate strategy, corporate governance, other professional services, and general commercial support functions.

Indirect costs were allocated to the Company for the purposes of preparing the Consolidated Financial Statements prior to the Kenvue IPO, based on a specific identification basis or, when specific identification was not practicable, a proportional cost allocation method, primarily based on Net sales, headcount, or other allocation methodologies that were considered to be a reasonable reflection of the utilization of services provided or benefit received by the Company during the periods presented, depending on the nature of the services received. Management considers that such allocations were made on a reasonable basis consistent with benefits received but may not necessarily be indicative of the costs that would have been incurred if the Company had been operated on a standalone basis for the periods presented.

Cash generated from the Company’s operations prior to April 4, 2023 was generally managed by J&J’s centralized treasury function and was swept into J&J and its affiliates’ bank accounts. Cash and cash equivalents on the Consolidated Balance Sheet represented balances in accounts specifically identifiable to the Company that were not swept into J&J and its affiliates’ bank accounts. J&J’s third-party interest expense was not allocated for any of the periods prior to April 4, 2023 as the Company was not the legal obligor of the debt and the borrowings were not directly attributable to the Company’s operations.

The Company’s equity balance in these financial statements prior to April 4, 2023 represents the excess of total assets over total liabilities. Equity was impacted by changes in comprehensive income and contributions from or to J&J prior to the Kenvue IPO, which was the result of treasury activities and net funding provided by or distributed to J&J.

J&J calculated foreign currency translation on its consolidated assets and liabilities, which included assets and liabilities of the Company prior to April 4, 2023. Foreign currency translation recorded during the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was based on currency movements specific to the Consolidated Financial Statements.

The income tax amounts in the Consolidated Financial Statements prior to the Kenvue IPO have been calculated based on a separate return methodology and presented as if the Company’s operations were reported by separate taxpayers in the jurisdictions in which the Company operates. See Note 14, “Income Taxes,” for further discussion.

Prior to the Kenvue IPO, all transactions between the Company and J&J were considered to be effectively settled for cash in the Consolidated Financial Statements at the time the transaction was recorded. The effects of the settlement of these transactions between the Company and J&J were reflected in the Consolidated Statements of Cash Flows as “Net transfers to J&J” within financing activities, and in the Consolidated Statements of Stockholders' Equity as “Net transfers to J&J.”

Reclassifications

Certain prior period amounts have been reclassified to conform to current fiscal year presentation.

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the periods reported. Estimates are used when accounting for, among other things, sales discounts, trade promotions, rebates, allowances and incentives, product liabilities, income taxes and related valuation allowances, withholding taxes, pensions, postretirement benefits, fair value of financial instruments, stock-based compensation assumptions, depreciation, amortization, employee benefits, contingencies, allocations of cost and expenses from J&J and its affiliates, and the valuation of goodwill, intangible assets, and liabilities. Actual results may or may not differ from those estimates.

Economic Uncertainty

Macroeconomic factors affect consumer spending patterns and thereby the Company’s operations. These factors include general economic conditions, inflation, consumer confidence, employment rates, business conditions, the availability of credit, interest rates, tax rates, and fuel and energy costs.

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; however, the fiscal year consists of 53 weeks every five or six years. For fiscal years which consist of 53 weeks, this results in additional shipping days, as was the case in fiscal year 2020, and will be the case again in fiscal year 2026. Fiscal year 2024 refers to the fiscal twelve months ended December 29, 2024. Fiscal year 2023 refers to the fiscal twelve months ended December 31, 2023. Fiscal year 2022 refers to the fiscal twelve months ended January 1, 2023.

Reportable Segments

The Company operates in the following reportable business segments: 1) Self Care, 2) Skin Health and Beauty, and 3) Essential Health.

Cash and Cash Equivalents

All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. Cash equivalents are included in the Company’s Cash and cash equivalents on the Consolidated Balance Sheets.

Trade Receivable and Allowance for Credit Losses

Trade receivables, net are stated net of certain sales provisions and the allowance for credit losses. The Company estimates the current expected credit loss on its receivables based on various factors, including historical credit loss experience, customer credit-worthiness, value of collaterals (if any), and any relevant current and reasonably supportable future economic factors. Trade receivable balances are written off against the allowance when it is deemed probable that the trade receivable will not be collected. A summary of the change in the allowance for credit losses during the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 is presented below:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Allowance for credit losses, beginning of period	$	(25)	$	(35)	$	(32)
Provision	(6)		(4)		(9)
Utilization	4		14		5
Currency translation adjustment	1		—		1
Allowance for credit losses, end of period	$	(26)	$	(25)	$	(35)

Inventories

Inventories are stated at the lower of cost or net realizable value and are accounted for using the first-in, first-out method. Cost is determined on a standard cost basis that approximates the first-in, first-out method. Costs include direct materials, direct labor, and overhead costs.

Property, Plant, and Equipment and Depreciation

Property, plant, and equipment are stated at cost less accumulated depreciation. The Company utilizes the straight-line method of depreciation over the estimated useful lives. The approximate ranges for estimated useful lives are as follows:


Machinery and equipment						2 – 13 years
Buildings and building equipment						20 – 40 years
Software						3 – 8 years
Land improvements						10 – 20 years

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 Other operating expense (income), net.

Capitalized Internal-Use Software

Internal-use software development costs are accounted for in accordance with Accounting Standards Codification (“ASC”) 350-40, Internal-Use Software. The costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, internal and external costs incurred to develop internal-use software are capitalized. Capitalized internal-use software costs are amortized on a straight-line basis over the estimated useful life of the software when the software is ready for its intended use. Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful life of the software. The Company reviews the carrying value for impairment whenever facts and circumstances exist that would suggest that assets might be impaired or that the useful lives should be modified.

Intangible Assets

Intangible assets are reported at cost, less accumulated amortization and impairments, as applicable. The Company amortizes intangible assets with a finite life over their respective useful lives on a straight-line basis. The estimated useful lives for patents, trademarks, and customer relationships range from 10 years to 40 years and for other intangibles ranges from 20 years to 40 years. The useful life for customer relationships is estimated based on various customer attributes including customer type, size, geography, length of relationships, and nature of relationships. Intangible assets deemed to have indefinite lives are not amortized but are subjected to annual tests of impairment on the first day of the fiscal fourth quarter, or more frequently if events or changes in circumstances between annual tests indicate that assets may be impaired. The Company has the option to first assess qualitative factors to determine whether the quantitative indefinite-lived intangible asset impairment test is necessary. If the Company determines the estimated fair value of the indefinite-lived intangible asset is more likely than not greater than its carrying amount based on the results of the qualitative test, no additional testing is necessary. If the Company determines the estimated fair value of the indefinite-lived intangible asset is more likely than not less than the carrying value based on the results of the qualitative test, a quantitative fair value test is performed. The Company may bypass the qualitative assessment in any period and proceed directly to performing the quantitative fair value test. If the Company determines the estimated fair value of the indefinite-lived intangible asset is less than the carrying value based on the results of the quantitative fair value test, an indefinite-lived intangible asset impairment charge will be recorded equal to the amount of the difference (up to the carrying value of the indefinite-lived intangible asset). See Note 4, “Intangible Assets and Goodwill,” for more information on intangible assets.

Goodwill

Goodwill represents the excess of the consideration transferred over the fair value of net assets of businesses acquired. The Consolidated Balance Sheets reflect goodwill established based on past transactions allocated to the Company’s operations by J&J prior to the Kenvue IPO. Goodwill is not amortized but is subjected to annual tests of impairment at the reporting unit level

on the first day of the fiscal fourth quarter, or more frequently if events or changes in circumstances between annual tests indicate that goodwill may be impaired. The Company has the option to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the Company determines the estimated fair value of goodwill is more likely than not greater than its carrying amount based on the results of the qualitative test, no additional testing is necessary. If the Company determines the estimated fair value of goodwill is more likely than not less than the carrying value based on the results of the qualitative test, a quantitative fair value test is performed. The Company may bypass the qualitative assessment in any period and proceed directly to performing the quantitative fair value test. If the Company determines the estimated fair value of goodwill is less than the carrying value based on the results of the quantitative fair value test, a goodwill impairment charge will be recorded equal to the amount of the difference (up to the carrying value of goodwill). See Note 4, “Intangible Assets and Goodwill,” for more information on goodwill.

Impairment of Long-Lived Assets

Long-lived assets with finite lives are subjected to a test of impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If any indicators of impairment are present, the asset group is tested for recoverability by comparing the carrying value of the asset group to the net undiscounted future cash flows expected to be derived from the asset group, which includes the amount and timing of the projected future cash flows. If the net undiscounted cash flows are less than the carrying value of the asset group, the Company then performs the next step, which is to determine the fair value of the asset group, and record an impairment, if any. If quoted market prices are not available, the Company estimates fair value using a discounted value of estimated future cash flows.

Impairment charges for the fiscal twelve months ended December 29, 2024 and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		January 1, 2023
Dr.Ci:Labo® asset impairment(1)	$	488	$	—
Skillman fixed asset impairment(2)	68		—
Other asset impairment(3)	22		12
Impairment charges	$	578	$	12

(1) Represents the impairment charge recognized during the fiscal three months ended June 30, 2024 in relation to Dr.Ci:Labo® long-lived assets. See “—Dr.Ci:Labo® Asset Impairment” below and Note 4, “Intangible Assets and Goodwill,” for more information.

(2) Represents the impairment charge recorded during the fiscal three months ended March 31, 2024 on the held for sale asset associated with the Company’s interim corporate headquarters in Skillman, New Jersey. See “—Assets Held for Sale” below.

(3) Represents the impairment charge recognized during the fiscal three months ended June 30, 2024 related to certain software development assets and the impairment charge recognized during the fiscal twelve months ended January 1, 2023 related to certain definite-lived trademarks deemed as irrecoverable.

No impairments were recognized for the fiscal twelve months ended December 31, 2023.

Dr.Ci:Labo® Asset Impairment

During the fiscal three months ended June 30, 2024, there was a significant change in the senior leadership of the Dr.Ci:Labo® business, resulting in a new strategic plan with a key focus on increased expenses related to brand support designed to allow the brand to reach more consumers and appropriately address evolving market dynamics, including shifts in consumer sentiment in China as well as changing shopping patterns in the region. Following the change to the Company’s strategy for the brand, the Company made revisions to the internal forecasts relating to the Dr.Ci:Labo® asset group and concluded that the changes in circumstances, which impacted the forecasted cash flows in relation to this business, resulted in a triggering event, requiring an interim impairment review of the Dr.Ci:Labo® asset group. As a result of the interim impairment test, the Company concluded that the carrying value of long-lived assets of the asset group, consisting primarily of intangible assets, including trademarks and other intangibles, and property, plant, and equipment, exceeded their estimated fair value, resulting in impairment charges of $488 million recognized in the fiscal three months ended June 30, 2024, of which $463 million related to definite-lived intangible assets and $25 million related to property, plant, and equipment. Following the impairment charge, the carrying value of the Dr.Ci:Labo® asset group was $118 million.

The Company estimated the fair value of the definite-lived intangible assets within the Dr.Ci:Labo® asset group based on an income approach using the relief-from-royalty method. This valuation required significant judgments and estimates by management regarding several key inputs, including future cash flows consistent with management’s plans, sales growth rates,

the selection of royalty rates, and a discount rate. The Company selected the assumptions used in the financial forecasts of cash flows specific to the remaining useful lives of the trademarks ranging from six to 15 years using historical data, supplemented by current and anticipated market conditions and estimated growth rates. The Company utilized a discount rate of 8%. As the fair value measurements were based on significant inputs not observable in the market, they represented Level 3 measurements within the fair value hierarchy.

Assets Held for Sale

The Company classifies assets as held for sale when: 1) management has committed to a plan to sell the assets, 2) the assets are available for immediate sale, 3) there is an active program to locate a buyer, and 4) the sale and transfer of the asset is probable within one year. On February 21, 2024, the Company listed its interim corporate headquarters in Skillman, New Jersey for sale, which met the criteria to be classified as held for sale at that date. The held for sale asset is measured at the lower of the carrying amount or the fair value less costs to sell.

The results of the impairment test performed upon classification as held for sale indicated that the carrying value of the Skillman, New Jersey facility exceeded its estimated fair value less costs to sell by $68 million. As a result, the Company recorded an impairment charge equivalent to that amount within Impairment charges in the Consolidated Statement of Operations for the fiscal three months ended March 31, 2024. The fair value of the held for sale asset was determined utilizing third-party sales pricing as an input. The inputs utilized in the analysis are classified as Level 3 inputs within the fair value hierarchy.

The Company recorded the remaining asset held for sale balance related to the Skillman, New Jersey facility within Other current assets on the Consolidated Balance Sheet as of December 29, 2024.

Debt Discounts and Premiums, Issuance Costs, and Deferred Financing Costs

Discounts and debt issuance costs are presented as a reduction of Long-term debt and Loans and notes payable on the Consolidated Balance Sheets and are amortized as a component within Interest expense, net in the Consolidated Statements of Operations over the term on the related debt using the effective interest method.

Financial Instruments

The Company uses derivative financial instruments to manage exposure to foreign currency fluctuations. Prior to the Kenvue IPO, the Company participated in J&J’s centralized hedging and offsetting programs. The effects of foreign currency derivatives were allocated to the Company based on the portion that was deemed to be associated with the Company’s operations.

The Company uses various types of derivative financial instruments including forward foreign exchange contracts, interest rate swaps, and cross currency interest rate swap contracts to manage its exposure to the variability of forecasted cash flows, changes in the fair value of foreign-denominated intercompany debt attributable to foreign exchange rate fluctuations, interest rate risk related to future debt issuances, and foreign subsidiaries with local functional currency.

As required by U.S. GAAP, all derivative instruments held by the Company are recorded on the Consolidated Balance Sheets at fair value. 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 designated as cash flow hedges are recorded within Gain (Loss) on Derivatives and Hedges as a component of Other comprehensive (loss) income until the underlying transaction affects earnings and are then reclassified to earnings in the same account as the hedged transaction. Changes in the fair value of derivatives designated as net investment hedges are recorded within Currency Translation Adjustments (“CTA”) as a component of Other comprehensive (loss) income until the hedged investment is either sold or substantially liquidated and are then reclassified to earnings. Any changes in the fair value of derivatives designated as fair value hedges are recorded in Net income.

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. See Note 16, “Fair Value Measurements,” for more information on financial instruments.

Defined Benefit Retirement Plans

The Company’s defined benefit retirement plan costs are valued using actuarial valuations. The Company recognizes the funded or unfunded status of its defined benefit pension plans on the Consolidated Balance Sheets and recognizes changes in the funded status that are not recognized as components of net periodic benefit cost within Other comprehensive (loss) income, net of income taxes. The projected benefit obligation represents the actuarial present value of benefits expected to be paid upon an employee’s expected date of separation or retirement. Amounts related to the Company’s defined benefit pension plans are recorded based on estimates and assumptions. Factors used in developing estimates of these liabilities include, among other things, assumptions related to discount rates, rates of return on investments, healthcare cost trends, benefit payment patterns, and other factors. See Note 7, “Pensions,” for more information.

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. For operating leases, right-of-use (“ROU”) assets are included in Other assets, and lease liabilities are included in Accrued liabilities and Other liabilities on the Consolidated Balance Sheets. For finance leases, ROU assets are included in Property, plant, and equipment, net, and lease liabilities are included in Loans and notes payable and Long-term debt on the Consolidated Balance Sheets. 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. Short-term leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The related lease expense for such short-term leases is not significant.

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. When the implicit rate of the lease is not readily determinable, the Company uses its incremental borrowing rate for leases entered into after the Separation based on the information available at the commencement date in determining the present value of lease payments. Prior to the Separation, the Company used J&J’s incremental borrowing rate. The Company elected not to separate nonlease components from lease components; as such, lease and nonlease components are combined as a single lease component.

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. For finance leases, amortization of the ROU asset is recognized on a straight-line basis over the shorter of the economic life of the asset or the lease term, and interest expense is recorded in connection with the lease liability using the effective interest rate method. See Note 8, “Leases,” for more information.

Revenue Recognition

The Company’s revenue contracts represent a single performance obligation to sell its products to customers. Revenue from the sale of products to customers is recognized at a single point in time 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, which can be on the date of shipment or the date of receipt by the customer depending on the terms of the contract. Net sales exclude taxes collected by the Company on behalf of governmental authorities. In addition, the Company has elected to account for shipping and handling activities as fulfillment costs and includes the shipping and handling fees charged to the customers as a part of the transaction price to be recognized when control of the product transfers. The Company’s global payment terms are typically between 30 to 90 days.

Trade promotions, comprised of coupons, product listing allowances, cooperative advertising arrangements, volume-based incentive programs, as well as discounts to customers, rebates, sales incentives, and product returns, are accounted for as variable consideration and recorded as a reduction in sales in the same period as the related sale. To estimate variable consideration, the Company may apply both the “expected value” method and the “most likely amount” method based on the form of variable consideration, after considering which method would provide the best prediction of consideration to be received from the Company’s customers. The redemption cost of consumer coupons is based on historical redemption experience by product and value. Volume-based incentive programs are based on the estimated sales volumes for the incentive period. The related liability is recognized within Accrued rebates, returns, and promotions on the Consolidated Balance Sheets.

Sales returns are almost exclusively not resalable. The reserves related to sales returns are recorded at full sales value and are estimated based on historical sales and returns information.

See Note 18, “Segments of Business and Geographic Areas,” for disaggregation of Net sales.

Net Income Per Share

The Company determines Net income per share in accordance with ASC 260, Earnings Per Share. Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding for the applicable period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares plus the effect of dilutive potential shares outstanding for the applicable period using the treasury stock method. Dilutive potential shares include shares from equity-based awards and have been excluded where their inclusion would be anti-dilutive.

Separation-Related Costs

The Company and J&J incurred certain non-recurring separation-related costs in the establishment of Kenvue as a standalone public company (“Separation-related costs”). Costs incurred by the Company and those costs that were incurred by J&J prior to April 4, 2023 determined to be for the benefit of the Company were included in the Consolidated Financial Statements. These Separation-related costs were $296 million, $468 million, and $213 million for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively. The Separation-related costs are included in Cost of sales and Selling, general, and administrative expenses in the Consolidated Statements of Operations.

Advertising

Advertising expenses worldwide, which comprised television, radio, print media, and digital advertising, were $1,635 million, $1,349 million, and $1,356 million for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively, and are included in Selling, general, and administrative expenses in the Consolidated Statements of Operations.

Shipping and Handling Costs

Shipping and handling costs, which includes costs for shipping, handling, and distribution, were $505 million, $508 million, and $547 million for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively, and are included in Selling, general, and administrative expenses in the Consolidated Statements of Operations.

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.

Research and Development

Research and development expenses are expensed as incurred and included in Selling, general, and administrative expenses in the Consolidated Statements of Operations. Research and development costs were $408 million, $399 million, and $375 million for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

Income Taxes

Income taxes are recorded based on amounts refundable or payable for the current fiscal year and include the results of any differences 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.

U.S. federal, state, and foreign income tax payables and receivables are recognized on the Consolidated Balance Sheets for entities that file separate income tax returns and make direct payments to taxing authorities. Prior to the Kenvue IPO, U.S. federal, state and foreign income tax payables and receivables for entities that file a combined, consolidated, or group income tax return with J&J were deemed settled with J&J and were included in “Net Investment from J&J.”

Management establishes valuation allowances on deferred tax assets when it is determined to be “more likely than not” that some portion or all of the deferred tax assets may not be realized. Management considers positive and negative evidence in evaluating the Company’s ability to realize its deferred tax assets, including its historical results, forecasts of future ability to realize deferred tax assets, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis.

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. The estimates for these positions are regularly assessed based upon all available information. These estimates may be revised in the future and such changes may have a material additional expense or benefit to the Company’s financial results and its effective tax rate.

See Note 14, “Income Taxes,” for more information on income taxes.

Stock-Based Compensation

The Company recognizes compensation costs related to equity-based awards granted ratably over the requisite service period, which is the vesting period of the award, based on the estimated grant date fair value of the awards. The Company accounts for forfeitures during the period in which they occur. Stock-based compensation expense is recognized in the Consolidated Statements of Operations and is classified as a non-cash activity in the Consolidated Statements of Cash Flows.

The grant date fair value of each stock option granted is estimated on the grant date using the Black-Scholes option valuation model. Stock options generally vest over a three-year period with annual vesting.

The grant date fair value of each restricted stock unit (“RSU”) granted is equivalent to the closing price of Kenvue common stock on the New York Stock Exchange on the grant date. RSUs generally vest over a three-year period with annual vesting.

The Company grants performance stock units (“PSUs”) with both performance vesting conditions and market-based vesting conditions (the “Performance PSUs”). During the performance period, stock-based compensation expense for the Performance PSUs will be adjusted based on the Company’s best estimate of achievement of the specified performance metrics. The cumulative effect on current and prior periods of a change in the estimated number of Performance PSUs that are expected to be earned will be recognized as an adjustment to stock-based compensation expense in the period of the change. The grant date fair value of each Performance PSU granted, inclusive of the fair value associated with the achievement of the specified performance metrics and the relative total shareholder return goal, is estimated on the grant date using the Monte Carlo valuation model.

See Note 11, “Stock-Based Compensation—J&J Plans and Conversion of J&J Awards,” for more information on the conversion of J&J awards to Kenvue awards in connection with the completion of the Exchange Offer.

Prior to the Kenvue IPO, certain employees of the Company participated in J&J’s stock-based compensation plans. Stock-based compensation expense related to these plans was recognized based on specific identification of cost related to the Company’s employees. The Company also received allocated stock-based compensation expense relating to employees of central support functions provided by J&J.

Restructuring Expenses

Certain costs incurred associated with restructuring activities, including one-time termination benefits and employee-related costs, are accounted for in accordance with ASC 420, Exit or Disposal Cost Obligations. The Company recognizes a liability and the related expense for these restructuring costs when the liability is incurred and can be measured. In accordance with existing benefit arrangements, future employee termination costs to be incurred in conjunction with involuntary separations are accrued when such separations are probable and estimable. The related expense for these restructuring costs is recorded in the Restructuring expenses line item in the Consolidated Statements of Operations. Other charges are recorded in the Cost of sales or Selling, general, and administrative expenses line items in the Consolidated Statements of Operations, as applicable. Segment profit is based on Operating income and management excludes restructuring expenses and other charges in assessing segment financial performance.

Foreign Currency

The net assets of international operations where the local currencies have been determined to be the functional currencies are translated into U.S. dollars, the reporting currency, using period-end exchange rates and at the average exchange rates for the

reporting period for revenue and expense accounts. The cumulative foreign currency translation adjustment is recorded as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Foreign currency translation recorded in these Consolidated Financial Statements is based on currency movements specific to the Company’s assets and liabilities included on the Consolidated Balance Sheets during the periods presented.

For translation of its international operations, the Company has determined that the majority of its local currencies 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. The Company has accounted for operations in Argentina, Turkey, and Egypt as highly inflationary.

Foreign currency exchange gains and losses on transactions occurring in a currency other than an operation’s functional currency are recognized as a component of Other expense, net in the Consolidated Statements of Operations. Net currency transaction losses were $26 million, $64 million, and $105 million for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

Supplier Finance Program

The Company has facilitated a voluntary supplier finance program to provide some of its suppliers with the opportunity to sell receivables due from the Company (the Company’s accounts payables) to participating financial institutions at the sole discretion of both the suppliers and the 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 between 30 and 120 days), are not affected by a participating supplier’s decision to participate in the program. Invoices from suppliers participating in the supplier finance program are recorded in Accounts payable on the Consolidated Balance Sheets.

The rollforward of the Company’s outstanding obligations confirmed as valid under its supplier finance program for the fiscal twelve months ended December 29, 2024 is as follows:


(Dollars in Millions)	December 29, 2024
Confirmed obligations outstanding at the beginning of the fiscal year	$	227
Invoices confirmed during the fiscal year	1,093
Confirmed invoices paid during the fiscal year	(1,060)
Confirmed obligations outstanding at the end of the fiscal year	$	260

Variable Interest Entities and Net Economic Benefit Arrangements

When the Company makes an initial investment in or establishes other variable interests in an entity, the entity is first evaluated to determine if it is a Variable Interest Entity (“VIE”) and if the Company is the primary beneficiary of the VIE, and therefore subject to consolidation regardless of percentage ownership. The primary beneficiary of a VIE is a party that meets both of the following criteria: 1) it has the power to direct the activities that most significantly impact the economic performance of the VIE; and 2) it has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. Periodically, the Company assesses whether any change in its interest in or relationship with the entity affects the determination as to whether the entity is a VIE, and, if so, whether the Company is the primary beneficiary.

In connection with the Separation, J&J and Kenvue entered into a separation agreement (the “Separation Agreement”) on May 3, 2023. Under the Separation Agreement, transfer of certain assets and liabilities of the Consumer Health Business in certain jurisdictions (each, a “Deferred Local Business”) was not completed prior to the Kenvue IPO and was deferred due to certain precedent conditions, which include ensuring compliance with applicable law and obtaining necessary governmental approvals and other consents, and for other business reasons. At the Kenvue IPO and until the Deferred Local Business transfers to the Company, J&J 1) holds and operates the Deferred Local Businesses on behalf of and for the benefit of the Company, and 2) will use reasonable best efforts to treat and operate, insofar as reasonably practicable and to the extent permitted by applicable law, each such Deferred Local Business in the ordinary course of business in all material respects consistent with past practice. The benefits and costs related to these Deferred Local Businesses will be assumed by the Company (see below “—Net Economic Benefit Arrangements”). In addition, the Company and J&J will use reasonable best efforts to take all actions to transfer each Deferred Local Business as promptly as reasonably practicable. When the precedent conditions are met, the Deferred Local Businesses will be transferred as per the terms of the arrangement with J&J.

The Company determined that certain Deferred Local Businesses that are legal entities (“Deferred Legal Entities”) are VIEs for which Kenvue is the primary beneficiary, since Kenvue has the power to direct the activities that most significantly impact such Deferred Legal Entities’ economic performance, as well as to obtain all the economic benefits and losses of such entities. These significant activities include, but are not limited to, product pricing, marketing and sales strategy, supply chain strategy, material supply and vendor management, budget planning, and labor and overhead management. Accordingly, the assets and liabilities of these entities are recognized on the Consolidated Balance Sheets at their historical carrying amounts as of the date when the Company entered into the arrangement, since the primary beneficiary of the VIEs and the VIEs themselves were under common control. Additionally, the results of the operations and cash flows are included within the Consolidated Financial Statements.

All Deferred Legal Entities are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information for Deferred Legal Entities has been aggregated and the following table summarizes the consolidated assets and liabilities of these entities on the Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023. The amounts represented in this table are only those assets of the VIEs that can be used to settle only the VIE’s obligations and the VIE’s creditors (or beneficial interest holders) have no recourse against the general credit of the primary beneficiary.


(Dollars in Millions)	December 29, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	99	$	109
Trade receivables, less allowances for credit losses	70		57
Inventories	16		18
Prepaid expenses and other receivables	3		6

Total current assets	188		190
Property, plant, and equipment, net	3		5


Deferred taxes on income	3		2
Other assets	—		1

Total assets	$	194	$	198
Liabilities
Current liabilities
Accounts payable	$	3	$	5
Accrued liabilities	11		12
Accrued rebates, returns, and promotions	16		14
Accrued taxes on income	—		3
Total current liabilities	30		34


Total liabilities	$	30	$	34

The Company recognized Net income of $17 million and $85 million for the fiscal twelve months ended December 29, 2024 and December 31, 2023, respectively, related to the Deferred Legal Entities in the Consolidated Statements of Operations.

Net Economic Benefit Arrangements

With respect to certain Deferred Legal Entities and the Deferred Local Businesses that are not legal entities (“Deferred Markets”), the Company and J&J entered into net economic benefit arrangements effective on April 4, 2023, pursuant to which, among other things, J&J will transfer to the Company the net profits from the operations of each of the Deferred Markets (or, in the event the operations of any such Deferred Markets result in net losses to J&J, the Company will reimburse J&J for the amount of such net losses).

The Company recognized a net payable to J&J of $23 million and $39 million as of December 29, 2024 and December 31, 2023, respectively, in relation to the net economic benefit arrangements on the Consolidated Balance Sheets. The Company recognized Net income of $51 million and $36 million for the fiscal twelve months ended December 29, 2024 and December 31, 2023, respectively, in relation to the net economic benefit arrangements in the Consolidated Statements of Operations.

Recently Adopted Accounting Standards

Accounting Standards Update (“ASU”) 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 scopes in entities with a single reportable segment and requires those entities to provide all disclosures required in Topic 280. Among other various new disclosures, ASU 2023-07 additionally requires that current annual disclosures about a reportable segment’s profit or loss and assets also be provided in interim periods. Enhanced reporting requirements for all entities include disclosure of 1) significant segment expenses, 2) the title and position of the chief operating decision maker (the “CODM”), and 3) how the CODM uses disclosed measure(s) of a segment’s profit or loss in assessing segment performance and allocating resources. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Companies are required to apply the amendments retrospectively to all prior periods presented in the financial statements, and early adoption is permitted. The adoption in the fiscal three months ended December 29, 2024 has resulted in additional disclosures, including the disclosure of significant segment expenses, within Note 18, “Segments of Business and Geographic Areas.” There was no effect on the Company’s financial position, results of operations, or cash flows.

ASU 2022—04: Liabilities—Supplier Finance Programs (Subtopic 405-50)–Disclosure of Supplier Finance Program Obligations

In September 2022, the FASB issued ASU 2022-04—Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”). ASU 2022-04 requires that a buyer in a supplier finance program disclose sufficient information about the program for financial statement users. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with the exception for the amendment on rollforward information. This amendment requires entities to present rollforward information in each annual reporting period, which is effective for fiscal years beginning after December 15, 2023. The adoption in the fiscal three months ended December 29, 2024 has resulted in additional disclosures for rollforward information of the Company’s outstanding obligations confirmed as valid under its supplier finance program for the fiscal twelve months ended December 29, 2024. There was no effect on the Company’s financial position, results of operations, or cash flows. Refer to “—Supplier Finance Program” above for additional information.

Recent Accounting Standards Not Yet Adopted

ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances the transparency of income tax disclosures, primarily by requiring public business entities to disclose 1) consistent categories and greater disaggregation of information in the rate reconciliations and 2) the disclosure of income taxes paid disaggregated by jurisdiction, among other requirements. This guidance is effective for public entities for the fiscal years beginning after December 15, 2024, and early adoption is permitted. The amendments are applicable on a prospective basis, although retrospective basis is also permitted. The Company is currently evaluating this guidance and the impact on its income tax disclosures.

ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). Among other various new disclosures, ASU 2024-03 requires public entities to disaggregate operating expenses included in certain expense captions presented on the face of the income statement into specific categories (including purchases of inventory, employee compensation, depreciation, and intangible asset amortization) to provide enhanced transparency into the nature of expenses. This guidance is effective for public entities for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Companies are required to apply the amendments either 1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or 2) retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating this guidance and the impact on its disclosures.

No other new accounting standards that were issued or became effective during the fiscal twelve months ended December 29, 2024 had, or are expected to have, a significant impact on the Consolidated Financial Statements.

Inventories

12 Months Ended

Dec. 29, 2024

Inventory Disclosure [Abstract]

Inventories

As of December 29, 2024 and December 31, 2023, inventories were comprised of:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Raw materials and supplies	$	274	$	304
Goods in process	101		115
Finished goods	1,216		1,432
Total inventories	$	1,591	$	1,851

Property, Plant, and Equipment and Cloud Computing Arrangements

12 Months Ended

Dec. 29, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment and Cloud Computing Arrangements

Property, Plant, and Equipment

As of December 29, 2024 and December 31, 2023, property, plant, and equipment at cost and the related accumulated depreciation were:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Machinery and equipment	$	2,250	$	2,447
Buildings and building equipment	1,599		1,749
Software	102		1,491
Construction in progress	542		480
Land and land improvements	57		76
Total property, plant, and equipment, gross	4,550		6,243
Less: accumulated depreciation	(2,701)		(4,201)
Total property, plant, and equipment, net(1)	$	1,849	$	2,042

(1) As of December 29, 2024, the Consolidated Balance Sheet reflects an adjustment for a change in classification from Property, plant, and equipment, net of $288 million to Other assets and Additional paid-in capital of $169 million and $84 million, respectively, related to certain cloud computing arrangements, net of amortization of $35 million. The Company concluded that this adjustment was not material to the Consolidated Financial Statements for either the current period or prior periods.

Cloud Computing Arrangements

Certain of the Company’s information technology contracts have been deemed to be cloud computing arrangements, which include software as a service, platform as a service, and infrastructure as a service contracts. Certain costs incurred for the implementation of the cloud computing arrangements are capitalized and amortized on a straight-line basis over the term of the contract. For each component of the cloud computing arrangements, amortization begins when the component becomes ready for its intended use. Capitalized implementation costs are presented in Other assets on the Consolidated Balance Sheets, which is the same financial statement line item in which a prepayment of the fees for the associated cloud computing arrangements would be presented. Amortization expense recorded on capitalized implementation costs is presented in Selling, general, and administrative expenses and Cost of sales in the Consolidated Statements of Operations, which are the same financial statement line items in which the expense for fees related to the associated cloud computing arrangements are presented.

Capitalized implementation costs and accumulated amortization related to the Company’s cloud computing arrangements were as follows as of December 29, 2024:


(Dollars in Millions)	December 29, 2024
Cloud computing arrangements, gross	$	1,277
Less: accumulated amortization	(1,088)
Total cloud computing arrangements, net	$	189

See “—Property, Plant, and Equipment” above for information related to cloud computing arrangements for the fiscal twelve months ended December 31, 2023.

Depreciation Expense

Depreciation expense for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Depreciation expense(1)	$	353	$	305	$	296

(1) Depreciation for the fiscal twelve months ended December 29, 2024 includes $145 million of amortization of integration and development costs capitalized in connection with cloud computing arrangements, as discussed in “—Cloud Computing Arrangements” above. See “—Property, Plant, and Equipment” above for information related to cloud computing arrangements for the fiscal twelve months ended December 31, 2023.

Intangible Assets and Goodwill

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

As of December 29, 2024 and December 31, 2023, the gross and net amounts of intangible assets were:


	December 29, 2024						December 31, 2023
(Dollars in Millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Patents and trademarks	$	4,110	$	(1,780)	$	2,330	$	4,444	$	(1,698)	$	2,746
Customer relationships	1,933		(1,074)		859		2,125		(1,151)		974
Other intangibles(1)	1,276		(694)		582		1,320		(669)		651
Total definite-lived intangible assets	$	7,319	$	(3,548)	$	3,771	$	7,889	$	(3,518)	$	4,371
Indefinite-lived intangible assets:
Trademarks	$	4,648	$	—	$	4,648	$	5,187	$	—	$	5,187
Other	55		—		55		61		—		61
Total intangible assets, net	$	12,022	$	(3,548)	$	8,474	$	13,137	$	(3,518)	$	9,619

(1) The majority of the other intangible assets balance relates to the acquisition of Pfizer Consumer Health in 2006.

Gross carrying amount changes for the fiscal twelve months ended December 29, 2024 were primarily driven by the impact of $479 million in intangible asset impairments, of which $463 million related to impairment charges recognized in relation to Dr.Ci:Labo® definite-lived intangible assets, including trademarks and other intangibles, as described in Note 1, “Description of the Company and Summary of Significant Accounting Policies—Impairment of Long-Lived Assets.” The change was further driven by the impact of currency translations.

The Company recognized an intangible asset impairment of $12 million related to certain definite-lived trademarks deemed as irrecoverable in the Impairment charges line item in the Consolidated Statement of Operations for the fiscal twelve months

ended January 1, 2023. No intangible asset impairments were recognized for the fiscal twelve months ended December 31, 2023.

Amortization expense for the Company’s amortizable assets, which is included in Cost of sales, was $269 million, $322 million, and $348 million for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

The schedule of amortization expense for the five succeeding fiscal years is as follows:


(Dollars in Millions)
2025		2026		2027		2028		2029
$	257	$	257	$	252	$	252	$	243

Goodwill by reportable business segment was as follows:


(Dollars in Millions)	Self Care		Skin Health and Beauty		Essential Health		Total(1)
Goodwill as of January 1, 2023	$	5,194	$	2,365	$	1,626	$	9,185
Currency translation	114		(50)		22		86
Goodwill as of December 31, 2023	5,308		2,315		1,648		9,271
Currency translation	(254)		(130)		(44)		(428)
Goodwill as of December 29, 2024	$	5,054	$	2,185	$	1,604	$	8,843

(1) The majority of the Goodwill balance relates to the acquisition of Pfizer Consumer Health in 2006.

The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants. The Company estimates the fair value of a reporting unit using a discounted cash flow model. The discounted cash flow model relies on assumptions regarding revenue and net income growth rates, projected working capital needs, capital expenditures, and discount rates. To estimate fair value, the Company discounts the forecasted cash flows of each reporting unit. The discount rate the Company uses represents the estimated weighted-average cost of capital, which reflects the overall level of inherent risk involved in the reporting unit’s operations and the rate of return a market participant would expect to earn. The quantitative fair value test is performed utilizing long-term growth rates and discount rates applied to the estimated cash flows in estimation of fair value.

To forecast a reporting unit’s cash flows, the Company takes into consideration economic conditions and trends, estimated future operating results, management’s projections, a market participant’s view of growth rates and product lives, and anticipated future economic conditions. Revenue growth rates inherent in these forecasts are based on input from internal and external market research that compare factors such as growth in global economies, recent industry trends, and product lifecycles. Macroeconomic factors such as changes in economies, changes in the competitive landscape, changes in government legislation, product lifecycles, industry consolidations, and other changes beyond the Company’s control could have a positive or negative impact on achieving its targets. Accordingly, if market conditions deteriorate, or if the Company is unable to execute its strategies, it may be necessary to record impairment charges in the future.

Annual Goodwill Impairment Tests

The Company completed its annual goodwill impairment tests for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 by performing a quantitative assessment on each of the reporting units and concluded that no impairment to goodwill was necessary as the fair value of each reporting unit was in excess of its respective carrying value.

Borrowings

12 Months Ended

Dec. 29, 2024

Debt Disclosure [Abstract]

Borrowings

The components of the Company’s debt as of December 29, 2024 and December 31, 2023 were as follows:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Senior Notes
5.50% Senior Notes due 2025	$	750	$	750
5.35% Senior Notes due 2026	750		750
5.05% Senior Notes due 2028	1,000		1,000
5.00% Senior Notes due 2030	1,000		1,000
4.90% Senior Notes due 2033	1,250		1,250
5.10% Senior Notes due 2043	750		750
5.05% Senior Notes due 2053	1,500		1,500
5.20% Senior Notes due 2063	750		750
Other(1)	119		9
Discounts and debt issuance costs	(64)		(72)
Total	7,805		7,687
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs	(750)		—
Total long-term debt	7,055		7,687
Current portion of long-term debt—principal amount	750		—
Commercial paper	800		600
Discounts and debt issuance costs	(3)		(1)
Other	5		—
Total loans and notes payable	1,552		599
Total debt	$	8,607	$	8,286

(1) As of December 29, 2024, Other includes $113 million of finance lease liabilities associated with the Global and North America Headquarters Lease. See Note 8, “Leases,” for more information.

Senior Notes

On March 22, 2023, the Company issued eight series of senior unsecured notes (the “Senior Notes”) in an aggregate principal amount of $7.75 billion. The net proceeds to the Company from the Senior Notes were approximately $7.7 billion after deductions of discounts and issuance costs of $77 million. Upon release from escrow, these funds were loaned to J&J through a facility agreement (the “Facility Agreement”) dated April 5, 2023. See “—Facility Agreement” below for additional details.

In connection with the issuance of the Senior Notes, the Company entered into a registration rights agreement with the initial purchasers, pursuant to which the Company was obligated to use commercially reasonable efforts to file with the Securities and Exchange Commission (the “SEC”) and cause to become effective a registration statement with respect to an offer to exchange each series of Senior Notes for registered notes with terms that are substantially identical in all material respects to the notes of such series. On October 19, 2023, the Company completed an exchange offer of its outstanding unregistered Senior Notes (the “Original Senior Notes”) for new notes registered pursuant to the Securities Act (the “Exchange Senior Notes”). The terms of each series of the Exchange Senior Notes are substantially identical to the terms of the applicable series of Original Senior Notes, except the Exchange Senior Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and provisions relating to additional interest relating to the Company’s registrations do not apply to the Exchange Senior Notes. As a result of this exchange, the Company incurred filing and legal fees that were not significant, which the Company capitalized as debt issuance costs.

The weighted-average effective interest rate of the Company’s long-term debt was 5.1% and 5.1% as of December 29, 2024 and December 31, 2023, respectively. The weighted-average effective interest rate of the Company’s current portion of long-term debt was 5.5% as of December 29, 2024.

The interest payments are due on March 22 and September 22 of each year and commenced on September 22, 2023.

The Senior Notes were initially fully and unconditionally guaranteed on a senior unsecured basis by J&J. Such guarantees of the Senior Notes were automatically and unconditionally terminated upon the completion of the Consumer Health Business Transfer and the Kenvue IPO. The Company may redeem any series of the Senior Notes at its option, in whole or in part, at any time and from time to time by paying a “make whole” premium, plus accrued and unpaid interest to, but excluding, the applicable redemption date. On and after the applicable par call date (between zero and six months prior to maturity, based on the series), the Company may redeem any series of the Senior Notes in whole or in part, at a redemption price equal to 100% of the principal amount of the notes of such series being redeemed plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date. The Senior Notes will rank equally in right of payment with the Company’s other existing and future senior unsecured indebtedness.

The Company’s Senior Notes are governed by an indenture and supplemental indenture between the Company and a trustee (collectively, the “Indenture”). The Indenture contains certain covenants, including limitations on the Company and certain of its subsidiaries’ ability to incur liens or engage in certain sale leaseback transactions. The Indenture also contains restrictions on the Company’s ability to consolidate, merge, or sell substantially all of its assets. In addition, the Indenture contains other customary terms, including certain events of default, upon the occurrence of which the Senior Notes may be declared immediately due and payable.

The schedule of principal payments required on the Company’s Senior Notes for the five succeeding fiscal years, and thereafter, is as follows:


(Dollars in Millions)
2025		2026		2027		2028		2029		Thereafter
$	750	$	750	$	—	$	1,000	$	—	$	5,250

Commercial Paper Program

On March 3, 2023, the Company entered into a commercial paper program (the “Commercial Paper Program”). The Company’s Board of Directors (the “Board”) has authorized the issuance of up to $4.0 billion in an aggregate principal amount of commercial paper under the Commercial Paper Program. Any such issuance will mature within 364 days from date of issue. The Commercial Paper Program contains representations and warranties, covenants, and defaults that are customary for this type of financing. The commercial paper notes issued under the Commercial Paper Program are unsecured notes ranking at least pari passu with all of the Company’s other senior unsecured indebtedness.

Prior to the Kenvue IPO, the Company issued $1.25 billion under its Commercial Paper Program which, collectively with the Senior Notes, are referred to as the “Debt Financing Transactions.” As of December 29, 2024, the Company had $797 million of outstanding balances under its Commercial Paper Program, net of a related discount of $3 million. As of December 31, 2023, the Company had $599 million of outstanding balances under its Commercial Paper Program, net of a related discount of $1 million.

The weighted-average effective interest rate of the Company’s commercial paper was 5.2% and 5.2% as of December 29, 2024 and December 31, 2023, respectively. The weighted-average maturities were less than 90 days as of both December 29, 2024 and December 31, 2023.

Revolving Credit Facility

On March 6, 2023, the Company entered into a credit agreement providing for a five-year senior unsecured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of $4.0 billion to be made available in U.S. dollars and Euros. Interest is payable on the loans under the Revolving Credit Facility at 1) in the case of borrowings denominated in U.S. dollars, adjusted Term Secured Overnight Financing Rate (“Term SOFR”) (or, at the Company’s option, the adjusted base rate), 2) in the case of borrowings denominated in Euros, adjusted Euro Interbank Offered Rate (“EURIBOR”), and 3) in the case of swingline borrowings, the daily simple Euro Short-Term Rate, plus, in each case, a margin determined pursuant to a pricing grid based on the Company’s credit ratings. The Revolving Credit Facility fees and letter of credit fees are determined based upon the same grid. Interest payments are due 1) in the case of Term SOFR or EURIBOR borrowings, on the last day of each interest period applicable to the borrowing (or, in the case of any borrowing with an interest period of more than three months’ duration, every three months), 2) in the case of an adjusted base rate borrowing, on the last day of each March, June, September, and December, and 3) in the case of swingline borrowings, on the fifth business day after the borrowing. In

connection with entering the Revolving Credit Facility, the Company paid an immaterial amount of debt issuance costs. These costs related to securing the Revolving Credit Facility are presented within Other assets on the Consolidated Balance Sheets.

The Revolving Credit Facility contains representations and warranties, covenants, and events of default that are customary for this type of financing, including covenants restricting the incurrence of liens and the entry into certain merger transactions.

J&J initially unconditionally guaranteed all of the obligations of the borrowers under the Revolving Credit Facility on an unsecured basis. Such guarantees of the Revolving Credit Facility were automatically terminated upon the completion of the Consumer Health Business Transfer and the Kenvue IPO. Kenvue unconditionally guarantees all of the obligations of the borrowers (other than itself) under the Revolving Credit Facility on an unsecured basis.

As of both December 29, 2024 and December 31, 2023, the Company had no outstanding balances under its Revolving Credit Facility.

On January 30, 2025, the Company requested an extension of the maturity date of its Revolving Credit Facility from March 6, 2028 to March 6, 2029, and on February 21, 2025, such extension became effective with respect to all lenders under the Revolving Credit Facility, each of which accepted such request. The terms of the Revolving Credit Facility otherwise remain unchanged.

Facility Agreement

On April 5, 2023, the Company and J&J entered into the Facility Agreement, allowing the Company to lend the proceeds from the issuance of debt (including commercial paper) in an aggregate amount of $8.9 billion to J&J. Interest on loans made from the Facility Agreement was charged at an interest rate equal to the Secured Overnight Financing Rate less an adjusted margin of 15 basis points, with a floor of 0% (a weighted-average interest rate of 4.7%) to be paid monthly in arrears.

Upon completion of the Kenvue IPO on May 8, 2023, the Facility Agreement was terminated and the balance of the loans, and all accrued interest, were repaid by J&J for a total cash inflow of $9.0 billion. The Company earned interest income of $33 million for the fiscal twelve months ended December 31, 2023 in relation to the Facility Agreement. The Company remitted this cash back to J&J as a distribution in connection with the Separation. The cash flows for the lending, and repayment, of the principal balance of the Facility Agreement are presented within cash flows from investing activities within the Consolidated Statement of Cash Flows. Cash inflows from the interest earned on the Facility Agreement are presented within Interest expense, net in the Consolidated Statements of Operations and are presented as cash inflows from operations within the Consolidated Statement of Cash Flows.

Interest Expense, Net

The amount included in Interest expense, net in the Consolidated Statements of Operations consists of the following:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
Interest expense	$	431	$	358
Interest income(1)	(53)		(108)
Total interest expense, net	$	378	$	250

(1) Includes interest income of $33 million for the fiscal twelve months ended December 31, 2023 recognized in relation to the Facility Agreement.

No Interest expense, net was recognized for the fiscal twelve months ended January 1, 2023.

Fair Value of Debt

The Company’s debt was recorded at the carrying amount. The estimated fair value of the Company’s Senior Notes was $7.5 billion and $8.0 billion as of December 29, 2024 and December 31, 2023, respectively. Fair value was estimated using market prices using quoted prices in active markets which would be considered Level 2 in the fair value hierarchy. The carrying value of the commercial paper notes approximated the fair value as of December 29, 2024 and December 31, 2023 due to the nature and short-term duration of the instrument.

Compliance with Covenants

As of December 29, 2024, the Company was in compliance with all debt covenants, and no default or event of default has occurred.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Employee-Related Obligations

Employee-Related Obligations

12 Months Ended

Dec. 29, 2024

Postemployment Benefits [Abstract]

As of December 29, 2024 and December 31, 2023, employee-related obligations recorded on the Consolidated Balance Sheets were:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Pension benefits	$	339	$	342
Postretirement benefits	5		5
Severance benefits	35		39
Total employee-related obligations	379		386
Less: current benefits in Accrued liabilities	(37)		(26)
Employee-related obligations—non-current	$	342	$	360

Pensions

12 Months Ended

Dec. 29, 2024

Retirement Benefits [Abstract]

Pensions

In connection with the completion of the Separation, the Company converted all multiemployer pension plans to a multiple-employer pension plan or a single-employer pension plan.

Single-Employer Plans

The Company is the plan sponsor for certain defined benefit retirement plans (collectively, “the Plans”), and the Consolidated Financial Statements reflect the periodic benefit costs and funded status of such plans. The Company uses December 31 as the fiscal year-end measurement date for the Plans, which are located outside the United States.

Net periodic benefit costs for the Plans sponsored by the Company for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 included the following components:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Service cost	$	30	$	21	$	8
Interest cost	28		26		4
Amortization of loss (gain)	3		(2)		4
Special events	6		10		—
Expected return on plan assets	(34)		(25)		(1)
Total net periodic benefit cost	$	33	$	30	$	15

The service cost component of net periodic benefit cost is presented in the same line items in the Consolidated Statements of Operations where other employee compensation costs are reported, including Cost of sales and Selling, general, and administrative expenses. The special events component of net periodic benefit cost for the fiscal twelve months ended December 29, 2024 is presented as part of Restructuring expenses in the Consolidated Statement of Operations. All other components of net periodic benefit costs are presented as part of Other expense, net in the Consolidated Statements of Operations. During the fiscal twelve months ended December 29, 2024, the Company recognized a settlement loss of $6 million associated with global workforce reductions in connection with the 2024 Multi-Year Restructuring Initiative (as defined in Note 19, “Restructuring Expenses and Operating Model Optimization Initiatives”). During the fiscal twelve months ended December 31, 2023, the Company converted a defined benefit plan to a defined contribution plan, which resulted in a settlement loss of $14 million, partially offset by a curtailment gain of $4 million. This net balance, as well as the settlement loss recognized in the fiscal twelve months ended December 29, 2024, are disclosed in “Special events” within Net periodic benefit cost.

The following table provides the weighted-average actuarial assumptions related to the Plans sponsored by the Company for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
	December 29, 2024		December 31, 2023		January 1, 2023
Net Periodic Benefit Cost
Service cost discount rate	2.6	%	3.4	%	2.3	%
Interest cost discount rate	3.6	%	4.6	%	3.1	%
Rate of increase in compensation levels	3.3	%	3.3	%	2.5	%
Expected long-term rate of return on plan assets	5.5	%	5.5	%	2.9	%
Benefit Obligation
Discount rate	3.8	%	3.6	%	4.2	%
Rate of increase in compensation tables	3.3	%	3.3	%	2.7	%

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 sets forth information related to the benefit obligation and the fair value of plan assets for the fiscal twelve months ended December 29, 2024 and December 31, 2023 for the Plans sponsored by the Company:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
Change in Benefit Obligation
Projected benefit obligation—beginning of year	$	829	$	235
Service cost	30		21
Interest cost	28		26
Actuarial (gain) loss(1)	(39)		99
Plan participants’ contributions	6		7
Curtailments, settlements, and restructuring	(39)		(50)
Benefits paid from plan	(15)		(22)
Effect of exchange rates	(42)		31
Transfers	—		473
Other	28		9
Projected benefit obligation—end of year	$	786	$	829
Change in Plan Assets
Plan assets at fair value—beginning of year	$	535	$	19
Company contributions	31		27
Plan participants’ contributions	6		7
Benefits paid from plan assets	(15)		(22)
Actual return on plan assets	21		(30)
Curtailments, settlements, and restructuring	(29)		(36)
Effect of exchange rates	(23)		18
Transfers	—		552
Plan assets at fair value—end of year	$	526	$	535
Funded status—end of year	$	(260)	$	(294)
Amounts recognized on the Consolidated Balance Sheets consist of the following:
Other assets	$	84	$	53
Accrued liabilities	(9)		(9)
Employee-related obligations	(335)		(338)
Total recognized on the Consolidated Balance Sheets—end of year	$	(260)	$	(294)
Amounts recognized in Accumulated other comprehensive loss consist of the following:
Net actuarial loss	$	170	$	123
Transfers	—		100
Prior service cost	(5)		(6)
Total before tax effects	$	165	$	217

Accumulated benefit obligations—end of year	$	686	$	747

(1) The actuarial gain in the fiscal twelve months ended December 29, 2024 was primarily related to an increase in the discount rate. The actuarial loss in the fiscal twelve months ended December 31, 2023 was primarily related to a decrease in the discount rates and an increase in the rate of compensation.

The amounts recognized in net periodic benefit cost and Other comprehensive (loss) income related to the Plans sponsored by the Company for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Net periodic benefit cost	$	33	$	30	$	15
Net actuarial gain (loss)	(36)		118		(82)
Amortization of net actuarial gain (loss)	(9)		4		(4)
Effect of exchange rates	(7)		9		(6)
Total (income) loss recognized in Other comprehensive (loss) income, before tax	$	(52)	$	131	$	(92)
Total recognized in net periodic benefit cost and Other comprehensive (loss) income	$	(19)	$	161	$	(77)

The 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, and consequently, these plans are not funded.

The schedule of projected future benefit payments from the Plans for the ten succeeding fiscal years is as follows:


(Dollars in Millions)
2025		2026		2027		2028		2029		2030–2034
$	50	$	34	$	34	$	36	$	39	$	220

The Company currently has $14 million in projected benefit plan contributions.

The Company’s investment objective is to generate investment returns that provide adequate assets to meet current and future benefit obligations. The investment objectives are achieved through diversification of the retirement plan assets and management of liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Plan assets are diversified by asset class in order to reduce volatility of overall results and to take advantage of various investment opportunities. The Company’s retirement plan assets as of December 29, 2024 were primarily comprised of debt, equity, and other assets. Other assets are mainly comprised of monetary assets such as cash, insurance contracts, and insured benefits to employees allocated from a pension Trustee. The Company further invests in commingled funds that are actively investing with a focus to meet the allocation and risk exposure by focusing on debt or equity securities. The increased volatility associated with equity securities that generate higher expected returns are offset by long duration fixed income securities that help reduce the volatility of the overall portfolio. Investment risk exposure is carefully controlled with plan assets rebalanced to target allocations on a periodic basis and continued monitoring through investment portfolio reviews.

The asset allocation as of December 29, 2024 and December 31, 2023 and target allocations for 2025 related to the Plans are as follows:


	Percent of Plan Assets				Target Allocation
	December 29, 2024		December 31, 2023		2025
Debt instruments	49	%	54	%	58	%
Equity securities	14	%	19	%	13	%
Other assets	37	%	27	%	29	%
Total plan assets	100	%	100	%	100	%

Determination of Fair Value of Plan Assets

The Plans have established a 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 Plans believe the 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

Fair value measurements are estimated based on valuations techniques and inputs categorized as follows:

•Level 1—Quoted prices in active markets for identical assets or liabilities

•Level 2—Significant other observable inputs

•Level 3—Significant unobservable inputs

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.

Following is a description of the valuation methodologies used for the investments measured at fair value.

•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. The debt instruments primarily relate to government bonds, money held by trusts, or bonds taken from funds. 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 other observable inputs including pricing models, quoted prices of securities with similar characteristics, or discounted cash flows and are classified as Level 2.

•Equity securities—Equity securities are valued at the closing price reported on the active market on which the individual securities are traded. Substantially all equity securities are classified within Level 1 of the valuation hierarchy.

•Other assets—Other assets include cash and money markets held within an account that guarantee a fixed percentage return. Substantially all cash and monetary assets are classified within Level 1 of the valuation hierarchy. As of December 29, 2024, insurance contracts with a defined return are classified as Level 3 assets within the valuation hierarchy. Other assets also included insured benefits to employees allocated from a pension Trustee. The value of these assets is determined based on the vested value of the underlying employee obligations multiplied by the publicly available coverage ratio of the Trustee. These assets are categorized as Level 3.

•Commingled Funds—The fair value of non-publicly traded funds is determined using the NAV provided by the administrator of the fund when the Company has the ability to redeem the asset at the measurement date. When the Company is using the NAV as a practical expedient, those investments are not included in the valuation hierarchy. The investments are valued using the NAV provided by the fund administrator. Assets in the Level 2 category have a quoted market price.

The following table sets forth the Plans’ investments measured at fair value as of December 29, 2024 and December 31, 2023:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(1)		Assets Measured at NAV		Total Assets
(Dollars in Millions)	December 29, 2024
Debt instruments	$	—	$	223	$	—	$	—	$	223
Equity securities	8		—		—		—		8
Other assets	44		—		151		—		195
Commingled funds	—		92		—		8		100
Total investments at fair value	$	52	$	315	$	151	$	8	$	526

(1) The activity of the Level 3 other assets was not significant.


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(1)		Assets Measured at NAV		Total Assets
(Dollars in Millions)	December 31, 2023
Debt instruments	$	—	$	197	$	—	$	—	$	197
Equity securities	26		—		—		—		26
Other assets	56		1		146		—		203
Commingled funds	—		101		—		8		109
Total investments at fair value	$	82	$	299	$	146	$	8	$	535

(1) The activity of the Level 3 other assets consists of $127 million transfers from J&J and $19 million of returns during the year resulting from additional vested benefits and the trustee’s coverage ratio.

Participation in J&J Plans

Prior to the Separation, the Company’s employees participated in J&J’s defined benefit pension plans, which covered eligible employees in the United States and certain foreign jurisdictions. J&J also provided medical benefits, principally to its U.S. retirees and their dependents, through its other postretirement benefit plans. J&J’s defined benefit pension plans were accounted for as multiemployer pension plans, and assets and liabilities associated with these plans were not reflected on the Consolidated Balance Sheets. After the Separation, the Company no longer had any multiemployer plans, as they were all converted to a multiple-employer pension plan or a single-employer pension plan. The Consolidated Statements of Operations for the fiscal twelve months ended December 31, 2023 and January 1, 2023 include expense allocations for these benefits, which were determined using a proportional allocation method. Total benefit plan expense allocated to the Company amounted to $17 million and $54 million for the fiscal twelve months ended December 31, 2023 and January 1, 2023, respectively. No allocations were made subsequent to the fiscal three months ended July 2, 2023, during which Kenvue became a fully independent company.

In connection with the Separation, J&J has provided participation rights for a 15-year period for certain employees to continue receiving the pension benefits within the United States and Canada. As a result of this benefit provided to Kenvue employees, an asset has been recorded on the Consolidated Balance Sheet during the fiscal twelve months ended December 31, 2023 in the amount of $94 million that will be amortized straight line over the 15-year period ended 2039.

Savings Plan

The Company has 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 they are eligible. Total contributions attributable to the Company’s employees were $108 million, $46 million, and $14 million for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

Post-Employment Benefit Plans

Prior to the Separation, J&J maintained a post-employment benefit plan to provide limited benefits to its former employees, including former employees of the Company, if they were involuntarily terminated. The duration of these benefits was generally based on the employee’s term of service with J&J, and included both severance compensation and other benefits, including medical coverage. The post-employment plan was published and was considered a benefit to employees which was earned over the employee’s term of service. As a result, J&J recognized the cost of this benefit as it was earned by the employee as required by ASC 712, Compensation—non-retirement post-employment benefits. The cost of this benefit allocated to the Company in the fiscal twelve months ended December 31, 2023 and January 1, 2023 was approximately $18 million and $46 million, respectively, and is reflected as an expense in the Consolidated Statements of Comprehensive Income. No allocations were made subsequent to the fiscal three months ended July 2, 2023, during which Kenvue became a fully independent company.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Other Liabilities Disclosure [Abstract]

Leases

12 Months Ended

Dec. 29, 2024

Leases [Abstract]

Leases

The Company has operating leases for space, vehicles, manufacturing equipment, and data processing equipment. In connection with the Separation, J&J and Kenvue also entered into various lease agreements, in which the Company subleased properties from J&J. The Company has finance leases, which primarily include the Company’s new global and North America corporate headquarters in Summit, New Jersey (as described in the “—Global and North America Headquarters Lease” section below). The Company did not have significant finance leases during the fiscal twelve months ended December 31, 2023 and January 1, 2023. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants.

Global and North America Headquarters Lease

On April 20, 2023, the Company entered into a long-term lease for a newly renovated global and North America corporate headquarters building and a newly constructed research and development building in Summit, New Jersey (the “Global and North America Headquarters Lease”). The Company expects to officially open the new global and North America corporate headquarters in March 2025. The relocation to this new campus from multiple U.S.-based locations will continue through 2026 when the new research and development building is expected to be complete. When construction is completed, the campus will encompass approximately 290,000 square feet. The Global and North America Headquarters Lease collectively includes the lease associated with the global and North America corporate headquarters building (the “Corporate Office Lease”), the lease associated with the land where the research and development building is under construction (the “State-of-the-Art Lab Facility Lease”), and the lease associated with land to be used for amenities (the “Amenities Lease”).

The Corporate Office Lease and the State-of-the-Art Lab Facility Lease, each accounted for as a finance lease, commenced in January 2024 and May 2024, respectively. Each lease includes an initial term of 15 years as well as renewal options, which the Company is reasonably certain to exercise, that will extend the term of each lease through 2060. Each finance lease liability was calculated utilizing an incremental borrowing rate of 4.75% to discount lease payments over the expected term.

The Amenities Lease is expected to commence in January 2026.

ROU Assets and Lease Liabilities

ROU assets and lease liabilities associated with the Company's operating leases and finance leases are included on the Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023 as follows:


	Operating Leases				Finance Leases
(Dollars in Millions)	December 29, 2024(1)		December 31, 2023(2)		December 29, 2024		December 31, 2023
ROU assets included in:
Property, plant, and equipment, net	$	—	$	—	$	111	*
Other assets	111		139		—		*
Total ROU assets	$	111	$	139	$	111	*
Lease liabilities included in:
Accrued liabilities	$	36	$	44	$	—	*
Loans and notes payable	—		—		2		*
Long-term debt	—		—		119		*
Other liabilities	76		97		—		*
Total lease liabilities	$	112	$	141	$	121	*

* The Company did not have significant finance leases as of December 31, 2023.

(1) Includes leases with J&J of $35 million of ROU assets, $11 million of current lease liabilities, and $24 million of non-current lease liabilities.

(2) Includes leases with J&J of $52 million of ROU assets, $13 million of current lease liabilities, and $39 million of non-current lease liabilities.

Lease Cost

The operating lease costs for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Operating lease costs	$	48	$	48	$	42

For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, sublease income and variable operating lease costs were not significant. For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, finance lease costs, including amortization of ROU assets and interest on lease liabilities, were not significant.

Maturity of Lease Liabilities

The schedule of payments required on the Company’s operating leases and finance leases for the five succeeding fiscal years, and thereafter, is as follows:


Fiscal Twelve Months Ended
(Dollars in Millions)	Operating Leases		Finance Leases		Total
2025	$	41	$	2	$	43
2026	30		1		31
2027	20		4		24
2028	11		7		18
2029	6		7		13
Thereafter	15		248		263
Total	123		269		392
Less: Imputed interest	11		148		159
Total current and non-current lease liabilities	$	112	$	121	$	233

Other Information

Cash paid for amounts included in the measurement of lease liabilities related to operating leases for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	50	$	49	$	43

For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, cash paid for amounts included in the measurements of lease liabilities related to finance leases was not significant.

ROU assets obtained in exchange for new lease liabilities related to operating leases and finance leases for the fiscal twelve months ended December 29, 2024 and December 31, 2023 was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	27	$	120
Finance leases	$	109	*

* The Company did not have significant finance leases during the fiscal twelve months ended December 31, 2023.

For the fiscal twelve months ended January 1, 2023, the amount of ROU assets obtained in exchange for new lease liabilities was not material.

Lease Term and Discount Rate

The following table discloses the weighted-average remaining lease term and weighted-average discount rate for the Company's operating and finance leases, excluding short-term leases:

December 29, 2024

December 31, 2023

January 1, 2023

Weighted-average remaining lease term:

Operating leases

5 years

7 years

Finance leases

35 years

*

Weighted-average discount rate:

Operating leases

3.9

%

3.6

%

2.3

%

Finance leases

5.0

%

*

* The Company did not have significant finance leases during the fiscal twelve months ended December 31, 2023 and January 1, 2023.

Accrued and Other Liabilities

12 Months Ended

Dec. 29, 2024

Accrued and Other Liabilities

Accrued liabilities consisted of:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Accrued expenses	$	368	$	465
Accrued compensation and benefits	325		406
Operating lease liabilities	36		44
Tax indemnification liability(1)	82		113
Other accrued liabilities	321		428
Total accrued liabilities	$	1,132	$	1,456

Other liabilities, non-current, consisted of:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Accrued income taxes	$	185	$	188
Operating lease liabilities	76		97
Tax indemnification liability(1)	143		141
Other accrued liabilities	132		65
Total other liabilities	$	536	$	491

(1) The balances primarily relate to the Tax Matters Agreement (as defined in Note 12, “Relationship with J&J—Tax Indemnification”) entered into with J&J on May 3, 2023 that governs the parties’ respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and other matters regarding taxes. See Note 12, “Relationship with J&J—Tax Indemnification,” for more information.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Components of Accumulated other comprehensive loss consisted of the following:


(Dollars in Millions)	Foreign Currency Translation		Employee Benefit Plans(1)		Gain (Loss) on Derivatives and Hedges(2)		Total Accumulated Other Comprehensive Loss
January 2, 2022	$	(4,431)	$	(51)	$	(1)	$	(4,483)
Other comprehensive (loss) income before reclassifications	(1,045)		66		12		(967)
Amounts reclassified to the Consolidated Statement of Operations	—		(3)		(2)		(5)
Net current period Other comprehensive (loss) income	(1,045)		63		10		(972)
January 1, 2023	(5,476)		12		9		(5,455)
Other comprehensive income (loss) before reclassifications	219		(181)		66		104
Amounts reclassified to the Consolidated Statement of Operations	—		2		(28)		(26)
Net current period Other comprehensive income (loss)	219		(179)		38		78
December 31, 2023	(5,257)		(167)		47		(5,377)
Other comprehensive (loss) income before reclassifications	(783)		29		(6)		(760)
Amounts reclassified to the Consolidated Statement of Operations	—		8		(17)		(9)
Net current period Other comprehensive (loss) income	(783)		37		(23)		(769)
December 29, 2024	$	(6,040)	$	(130)	$	24	$	(6,146)

(1) Net change for the fiscal twelve months ended December 31, 2023 includes Separation adjustments of $77 million in connection with transfers of certain pension plans by J&J to the Company.

(2) For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, the Company recorded a total after-tax change in Accumulated other comprehensive loss of $(23) million, $38 million, and $10 million, respectively, related to its cash flow hedge portfolio.

Amounts in Accumulated other comprehensive loss 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 operations. For additional details on comprehensive income, see the Consolidated Statements of Comprehensive Income.

The provision (benefit) for taxes allocated to the components of Accumulated other comprehensive loss before reclassification was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Foreign currency translation	$	(6)	$	(12)	$	(91)
Employee benefit plans	14		50		30

The provision (benefit) for taxes allocated to gain (loss) on derivatives and hedges before reclassification was $11 million for the fiscal twelve months ended December 29, 2024. The provision (benefit) for taxes allocated to gain (loss) on derivatives and hedges before reclassification was not significant for the fiscal twelve months ended December 31, 2023 and January 1, 2023. The provision (benefit) for taxes allocated to the reclassifications from Accumulated other comprehensive loss to the

Consolidated Statements of Operations was not significant for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023.

Stock-Based Compensation

12 Months Ended

Dec. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

J&J Plans and Conversion of J&J Awards

J&J’s 2012 Long-Term Incentive Plan (the “J&J 2012 Plan”) expired on April 26, 2022. Prior to that expiration, on March 7, 2022, J&J’s Board of Directors approved the 2022 Long-Term Incentive Plan, (the “J&J 2022 Plan,” together with the J&J 2012 Plan, the “J&J Plans”). The J&J 2022 Plan became effective subsequent to the expiration of the J&J 2012 Plan. The J&J Plans provide for the grant of stock options, RSUs, PSUs, other stock-based awards, and cash awards to employees and directors, including the Company’s personnel. Stock-based compensation granted pursuant to the J&J Plans was denominated in shares of J&J’s common stock. As such, all awards granted subsequent to the effective date of the J&J 2022 Plan and prior to the completion of the Exchange Offer were issued under the J&J 2022 Plan.

On August 23, 2023 (the “Conversion Date”), J&J equity-based awards held by Kenvue employees were accounted for as if they were forfeited by J&J and generally replaced by Kenvue equity-based awards under the Kenvue 2023 Plan (see “—Kenvue 2023 Plan” below for additional details) with terms consistent to those applicable to the J&J awards, subject to adjustments to the number of underlying awards and option exercise prices to preserve the award’s value, except for certain performance-based awards that were replaced with Kenvue RSU awards. The awards were converted using the conversion ratio that was determined in accordance with the Employee Matters Agreement (as defined in Note 12, “Relationship with J&J—Transactions with J&J, Including the Separation Agreement”). This change in the awards was considered to be a modification for accounting purposes. As part of the deemed forfeiture of the J&J awards, the J&J performance criteria applicable to any outstanding performance-based awards was deemed satisfied at the target level, unless two years of service were completed in the performance period, in which case performance was deemed satisfied at the level of actual performance for such years. All other vesting terms and conditions were not affected by the conversion. Upon the conversion, there were 69,438,910 shares of common stock underlying the converted awards that were eligible to be issued under the Kenvue 2023 Plan. The terms of the converted Kenvue awards are as follows:

Conversion of RSUs

On the Conversion Date, the Company was deemed to have issued 12.5 million RSUs with an incremental cost of $283 million. These awards have vesting dates extending through August 2026. These RSUs provide for accelerated vesting in certain change in control scenarios.

The incremental cost of each RSU replaced was estimated based on the fair value of the Company’s common stock at the deemed Conversion Date, adjusted to reflect that the RSUs do not have dividend participation rights through the vesting date (using a dividend rate assumption consistent with the assumption disclosed within the table below).

Conversion of Stock Options

On the Conversion Date, the Company was deemed to have issued 57 million non-qualified stock options and incentive stock options with an incremental cost of $198 million. These stock options were deemed granted with an exercise price equal to the original exercise price provided within the original J&J awards, as modified by the conversion ratio described above. All stock options will be vested by January 2027. These stock options provide for accelerated vesting in certain change in control scenarios.

Each stock option has a weighted-average exercise price of approximately $21.01 as of the Conversion Date. The fair value of each stock option was estimated using the Black-Scholes option valuation model. The assumptions used in calculating the fair value of the converted stock options were as follows:


Assumption	August 2023 Converted Stock Options
Expected volatility(1)	16.5% – 21.4%
Expected dividend yield(2)	3.2	%
Risk-free rate(3)	4.2% – 5.4%
Expected term(4)	0.5 years – 6.5 years

(1) Expected volatility was based on the historical volatility of a selected group of the Company’s peers and other factors.

(2) Expected dividend yield was calculated using the assumed dividend payout per common share as a percentage of the average Kenvue common share price for the prior three-month period, which was then annualized.

(3) Risk-free rate was based on the U.S. Treasury yield curve in effect as of the Conversion Date.

(4) Expected term was consistent with the historical experiences of J&J for awards similar to those in the Kenvue population.

As noted above, the conversion of J&J awards to Kenvue awards was accounted for as a modification. As a result, the J&J awards were deemed to be canceled and replaced by Kenvue awards, resulting in incremental stock-based compensation expense of $25 million recognized in the fiscal twelve months ended December 31, 2023 in relation to J&J denominated stock options which had vested. With respect to the deemed cancelation of J&J stock options, PSUs, and RSUs that had not yet vested, the Company reversed $148 million of previously recognized stock-based compensation expense. From the Conversion Date through the end of the fiscal twelve months ended December 31, 2023, the Company recognized $215 million of compensation costs attributable to the RSUs and stock options described above. In total, the Company recognized incremental stock-based compensation expense of $240 million in the fiscal twelve months ended December 31, 2023.

Kenvue 2023 Plan

In March 2023, the Company’s Board approved the 2023 Long-Term Incentive Plan (the “Kenvue 2023 Plan”) which provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, RSUs, PSUs, other stock-based awards, and cash awards to eligible employees, non-employee directors, independent contractors, and consultants of the Company and its subsidiaries and affiliated entities. Stock-based compensation granted pursuant to the Kenvue 2023 Plan is denominated in shares of Kenvue common stock. The Kenvue 2023 Plan was approved by J&J, as sole shareholder of the Company, prior to the Kenvue IPO and became effective in May 2023. The maximum aggregate number of shares of common stock that was approved for issuance under the Kenvue 2023 Plan was 188,897,256. 69,438,910 shares underlying awards converted from J&J awards to Kenvue awards (as described in “—J&J Plans and Conversion of J&J Awards” above) will not reduce the maximum aggregate number of shares of common stock that may be issued under the Kenvue 2023 Plan. To meet share requirements resulting from the exercise of stock options and the vesting of RSUs and PSUs, the Company may use either authorized and unissued shares or shares of treasury stock. Since the inception of the Kenvue 2023 Plan, all issuances resulting from the exercise of stock options and the vesting of RSUs and PSUs were issued from the authorized and unissued Kenvue 2023 Plan share pool.

On August 25, 2023, the Company’s Compensation & Human Capital Committee approved equity grants to individuals employed by Kenvue as of October 2, 2023 (the “Founder Shares”). On October 2, 2023, the Founder Shares were granted to all Kenvue employees in the form of stock options and PSUs to executive officers and either stock options and PSUs or RSUs to non-executive individuals. The expense will be amortized over the requisite service period of the awards, which ranges from one to three years.

The components and classification of stock-based compensation expense for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)		December 29, 2024			December 31, 2023			January 1, 2023
Stock options			$	84		$	90		$	43
RSUs			152			76			74
PSUs			18			22			20
Total stock-based compensation expense			$	254		$	188		$	137
Cost of sales			$	100		$	67		$	30
Selling, general, and administrative expenses			154			121			107
Total stock-based compensation expense			$	254		$	188		$	137

Stock-based compensation expense includes $2 million and $26 million for the fiscal twelve months ended December 31, 2023 and January 1, 2023, respectively, of allocated charges from J&J based on percentage attribution related to J&J employees providing services to the Company. No allocations were made subsequent to the fiscal three months ended July 2, 2023, during which Kenvue became a fully independent company.

The Company’s unrecognized stock-based compensation expense and the related weighted-average remaining requisite service periods for stock options, RSUs, and PSUs outstanding as of December 29, 2024 were as follows:

(Dollars in Millions)

Stock Options

December 29, 2024

Unrecognized stock-based compensation expense

$

59

Weighted-average remaining requisite service period

1.30 years

RSUs

Unrecognized stock-based compensation expense

$

118

Weighted-average remaining requisite service period

1.41 years

PSUs(1)

Unrecognized stock-based compensation expense

$

35

Weighted-average remaining requisite service period

1.96 years

(1) Unrecognized stock-based compensation expense for the Performance PSUs (as defined in “—Restricted Stock Units and Performance Stock Units” below) is calculated based on the Company’s best estimate of achievement of the specified performance metrics.

Stock Options

Under the Kenvue 2023 Plan, Kenvue grants stock options which expire 10 years from the grant date and vest over service periods that range from six months to four years. All stock options are granted using the closing price of Kenvue common stock on the New York Stock Exchange on the grant date.

The grant date fair value of each stock option granted is estimated on the grant date using the Black-Scholes option valuation model. The weighted-average assumptions used in calculating the grant date fair value of stock options granted during the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, were as follows:


	Fiscal Twelve Months Ended
	December 29, 2024		December 31, 2023		January 1, 2023
Expected volatility(1)	21.3	%	20.8	%	18.0	%
Expected dividend yield(2)	3.9	%	3.5	%	2.7	%
Risk-free rate(3)	4.1	%	4.5	%	2.0	%
Expected term(4)	6 years		6 years		7 years

(1) For awards granted under the Kenvue 2023 Plan, expected volatility is based on the six-year historical volatility of a selected group of the Company’s peers and other factors. For stock options granted under the J&J Plans, expected volatility was based on a blended rate of 10-year weekly historical overall volatility rate and a five-week average implied volatility rate based on at-the-money traded J&J stock options with a contractual term of two years.

(2) For stock options granted under the Kenvue 2023 Plan, expected dividend yield is calculated using the assumed dividend payout per common share as a percentage of the average Kenvue common share price for the prior three-month period, which is then annualized. For stock options granted under the J&J Plans, expected dividend yield was calculated using the assumed dividend payout per common share as a percentage of the spot J&J common share price as of the grant date.

(3) Risk-free rate is based on the U.S. Treasury yield curve in effect as of the grant date for stock options granted under both the Kenvue 2023 Plan and the J&J Plans.

(4) For stock options granted under the Kenvue 2023 Plan during the fiscal twelve months ended December 29, 2024, expected term is calculated as the average of the vesting periods and the contractual terms of the stock options given the lack of trading history of Kenvue common stock as of the time of valuation. For stock options granted under the Kenvue 2023 Plan during the fiscal twelve months ended December 31, 2023, expected term was consistent with the historical experiences of J&J for awards similar to those in the Kenvue population. For stock options granted under the J&J Plans, expected term was calculated based on J&J’s historical data.

A summary of stock option activity under the Kenvue 2023 Plan during the fiscal twelve months ended December 29, 2024 is presented below:


					Aggregate Intrinsic Value
(Options in Thousands)	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	(Dollars in Millions)
Options outstanding as of December 31, 2023	64,188	$	20.60	7.2 years	$	83
Options granted	13,565	19.01
Options exercised	(5,530)	18.30
Options canceled/forfeited	(5,338)	21.27
Options outstanding as of December 29, 2024	66,885	$	20.42	6.9 years	$	95

Options exercisable as of December 29, 2024	29,100	$	19.94	5.0 years	$	54

The weighted-average grant date fair value of stock options granted was $3.17, $3.82, and $23.23 in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively. The total intrinsic value of stock options exercised was $21 million, $96 million, and $64 million in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively. Cash proceeds received from the exercise of stock options was $95 million in the fiscal twelve months ended December 29, 2024. The tax benefit associated with cash proceeds received from the exercise of stock options in the fiscal twelve months ended December 29, 2024 was $4 million.

Restricted Stock Units and Performance Stock Units

Restricted Stock Units

Under the Kenvue 2023 Plan, Kenvue grants RSUs which vest over service periods that range from one year to three years. All RSUs granted have forfeitable dividend participation rights during the vesting period. Under the Kenvue 2023 Plan, Kenvue grants insignificant RSUs to non-employee directors which vest, but are not issued, immediately upon grant. For awards granted under the J&J Plans, the grant date fair value of RSUs granted was equivalent to the fair market value on the grant date, discounted by the expected dividend yield, as the RSUs did not have dividend participation rights during the vesting period.

Performance Stock Units

Beginning in the fiscal twelve months ended December 29, 2024, under the Kenvue Plan, the Company grants PSUs with both performance vesting conditions and market-based vesting conditions. The Performance PSUs are paid in shares of Kenvue’s common stock after the end of a three-year performance period. The Performance PSUs have forfeitable dividend participation rights during the vesting period. The vesting of Performance PSUs is tied to the completion of a three-year service period and the achievement, over a three-year period, of specified performance metrics as well as the relative total shareholder return for Kenvue common stock. The number of shares earned at the end of the three-year performance period will vary, based on actual performance, from 0% to 200% of the target number of Performance PSUs granted.

The grant date fair value of each Performance PSU granted, inclusive of the fair value associated with the achievement of the specified performance metrics and the relative total shareholder return goal, is estimated on the grant date using the Monte Carlo valuation model. The weighted-average assumptions used in calculating the fair value of Performance PSUs granted during the fiscal twelve months ended December 29, 2024 were as follows:


	Fiscal Twelve Months Ended
	December 29, 2024
Expected volatility(1)	21.3	%
Risk-free rate(2)	4.3	%

(1) Expected volatility is based on the historical volatility of a selected group of the Company’s peers and other factors over the prior three fiscal years.

(2) Risk-free rate is based on the U.S. Treasury yield curve in effect as of the grant date for Performance PSUs granted.

Under the Kenvue Plan, the Company granted PSUs with only market-based vesting conditions during the fiscal twelve months ended December 31, 2023 (the “Market PSUs”). The Market PSUs are paid in shares of Kenvue’s common stock after the end of a three-year performance period. The vesting of Market PSUs is tied to the completion of service periods that range from one year to three years and the achievement, over a three-year period, of relative total shareholder return for Kenvue common stock. The number of shares earned at the end of the three-year period will vary, based on actual performance, from 0% to 200% of the target number of Market PSUs granted. The grant date fair value of each Market PSU granted, inclusive of the fair value associated with the relative total shareholder return goal, was estimated on the grant date using the Monte Carlo valuation model.

Under the J&J Plans, J&J granted PSUs, which were paid in shares of J&J common stock after the end of a three-year performance period. The vesting of these PSUs was tied to the completion of service periods that ranged from six months to three years and the achievement, over a three-year period, of two equally-weighted goals that directly aligned with or helped drive long-term J&J shareholder return: adjusted operational earnings per share and relative total shareholder return. The number of shares earned at the end of the three-year period varied, based on actual performance, from 0% to 200% of the target number of PSUs granted. The grant date fair value for the net income per share goal of each PSU was estimated on the grant date using the fair market value of J&J shares at the grant date, discounted by the expected dividend yield, as the PSUs did not have dividend participation rights during the vesting period, and the fair value for the relative total shareholder return of each PSU was estimated on the grant date using the Monte Carlo valuation model. As discussed in “—J&J Plans and Conversion of J&J Awards” above, the PSUs granted under the J&J Plans were replaced with Kenvue RSU awards, and as such, there are none outstanding as of December 29, 2024.

Restricted Stock Unit and Performance Stock Unit Activity

A summary of unvested RSU and PSU activity under the Kenvue 2023 Plan during the fiscal twelve months ended December 29, 2024 is presented below:


(Shares in Thousands)	Outstanding Restricted Stock Units	Weighted-Average Grant Date Fair Value		Outstanding Performance Stock Units		Weighted-Average Grant Date Fair Value
Shares as of December 31, 2023	13,298	$	22.49	1,630		$	23.58
Granted	8,082	19.10		1,227		18.61
Issued	(5,540)	22.64		(1)		23.22
Canceled/forfeited	(2,207)	20.74		(181)		22.15

Shares as of December 29, 2024	13,633	$	20.77	$	2,675	$	21.43

The weighted-average grant date fair value of RSUs granted was $20.37 and $153.69 in the fiscal twelve months ended December 31, 2023, and January 1, 2023, respectively. The aggregate fair value of RSUs issued was $1 million and $44 million in the fiscal twelve months ended December 31, 2023 and January 1, 2023, respectively.

The weighted-average grant date fair value of PSUs granted was $23.57 and $178.45 in the fiscal twelve months ended December 31, 2023 and January 1, 2023, respectively. The aggregate fair value of PSUs issued was $0 million and $4 million in the fiscal twelve months ended December 31, 2023 and January 1, 2023, respectively.

Relationship with J&J

12 Months Ended

Dec. 29, 2024

Relationship with J&J

On August 23, 2023, Kenvue became a fully independent company upon the completion of the Exchange Offer (see Note 1, “Description of the Company and Summary of Significant Accounting Policies—Description of the Company and Business Segments”), and J&J ceased to be a related party on that date. The Company continues to have material agreements with J&J—see “—Transactions with J&J, Including the Separation Agreement” section within this footnote for additional details of these material agreements that govern the Company’s relationship with J&J.

Cost Allocations from J&J Prior to Kenvue IPO

Prior to the Kenvue IPO, J&J provided significant support functions to the Company. The Consolidated Financial Statements reflect an allocation of these costs. Similarly, certain of the Company’s operations provided support to J&J’s affiliates and related costs for support were charged to J&J’s affiliates. Allocated costs included in Cost of sales in the Consolidated Statements of Operations related to enterprise-wide support primarily consisting of facilities, insurance, logistics, quality, and compliance, which were predominantly allocated based on Net sales. Allocated costs included in Selling, general, and administrative expenses primarily related to finance, human resources, benefits administration, procurement support, information technology, legal, corporate strategy, corporate governance, other professional services, and general commercial support functions, and were predominantly allocated based on Net sales or headcount. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Basis of Presentation.”

Prior to Kenvue becoming a fully independent company, the allocations (excluding stock-based compensation expense), net of costs charged to J&J’s affiliates reflected in the Consolidated Statements of Operations for the fiscal twelve months ended December 31, 2023 and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 31, 2023		January 1, 2023
Cost of sales	$	25	$	149
Selling, general, and administrative expenses	120		679
Total costs allocated	$	145	$	828

Management believes these cost allocations are a reasonable reflection of the utilization of services provided to, or the benefit derived by, the Company during the periods presented. The allocations may not, however, be indicative of the actual expenses that would have been incurred had the Company operated as a standalone public company. Actual costs that may have been incurred if the Company had been a standalone public company would depend on a number of factors, including the chosen

organizational structure, whether functions were outsourced or performed by the Company’s employees, and strategic decisions made in areas such as manufacturing, selling and marketing, research and development, information technology, and infrastructure. No allocations were made subsequent to the fiscal three months ended July 2, 2023, during which Kenvue became a fully independent company.

Net Transfers to J&J

Net transfers to J&J are included in Net Investment from J&J in the Consolidated Statements of Stockholders' Equity and within financing activities in the Consolidated Statements of Cash Flows and represent the net effect of transactions between the Company and J&J. No transactions were recorded in Net transfers to J&J subsequent to the fiscal three months ended July 2, 2023, during which Kenvue became a fully independent company.

The components of Net transfers to J&J for the fiscal twelve months ended December 31, 2023 and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 31, 2023		January 1, 2023
Cash pooling and general financing activities	$	(446)	$	(2,568)
Corporate cost allocations	145		828
Taxes deemed settled with J&J	27		78
Allocated derivative and hedging gains	—		65
Net transfers to J&J as reflected in the Consolidated Statements of Cash Flows	$	(274)	$	(1,597)
Other(1)	(34)		(153)
Net transfers to J&J as reflected in the Consolidated Statements of Stockholders' Equity	$	(308)	$	(1,750)

(1) Other primarily relates to the impact of the change in accounting principle for Global Intangible Low-Tax Income (“GILTI”) in the fiscal twelve months ended December 31, 2023 and January 1, 2023.

Transactions with J&J, Including the Separation Agreement

In connection with the Separation, Kenvue entered into various agreements with J&J, including the Separation Agreement. In connection with the terms of the Separation Agreement, certain assets and liabilities included on the pre-Separation balance sheet were retained by J&J and certain assets and liabilities not included on the pre-Separation balance sheet were transferred to Kenvue. Separation-related adjustments have been recognized in Net investment from J&J, the net impact of which resulted in an increase in net assets and total equity by $91 million for the fiscal twelve months ended December 31, 2023. The impact on net assets primarily represents 1) recognition of balances with J&J including indemnification matters, 2) changes to income tax assets and liabilities as a result of change in the basis of presentation, 3) contribution of certain liabilities including pension and employee-related obligations from J&J, 4) the retention of assets and liabilities by J&J of certain Deferred Local Businesses (as defined in Note 1, “Description of the Company and Summary of Significant Accounting Policies—Variable Interest Entities and Net Economic Benefit Arrangements”), and 5) other assets and liability transfers between Kenvue and J&J in connection with the Separation.

The Separation Agreement sets forth certain agreements between J&J and Kenvue regarding, among other matters:

•the principal corporate actions and internal reorganization pursuant to which J&J transferred the Consumer Health Business to Kenvue;

•the allocation of assets and liabilities to J&J and Kenvue;

•J&J’s and Kenvue’s respective rights and obligations with respect to the Kenvue IPO;

•certain matters with respect to any subsequent distribution or other disposition by J&J of the shares of Kenvue common stock owned by J&J following the Kenvue IPO (the “Distribution”); and

•other agreements governing aspects of Kenvue’s relationship with J&J following the Kenvue IPO.

In connection with the Kenvue IPO, J&J and Kenvue also entered into various other material agreements. These agreements were entered into on May 3, 2023, unless otherwise indicated, and consist of the following:

•a tax matters agreement (the “Tax Matters Agreement”), which governs J&J’s and Kenvue’s respective rights, responsibilities, and obligations with respect to all tax matters, including tax liabilities, tax attributes, tax contests, and tax returns (See “—Tax Indemnification” below);

•an employee matters agreement (the “Employee Matters Agreement”), which addresses certain employment, compensation, and benefits matters, including the allocation and treatment of certain assets and liabilities relating to Kenvue’s employees and compensation and benefit plans and programs in which Kenvue’s employees participate prior to the date of the Distribution;

•an intellectual property agreement, which governs J&J’s and Kenvue’s respective rights, responsibilities, and obligations with respect to intellectual property matters, excluding certain intellectual property matters with respect to trademarks;

•a trademark phase-out license agreement, dated as of April 3, 2023, and pursuant to which J&J granted to Kenvue a license to use certain trademarks owned by J&J on a transitional basis following the completion of the Kenvue IPO;

•a transition services agreement (the “Transition Services Agreement”), pursuant to which J&J provides to Kenvue certain services for terms of varying duration following the Kenvue IPO;

•a transition manufacturing agreement (the “Transition Manufacturing Agreement”), pursuant to which J&J provides to Kenvue certain manufacturing services for terms of varying duration following the Kenvue IPO; and

•a registration rights agreement, pursuant to which Kenvue granted to J&J certain registration rights with respect to the shares of Kenvue common stock owned by J&J following the completion of the Kenvue IPO.

In connection with the Separation, J&J and Kenvue also entered into various operating lease agreements, in which the Company subleased properties from J&J. See Note 8, “Leases,” for more information.

The Company had the following balances and transactions with J&J and its affiliates, primarily in connection with the Tax Matters Agreement, Transition Services Agreement, and the Transition Manufacturing Agreement, reported in the Consolidated Financial Statements:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Prepaid expenses and other receivables	$	109	$	213
Accounts payable and Accrued liabilities	$	270	$	486
Other assets	$	78	$	87
Other liabilities	$	143	$	153


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
Cost of sales	$	203	$	148
Selling, general, and administrative expenses	$	203	$	189

Tax Indemnification

The Company entered into the Tax Matters Agreement with J&J on May 3, 2023 that governs the parties’ respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and other matters regarding taxes.

Allocation of Taxes

With respect to taxes other than those incurred in connection with the Separation and the Distribution, the Tax Matters Agreement provides that Kenvue will generally indemnify J&J for 1) any taxes of Kenvue for all periods after the Distribution and 2) any taxes of Kenvue or J&J for periods prior to the Distribution to the extent attributable to the Consumer Health Business. J&J will generally indemnify Kenvue for 1) any taxes of J&J for all periods after the Distribution and 2) any taxes of Kenvue or J&J for periods prior to the Distribution to the extent attributable to the business and operations conducted by J&J other than the Consumer Health Business. Furthermore, subject to certain exceptions, the Company is required to reimburse J&J for certain tax refunds it receives with respect to taxes paid prior to the effective date of the Tax Matters Agreement.

Preservation of the Intended Tax Treatment of Certain Steps of the Separation and the Distribution

With respect to taxes incurred in connection with the Separation and the Distribution, Kenvue will generally be required to indemnify J&J for any taxes resulting from the failure of certain steps of the Separation and the Distribution to qualify for their intended tax treatment, where such taxes are attributable to actions or omissions by Kenvue. In addition, during the time period ending two years after the date of the Distribution, August 23, 2025, covenants are in place that will limit or restrict certain actions, including share issuances, business combinations, sales of assets, and similar transactions by Kenvue. The Company does not believe that the above covenants have a material impact on the Company to date. The Company believes that it has complied with these requirements to date.

The Company recorded a net liability totaling approximately $104 million and $168 million for income and non-income indemnification tax payables and refunds, unrecognized tax benefits, and associated interest due to J&J as Prepaid expenses and other receivables and Accrued liabilities for current assets and current liabilities, respectively, and to Other assets and Other liabilities for non-current assets and non-current liabilities, respectively, on the Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023, respectively.

Debt Financing Transactions and Kenvue IPO Consideration

During the fiscal six months ended July 2, 2023, the Company received debt proceeds of approximately $7.7 billion from the issuance of the Senior Notes and received initial proceeds from its Commercial Paper Program of $1.2 billion. The Company loaned the total proceeds to J&J through the Facility Agreement. Upon the completion of the Kenvue IPO on May 8, 2023, the Facility Agreement was terminated and the balance of the loans, and all accrued interest, were repaid by J&J for a total cash inflow of $9.0 billion. The Company remitted this cash back to J&J as a distribution in connection with the Separation.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Other Income and Expenses [Abstract]

Other Operating Expense (Income), Net and Other Expense, Net

12 Months Ended

Dec. 29, 2024

Other Operating Expense (Income), Net and Other Expense, Net

Other operating expense (income), net for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Litigation expense (income)	$	4	$	26	$	(7)
Royalty income	(34)		(35)		(39)
Loss (gain) on disposal of fixed assets	6		(9)		8
Impact of Deferred Markets(1)	59		28		—
Contingent liability reversal(2)	—		(45)		—
Other(3)	(9)		25		3
Total Other operating expense (income), net	$	26	$	(10)	$	(35)

(1) Includes the provision for taxes, minority interest expense, and service fees to be paid to J&J under the net economic benefit arrangements. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Variable Interest Entities and Net Economic Benefit Arrangements,” for more information regarding Deferred Markets.

(2) Includes the reversal of a contingent liability that was no longer considered to be probable.

(3) Other consists primarily of other miscellaneous operating (income) expenses for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023. Other also includes the impact of foreign derivative contracts for the fiscal twelve months ended December 31, 2023.

Other expense, net for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Currency losses on transactions	$	1	$	58	$	42
Losses (gains) on investments	72		7		(1)
Tax indemnification release(1)	(21)		—		—
Other(2)	(4)		7		(3)
Total other expense, net	$	48	$	72	$	38

(1) Includes the release of tax indemnification reserves that were no longer considered to be probable.

(2) Other consists primarily of net periodic benefit costs other than service cost components and miscellaneous non-operating (income) expenses.

Income Taxes

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

For the purposes of the Consolidated Financial Statements, income taxes and related income tax accounts have been calculated using the separate return method as if the Company filed income tax returns on a standalone basis for the fiscal twelve months ended December 31, 2023 and January 1, 2023. Prior to the Kenvue IPO, the Company’s operations were calculated on a carve-out basis and included certain hypothetical foreign tax credit benefits. Following the Kenvue IPO, these hypothetical foreign tax credit benefits are not available for future utilization by the Company and were removed from the tax provision. Furthermore, the Company operated as part of J&J until the completion of the Exchange Offer on August 23, 2023, and therefore the Company was included in J&J’s U.S. Federal consolidated income tax return until that date. The Company filed a standalone U.S. Federal consolidated income tax return and a standalone return in most other jurisdictions in which it operates for the remainder of fiscal year 2023 and will continue to file a standalone return for all fiscal years thereafter. Certain current income tax liabilities related to the Company’s activities included in J&J’s income tax returns were assumed to be immediately settled with J&J through the Net Investment from J&J or Additional paid-in capital accounts on the Consolidated Balance Sheets and reflected in the Consolidated Statements of Cash Flows as a financing activity for the fiscal twelve months ended December 31, 2023 and January 1, 2023. Following the Exchange Offer, the Company’s operating footprint, as well as tax return elections and assertions, are different, and therefore, the Company’s income taxes, as presented in the Consolidated Financial Statements, may differ in future periods.

The Provision for taxes on income for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Current:
U.S. taxes	$	287	$	266	$	75
International taxes	383		374		318
Total current taxes	670		640		393
Deferred:
U.S. taxes	(178)		(39)		228
International taxes	(107)		(75)		(48)
Total deferred taxes	(285)		(114)		180
Provision for taxes	$	385	$	526	$	573

A comparison of the Provision for taxes at the U.S. statutory rate of 21% in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, to the Company’s effective tax rate is as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024			December 31, 2023			January 1, 2023
U.S.	$	352		$	825		$	1,238
International	1,063			1,365			1,399
Income before taxes	$	1,415		$	2,190		$	2,637
Tax rates:
U.S. statutory rate	21.0		%	21.0		%	21.0		%
U.S. taxes on international income(1)	2.8			(1.5)			(2.9)
International operations(2)	2.8			0.8			(1.6)
State	(0.4)			2.0			3.1
Change in valuation allowance	1.0			2.5			2.2
Tax shortfall (windfall) on stock-based compensation	0.5			(0.5)			(0.2)
All other	(0.5)			(0.3)			0.1
Effective tax rate	27.2		%	24.0		%	21.7		%

(1) Includes the impact of the tax on GILTI and other foreign income that is taxable under the U.S. tax code as well as tax implications of repatriating foreign earnings.

(2) International operations reflect the impacts of operations in jurisdictions with statutory tax rates different than the U.S. For each of the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, the Company had operations in Singapore under various tax incentives. The Company’s largest international operations are in Canada, China, Japan, Singapore, and Switzerland. The amounts for the fiscal twelve months ended December 29, 2024 and December 31, 2023 include a $4 million net increase in uncertain tax benefits and a $46 million net reduction in uncertain tax benefits, respectively.

The worldwide effective income tax rates for the fiscal twelve months ended December 29, 2024 was 27.2% and is higher than the U.S. corporate tax rate primarily due to the following:

•U.S. taxes on foreign inclusions are driven by reduced foreign tax credit utilization, as well as unfavorable return-to-provision adjustments, which was primarily driven by non-deductible expenses. This increase from the statutory tax rate was partially offset by the impairment to the Dr.Ci:Labo® skin health business and the corresponding reversal of a deferred tax liability at the higher Japanese tax rate, the remeasurement of the state deferred tax liability as a result of a change in the Company’s state tax rate, and regional cash planning resulting in a partial release of a valuation allowance.

The worldwide effective income tax rates for the fiscal twelve months ended December 31, 2023 was 24.0% and is higher than the U.S. corporate tax rate primarily due to the following:

•The issuance of debt in the fiscal three months ended April 2, 2023 resulted in an increase in annual interest expense and reduced the Company’s capacity to utilize foreign tax credits against U.S. foreign source income. This resulted in an increase in the valuation allowance for foreign tax credits related to earnings that are not indefinitely reinvested, as well as state and local income taxes. These items are partially offset by reductions in unrecognized tax benefits in certain foreign jurisdictions reflected in international operations within the rate reconciliation, as well as the recapture of an overall domestic loss allowing the Company to claim additional U.S. foreign tax credit benefits against the Company's U.S. tax on foreign earnings. The additional U.S. foreign tax credit benefit is reflected in U.S. taxes on international income within the rate reconciliation.

The worldwide effective income tax rates for the fiscal twelve months ended January 1, 2023 was 21.7% and is higher than the U.S. corporate tax rate primarily due to the following:

•The overall domestic loss from the fiscal twelve months ended January 2, 2022 is being recaptured in the United States in the fiscal twelve months ended January 1, 2023, thereby allowing the Company to claim additional U.S. foreign tax credits against the Company’s U.S. tax on foreign earnings. The additional U.S. foreign tax credit benefit is reflected

in U.S. taxes on international income within the rate reconciliation. This benefit is offset by state taxes on current U.S. income and valuation allowances on state net operating loss carryforwards.

The increase in the worldwide effective income tax rate for the fiscal twelve months ended December 29, 2024 as compared to the fiscal twelve months ended December 31, 2023 was primarily the result of fewer releases of uncertain tax positions due to the expiration of certain statutes of limitations and reduced tax benefits derived from the Separation as compared to the fiscal twelve months ended December 31, 2023, unfavorable return-to-provision adjustments and shortfall on stock-based compensation recorded during the fiscal twelve months ended December 29, 2024, as well as changes to the jurisdictional mix of income. These increases were offset by the impairment to the Dr.Ci:Labo® skin health business and the corresponding reversal of a deferred tax liability, the remeasurement of the state deferred tax liability as a result of a change in the Company’s state tax rate, and a partial release of a valuation allowance.

The increase in the worldwide effective income tax rate for the fiscal twelve months ended December 31, 2023 as compared to the fiscal twelve months ended January 1, 2023 was primarily the result of higher U.S. taxes on foreign income. With the issuance of debt in the fiscal three months ended April 2, 2023, the resulting increase in annual interest expense reduced the Company’s capacity to utilize foreign tax credits against U.S. foreign source income. As a result, the Company recorded a $52 million valuation allowance against a deferred tax asset related to anticipated foreign tax credit benefits. Furthermore, the recapture of an overall domestic loss allowing the Company to claim additional U.S. foreign tax credit benefits against the Company's U.S. tax on foreign earnings only existed through the Kenvue IPO date during the fiscal twelve months ended December 31, 2023 in comparison to the entire fiscal twelve months ended January 1, 2023. The tax rate was further increased by international operations as result of earnings mix changes, tax leakage on repatriation of foreign earnings from lower tier subsidiaries, and return-to-provision adjustments offset by reductions in unrecognized tax benefits.

Temporary differences and carryforwards as of December 29, 2024 and December 31, 2023 were as follows:


	December 29, 2024				December 31, 2023
(Dollars in Millions)	Asset		Liability		Asset		Liability
Employee-related obligations	$	18	$	—	$	29	$	—
Stock-based compensation	70		—		57		—
Depreciation of property, plant, and equipment	2		—		—		(44)
Goodwill and intangibles	—		(2,434)		—		(2,752)
Reserves and liabilities	110		—		114		—
Net operating loss (“NOL”) and tax credit carryforward	122		—		86		—
Undistributed foreign earnings	78		(103)		49		(117)
Miscellaneous international	66		—		123		—
Research and development capitalized for tax	94		—		52		—
Miscellaneous U.S.	—		(11)		15		—
Subtotal	560		(2,548)		525		(2,913)
Valuation allowance	(89)		—		(75)		—
Total deferred income taxes	$	471	$	(2,548)	$	450	$	(2,913)

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 Company has recognized $64 million and $49 million of deferred tax assets related to U.S. state and foreign NOL carryforwards and $58 million and $37 million of deferred tax assets related to U.S. federal and state, and foreign tax credit carryforwards as of December 29, 2024 and December 31, 2023, respectively. Foreign NOLs expire over various years based on local laws; however, if unused, the majority of foreign NOL carryforwards will expire between 2025 through 2034. Existing Federal tax credit carryforwards will expire between 2034 and 2044. U.S. state NOLs generally expire between 2034 and 2044. Tax credit carryforwards of the Company’s Puerto Rico subsidiary do not expire. The Company assessed NOLs, tax credit

carryforwards, and other deferred tax assets for realizability and, based upon all available evidence, recorded valuation allowances against deferred tax assets on a “more likely than not” standard. As of December 29, 2024, December 31, 2023, and January 1, 2023, valuation allowances of $89 million, $75 million, and $250 million have been recorded against certain NOLs and foreign tax credit carryforwards respectively. The Company recognized a net change in valuation allowance of $14 million, $(175) million, and $64 million in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 respectively. For the fiscal twelve months ended December 29, 2024, the net change was primarily related to an increase in foreign NOL carryforwards that the Company does not expect to utilize in future periods and a release of a valuation allowance on the Company’s foreign tax credit carryforwards.

The Company has recorded deferred tax liabilities on all undistributed earnings of its international subsidiaries through the fiscal twelve months ended December 31, 2017 and certain undistributed earnings arising after the fiscal twelve months ended December 31, 2017. For all other undistributed earnings from the Company’s subsidiaries organized outside the United States, the Company has not recorded deferred taxes where the earnings are 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 United States, 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 $116 million under currently enacted tax laws and regulations and at current currency exchange rates.

The following table summarizes the activity related to unrecognized tax benefits for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Beginning of fiscal year	$	185	$	437	$	469
Increases related to current year tax positions	21		26		32
Increases related to prior period tax positions	—		3		7
Decreases related to prior period tax positions	(11)		(19)		(49)
Settlements	—		—		(5)
Lapse of statute of limitations	(19)		(42)		(17)
Net decreases related to the Separation	—		(220)		—
End of fiscal year	$	176	$	185	$	437

As of December 29, 2024, the Company had unrecognized tax benefits of $176 million. If recognized, $161 million would affect the Company’s annual effective tax rate. Pursuant to the Tax Matters Agreement between J&J and the Company, certain liabilities for unrecognized tax benefits have been reduced during the fiscal twelve months ended December 31, 2023 to reflect the fact that the liabilities are retained by J&J, including with respect to the U.S. federal income tax, or have been reclassified as indemnification payables to J&J where the liabilities relate to the Company for periods prior to the Kenvue IPO. The Company conducts business and files tax returns in numerous countries. With respect to the United States, per the Tax Matters Agreement between J&J and the Company, J&J remains liable for all liabilities related to the final settlement of any U.S. federal income tax audits in which the Company is part of J&J’s federal consolidated tax return. The Company has therefore reduced its unrecognized tax benefits for U.S. federal uncertain tax positions as reflected in the table above under Net decreases related to the Separation during the fiscal twelve months ended December 31, 2023. In other major jurisdictions where the Company conducts business, the years that are under tax audit or remain open to tax audits range from 2014 and forward. The Company believes it is possible that certain tax audits in major jurisdictions where the Company conducts business outside of the United States may be completed over the next 12 months by their respective taxing authorities. However, the Company is not able to provide a reasonably reliable estimate of the timing of any future tax payments or the amount of possible changes to the total unrecognized tax benefits associated with any audit closures or other events.

The Company classifies liabilities for unrecognized tax benefits and related interest and penalties as long-term liabilities on the Consolidated Balance Sheets. Interest expense and penalties related to unrecognized tax benefits are classified as Provision for taxes in the Consolidated Statements of Operations. The Company recognized after-tax interest expense (benefit) of $5 million, $(8) million, and $13 million in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively. The total amount of accrued interest was $23 million and $19 million as of December 29, 2024 and December 31, 2023, respectively.

On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022 (“IRA”), which, among other things, introduced a 15% minimum tax based on adjusted financial statement income of certain large corporations with a three-year average adjusted financial statement income in excess of $1 billion, an excise tax on corporate stock buybacks, and several tax incentives to promote clean energy. Based on the Company’s current analysis, as well as recently published guidance by the U.S. Treasury and by the Internal Revenue Service, the IRA did not have a significant impact on the Consolidated Financial Statements. The Company will continue to evaluate the impact of this law as additional guidance and clarification become available.

The Company has included the impact of enacted legislation related to the Organization for Economic Co-operation Development’s (“OECD”) Pillar Two Inclusive Framework in its provision for taxes beginning in the current fiscal year. While the impact of currently enacted laws for Pillar Two is not significant, it is possible that further OECD implementation guidance, or legislation in countries in which the Company operates, could have a material effect on the Company’s provision for taxes in the future.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Net Income Per Share

12 Months Ended

Dec. 29, 2024

Earnings Per Share [Abstract]

Net Income Per Share

The Company had 1,924,976,532 shares of common stock issued and 1,913,768,088 shares of common stock outstanding as of December 29, 2024. Prior to the completion of the Kenvue IPO, the Company had 1,716,160,000 shares of common stock outstanding, of which 1,716,159,990 shares were issued to J&J through a subscription agreement in May 2023. On May 8, 2023, the Kenvue IPO was completed through the sale of 198,734,444 shares of common stock, including the underwriters’ full exercise of their option to purchase 25,921,884 shares to cover over-allotments. For all periods prior to the Kenvue IPO, the shares issued through the subscription agreement are being treated akin to shares attributable to a stock split and, as a result, are being retrospectively presented for all of the periods.

Diluted net income per share is computed by giving effect to all potentially dilutive equity instruments or equity-based awards that are outstanding during the period. The Company had 52,113,910 and 44,745,842 shares during the fiscal twelve months ended December 29, 2024 and December 31, 2023, respectively, that were determined to be anti-dilutive under the treasury stock method and therefore were excluded from the diluted net income per share calculation. For both the fiscal twelve months ended December 29, 2024 and December 31, 2023, the majority of anti-dilutive shares related to stock options. There were no equity-based awards of the Company outstanding prior to the Kenvue IPO and no dilutive equity instruments of the Company outstanding prior to the Exchange Offer.

Net income per share for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was calculated as follows:


	Fiscal Twelve Months Ended
(In Millions, Except Per Share Data)	December 29, 2024		December 31, 2023		January 1, 2023
Net income	$	1,030	$	1,664	$	2,064

Basic weighted-average number of shares outstanding	1,915		1,846		1,716
Diluted effects of stock-based awards	8		4		—
Diluted weighted-average number of shares outstanding	1,923		1,850		1,716

Net income per share:
Basic	$	0.54	$	0.90	$	1.20
Diluted	$	0.54	$	0.90	$	1.20

Share Repurchase Program

During the fiscal three months ended October 1, 2023, the Company’s Board authorized a share repurchase program, under which the Company is authorized to repurchase up to 27,000,000 shares of its outstanding common stock in open market or privately negotiated transactions. The program has no expiration date and may be suspended or discontinued at any time. The intent of this repurchase program is to offset dilution from the vesting or exercise of equity-based awards under the Kenvue 2023 Plan. The Company repurchased 10,858,444 shares of outstanding common stock for $235 million under the program during the fiscal twelve months ended December 29, 2024.

Fair Value Measurements

12 Months Ended

Dec. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value measurements are estimated based on valuations techniques and inputs categorized as follows:

•Level 1—Quoted prices in active markets for identical assets or liabilities

•Level 2—Significant other observable inputs

•Level 3—Significant unobservable inputs

If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2024 and December 31, 2023:


	December 29, 2024								December 31, 2023
(Dollars in Millions)	Carrying Value		Level 1		Level 2		Level 3		Carrying Value		Level 1		Level 2		Level 3
Assets:
Forward foreign exchange contracts	$	81	$	—	$	81	$	—	$	63	$	—	$	63	$	—
Cross currency swap contracts	71		—		71		—		—		—		—		—
Total assets	$	152	$	—	$	152	$	—	$	63	$	—	$	63	$	—
Liabilities:
Forward foreign exchange contracts	$	(76)	$	—	$	(76)	$	—	$	(50)	$	—	$	(50)	$	—
Cross currency swap contracts	(1)		—		(1)		—		(25)		—		(25)		—
Total liabilities	$	(77)	$	—	$	(77)	$	—	$	(75)	$	—	$	(75)	$	—
Net amount presented in Prepaid expenses and other receivables:	$	52	$	—	$	52	$	—	$	18	$	—	$	18	$	—
Net amount presented in Accounts payable:	$	(13)	$	—	$	(13)	$	—	$	(30)	$	—	$	(30)	$	—
Net amount presented in Other assets:	$	36	$	—	$	36	$	—	$	—	$	—	$	—	$	—

As of December 29, 2024 and December 31, 2023, cash equivalents were $118 million and $329 million, respectively, which were primarily comprised of time deposits and money market funds.

The carrying amount of Cash and cash equivalents, Trade receivables, Prepaid expenses and other receivables, and Loans and notes payable approximated fair value as of December 29, 2024 and December 31, 2023. The fair value of forward foreign exchange 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 cross currency swap contracts are recorded at fair value that is derived from observable market data, including foreign exchange rates and yield curves.

The fair value of the Company’s derivative assets is included in Prepaid expenses and other receivables and Other assets on the Consolidated Balance Sheets. The fair value of the Company’s derivative liabilities is included in Accounts payable on the Consolidated Balance Sheets.

There were no transfers between Level 1, Level 2, or Level 3 during the fiscal twelve months ended December 29, 2024 and the fiscal twelve months ended December 31, 2023.

The following table sets forth the notional amounts of the Company’s outstanding derivative instruments as of December 29, 2024 and December 31, 2023:


	December 29, 2024						December 31, 2023
(Dollars in Millions)	Forward foreign exchange contracts		Cross currency swap contracts		Total notional amount		Forward foreign exchange contracts		Cross currency swap contracts		Total notional amount
Cash flow hedges	$	3,570	$	—	$	3,570	$	3,522	$	—	$	3,522
Fair value hedges	$	30	$	—	$	30	$	—	$	—	$	—
Net investment hedges	$	—	$	1,900	$	1,900	$	—	$	500	$	500
Undesignated hedging instruments	$	574	$	—	$	574	$	588	$	—	$	588

Cash Flow Hedges

For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, the Company recorded a total after-tax change in Accumulated other comprehensive loss of $(23) million, $38 million, and $10 million, respectively, related to its cash flow hedge portfolio.

Forward Foreign Exchange Contracts

In certain jurisdictions, the Company uses forward foreign exchange contracts to manage its exposures to the variability of foreign exchange rates. Changes in the fair value of derivatives are recorded each period in earnings or Other comprehensive (loss) income, depending on whether the derivative is designated as part of a hedge transaction, and if so, the type of hedge transaction.

Since 2022, the Company has entered into forward foreign exchange contracts to hedge a portion of forecasted cash flows denominated in foreign currency. The terms of these contracts are generally no longer than 12 to 18 months. These contracts are designated as cash flow hedging relationships at the date of contract inception, in accordance with the appropriate accounting guidance. At inception, all designated hedging relationships are expected to be highly effective. These contracts are accounted for using the forward method, and all gains/losses associated with these contracts are recorded in Other comprehensive (loss) income. The Company reclassifies the gains and losses related to these contracts at the time the inventory is sold to the customer into Net sales or Cost of sales and Other expense, net in the Consolidated Statements of Operations, as applicable.

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 transactional exposure is 18 months. 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 gains and losses recognized on forward foreign exchange contracts designated as cash flow hedges within Other comprehensive (loss) income and the gains and losses reclassified into earnings for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Gain recognized in Other comprehensive (loss) income	$	5	$	18	$	11
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	$	13	$	28	$	(2)

The following tables present a summary of the gains and losses reclassified from Other comprehensive (loss) income into earnings related to the forward foreign exchange contracts for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
	December 29, 2024
(Dollars in Millions)	Net sales		Cost of sales		Other expense, net
(Loss) gain reclassified from Other comprehensive (loss) income into earnings	$	(1)	$	15	$	(1)


	Fiscal Twelve Months Ended
	December 31, 2023
(Dollars in Millions)	Net sales		Cost of sales		Other expense, net
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	$	1	$	30	$	(3)


	Fiscal Twelve Months Ended
	January 1, 2023
(Dollars in Millions)	Net sales		Cost of sales		Other expense, net
Gain reclassified from Other comprehensive (loss) income into earnings	$	21	$	12	$	30

Forward Starting Interest Rate Swaps

Beginning in the fiscal three months ended January 1, 2023, the Company entered into forward starting interest rate swaps in contemplation of securing long-term financing for the Separation or for other long-term financing purposes in the event the Separation did not occur. The Company designated these derivatives as cash flow hedges to reduce future interest rate exposure related to changes in the benchmark interest rate on forecasted 5-year, 10-year, and 30-year bonds that the Company issued in 2023. During the fiscal twelve months ended December 31, 2023, the Company recorded a gain of $48 million in Accumulated other comprehensive loss, of which $38 million was related to the settlement of its forward starting interest rate swaps upon the issuance of the forecasted debt. The $38 million gain in Accumulated other comprehensive loss will be amortized and recorded in Interest expense, net in the Consolidated Statements of Operations over the life of the 5-year, 10-year, and 30-year bonds. For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, the amounts reclassified from Other comprehensive (loss) income to the Consolidated Statements of Operations were not significant.

Fair Value Hedges

Forward Foreign Exchange Contracts

Beginning in the fiscal three months ended March 31, 2024, the Company entered into forward foreign exchange contracts to hedge against the risk of changes in the fair value of foreign-denominated intercompany debt attributable to foreign exchange rate fluctuations. These contracts are designated as fair value hedging relationships at the date of contract inception in accordance with the appropriate accounting guidance. At inception, all designated fair value hedging relationships are expected to be highly effective. The contracts are accounted for using the spot method with changes in the fair value of the contract attributable to the changes in spot rates recorded within Other expense, net in the Consolidated Statements of Operations. The Company has elected to exclude the changes in the fair value attributable to the difference between the spot price and the forward price, as well as any cross currency basis spread, from the assessment of hedge effectiveness (the “Excluded Components”). The Excluded Components are excluded from the assessment of the hedge effectiveness. The value of the Excluded Components was not significant to the Consolidated Financial Statements in the current period. The changes in fair value attributable to the Excluded Components are recorded in Accumulated other comprehensive loss and are recognized in Other expense, net in the Consolidated Statements of Operations on a systematic and rational basis over the life of the hedging instrument.

Net Investment Hedges

Forward Foreign Exchange Contracts

Beginning in the fiscal three months ended July 2, 2023, the Company entered into forward foreign exchange contracts to

mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. The Company designated these forward foreign exchange contracts as a net investment hedge to sell foreign currency (denominated in the local currency of the affiliate) at specified forward rates. These contracts were accounted for using the spot method with changes in the fair value of the contracts attributable to changes in spot rates recorded within CTA as a component of Other comprehensive (loss) income. The Company elected to exclude the changes in the fair value attributable to time value (the “Excluded Net Investment Hedge Components on Forward Foreign Exchange Contracts”) from the assessment of the hedge effectiveness. The changes in fair value attributable to the Excluded Net Investment Hedge Components on Forward Foreign Exchange Contracts were initially recorded within CTA as a component of Other comprehensive (loss) income and were recognized into Other expense, net in the Consolidated Statements of Operations ratably over the life of the contract. The forward foreign exchange contracts designated as a net investment hedge were settled during the fiscal three months ended October 1, 2023.

Cross Currency Swap Contracts

Beginning in the fiscal three months ended December 31, 2023, the Company entered into cross currency swap contracts to hedge exposure in foreign subsidiaries with local functional currencies. These contracts are designated as net investment hedges at the date of contract inception in accordance with the appropriate accounting guidance. These contracts are accounted for using the spot method with changes in the fair value of the contracts attributable to changes in spot rates recorded within CTA as a component of Other comprehensive (loss) income and will remain there until the hedged net investments are sold or substantially liquidated. The Company has elected to exclude the changes in the fair value attributable to time value and spot-forward rate differences (the “Excluded Net Investment Hedge Components on Cross Currency Swap Contracts”) from the assessment of the hedge effectiveness. The value of the Excluded Net Investment Hedge Components on Cross Currency Swap Contracts was not significant to the Consolidated Financial Statements in the current period. The changes in fair value attributable to the Excluded Net Investment Hedge Components on Cross Currency Swap Contracts are recognized into Interest expense, net in the Consolidated Statements of Operations on a systematic and rational basis through the swap accrual over the life of the hedging instrument.

The following table is a summary of the gains and losses recognized within Other comprehensive (loss) income related to the cross currency swap contracts designated as net investment hedges for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Gain (loss) recognized in CTA within Other comprehensive (loss) income	$	99	$	(25)	$	—

Other than amounts excluded from effectiveness testing, the Company did not reclassify any gains or losses from CTA within Other comprehensive (loss) income to earnings during the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 related to the cross currency swap contracts.

Undesignated Hedging Instruments

Undesignated Forward Foreign Exchange Contracts

Since 2022, the Company has entered into forward foreign exchange contracts to offset the foreign currency exposure related to the monetary assets and liabilities in non-functional currencies. These contracts are not designated as cash flow hedging relationships, and the net allocated gains and losses related to these contracts are recognized within Other expense, net in the Consolidated Statements of Operations. As of December 29, 2024 and December 31, 2023, respectively, the Company held forward foreign exchange contracts that were not designated in cash flow hedging relationships with a fair value of $0 million and $4 million, respectively.

The following table is a summary of the gains and losses recognized within Other expense, net related to the undesignated forward foreign exchange contracts for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
(Loss) gain recognized in Other expense, net	$	(7)	$	10	$	33

Effectiveness

On an ongoing basis, the Company assesses whether each derivative continues to be highly effective in offsetting changes of hedged items. When a derivative is no longer expected to be highly effective, hedge accounting is discontinued.

Statement of Cash Flows

Cash flows from derivatives designated in hedging relationships are reflected in the Consolidated Statements of Cash Flows consistent with the presentation of the hedged item. Cash flows from derivatives that were not accounted for as designated hedging relationships reflect the classification of the cash flows associated with the activities being economically hedged.

Credit Risk

The Company is exposed to the risk of credit loss in the event of nonperformance by counterparties to financial instrument contracts; however, nonperformance is considered unlikely and any nonperformance is unlikely to be material as it is the Company’s policy to contract with diverse, creditworthy counterparties based upon both strong credit ratings and other credit considerations. The Company has negotiated International Swaps and Derivatives Association, Inc. master agreements with its counterparties, which contain master netting provisions providing the legal right and ability to offset exposures across trades with each counterparty. Given the rights provided by these contracts, the Company presents derivative balances based on its “net” counterparty exposure. These agreements do not require the posting of collateral.

Investments in Equity Securities

The Company measures equity investments without 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. During the fiscal twelve months ended December 29, 2024, the Company recorded $72 million of impairment charges within Other expense, net in the Consolidated Statement of Operations to fully write off the equity investment balance. As of December 29, 2024 and December 31, 2023, such investments totaled $0 million and $71 million, respectively, and were included in Other assets on the Consolidated Balance Sheets.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Segments of Business and Geographic Areas

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company and/or certain of its subsidiaries are involved from time to time in various lawsuits and claims relating to product liability, labeling, marketing, advertising, pricing, intellectual property, commercial contracts, foreign exchange controls, antitrust and trade regulation, labor and employment, indemnification, data privacy and cybersecurity, environmental, health and safety, tax matters, governmental investigations, and other legal proceedings that arise 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 has been incurred and the amount of the loss can be reasonably estimated. As of December 29, 2024, the Company has determined that the liabilities associated with certain litigation matters are probable and can be reasonably estimated. The Company has accordingly accrued for those contingent liabilities and will continue to monitor each related legal issue and adjust accruals as might be warranted based on new information and further developments. Accrued liabilities related to litigation matters are included in Accrued liabilities and Other liabilities on the Consolidated Balance Sheets. 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 whether, among other things, damages sought in the proceedings are unsubstantiated or indeterminate; scientific and legal discovery has commenced or is complete; proceedings are in early stages; matters present legal uncertainties; significant facts are in dispute; procedural or jurisdictional issues exist; the number of potential claims is certain or predictable; comprehensive multi-party settlements are achievable; there are complex related cross-claims and counterclaims; and/or there are numerous parties involved. 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 on the Consolidated Balance Sheets, 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. Product Liability The Company and/or 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 may accrue 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 may accrue 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. Claims for personal injury have been made against the Company's subsidiary Johnson & Johnson Consumer Inc., now known as Kenvue Brands LLC (“JJCI”), along with other third-party sellers of acetaminophen-containing products, in federal court alleging that in utero exposure to acetaminophen (the active ingredient in Tylenol®, an over-the-counter (“OTC”) pain medication) is associated with the development of autism spectrum disorder and/or attention-deficit/hyperactivity disorder in children. In October 2022, lawsuits filed in federal courts in the United States were organized as a multi-district litigation in the U.S. District Court for the Southern District of New York. In February 2024, the court entered final judgment in favor of JJCI and the other sellers of acetaminophen-containing products and dismissed the majority of cases then pending in the multi-district litigation. A Notice of Appeal was filed for those cases in March 2024. In August 2024, all remaining cases then pending in the multi-district litigation were dismissed. As of December 2024, all cases were on appeal. 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. In addition, lawsuits have been filed in state court against JJCI, the Company, and J&J, and trial dates are being set. Lawsuits have also been filed in Canada against the Company’s subsidiary Johnson & Johnson Inc. (Canadian affiliate) (“JJI”) and J&J. At this stage in these proceedings, the Company is unable to reasonably estimate either the likelihood or the magnitude of its potential liability arising out of these claims and lawsuits. General Litigation In 2006, J&J acquired Pfizer’s OTC business including the U.S. rights to OTC Zantac, which were on-sold to Boehringer Ingelheim (“BI”) as a condition to merger control approval such that BI assumed product liability risk for U.S. sales from and after December 2006. J&J received indemnification from BI and gave Pfizer indemnification in connection with the transfer of the Zantac business to BI from Pfizer, through J&J. In November 2019, J&J received a demand for indemnification from Pfizer, pursuant to the 2006 Stock and Asset Purchase Agreement between J&J and Pfizer. In January 2020, J&J received a demand for indemnification from BI, pursuant to the 2006 Asset Purchase Agreement among J&J, Pfizer, and BI. Pursuant to the agreements, Pfizer and BI have asserted indemnification claims against J&J ostensibly related to Zantac sales by Pfizer. In November 2022, J&J received a demand for indemnification from GlaxoSmithKline LLC, pursuant to the 2006 Stock and Asset Purchase Agreement between J&J and Pfizer, and certain 1993, 1998, and 2002 agreements between Glaxo Wellcome and Warner-Lambert entities. The notices seek indemnification for legal claims related to OTC Zantac (ranitidine) products. Plaintiffs in the underlying actions allege that Zantac and other OTC medications that contain ranitidine may degrade and result in unsafe levels of NDMA (N-nitrosodimethylamine) and can cause or have caused various cancers in individuals using the products and seek declaratory and monetary relief. J&J has rejected all the demands for indemnification relating to the underlying actions. No J&J entity sold Zantac in the United States. In 2016, JJI sold the Canadian Zantac business to Sanofi Consumer Health, Inc. (“Sanofi”). Under the 2016 Asset Purchase Agreement between JJI and Sanofi (the “2016 Purchase Agreement”), Sanofi assumed certain liabilities including those pertaining to Zantac (ranitidine) product sold by Sanofi after closing and losses arising from or relating to recalls, withdrawals, replacements, or related market actions or post-sale warning in respect of products sold by Sanofi after the closing, and JJI is required to indemnify Sanofi for certain other excluded liabilities. In November 2019, JJI received a notice reserving rights to claim indemnification from Sanofi pursuant to the 2016 Purchase Agreement. The notice refers to indemnification for legal claims in class actions and various individual personal injury actions with similar allegations to the U.S. litigation related to OTC Zantac (ranitidine) products. Beginning in 2019, multiple putative class actions naming J&J and/or JJI were filed in Canada with similar allegations regarding Zantac or ranitidine use. J&J and/or JJI are named in two of the five outstanding putative class actions. Of the two outstanding putative class actions naming J&J and/or JJI, the Quebec Superior Court action has been stayed, and the Ontario Superior Court of Justice action is pending, but not currently active. JJI was also named as a defendant, along with other manufacturers, in various personal injury actions in Canada related to Zantac products. JJI has provided Sanofi notice reserving rights to claim indemnification pursuant to the 2016 Purchase Agreement related to the class actions and personal injury actions. At this stage in these proceedings, the Company is unable to reasonably estimate either the likelihood or the magnitude of its potential liability arising out of these claims and lawsuits. In September 2023, the Nonprescription Drugs Advisory Committee (the “NDAC”) of the U.S. Food and Drug Administration (the “FDA”) met to discuss new data on the effectiveness of orally administered phenylephrine (“PE”) and concluded that the current scientific data do not support that the recommended dosage of orally administered PE is effective as a nasal decongestant. Neither the FDA nor the NDAC raised concerns about safety issues with use of oral PE at the recommended dose. In November 2024, the FDA issued a proposed order to remove the ingredient from the OTC monograph. The public now has the opportunity to comment for 180 days before the FDA issues a final order. Beginning in September 2023, following the NDAC vote, putative class actions were filed against the Company and its affiliates, along with other third-party sellers and manufacturers of PE-containing products, asserting various causes of action including violation of consumer protection statutes, negligence, and unjust enrichment. The complaints seek damages and injunctive relief. In December 2023, lawsuits filed in federal courts in the United States were organized as a multi-district litigation in the U.S. District Court for the Eastern District of New York. In November 2024, the U.S. District Court for the Eastern District of New York dismissed plaintiffs’ streamlined complaint, and a Notice of Appeal was filed in December 2024. Separately, putative Canadian class actions were filed beginning in September 2023 against the Company’s affiliates, along with other third-party sellers and manufacturers of PE-containing products, alleging false, misleading representations, and seeking damages and declaratory relief based on similar causes of action. In December 2024, a representative action was filed in the Federal Court of Australia, Victoria Registry, against the Company’s subsidiary Johnson & Johnson Pacific Pty Limited alleging false and misleading representations and seeking damages and associated relief based on broadly similar causes of action to those in the United States. In February 2025, a representative action was filed in the High Court of New Zealand, Auckland Registry against Johnson & Johnson (New Zealand) Limited and the Company's subsidiaries JNTL Consumer Health (New Zealand) Limited and Johnson & Johnson Pacific Pty Limited, alleging breaches of the Fair Trading Act 1986 and the Consumer Guarantees Act 1993. Additionally, beginning in October 2023, two putative securities class actions were filed in the U.S. District Court for the District of New Jersey against the Company and certain of its officers, among other defendants. In December 2023, the two cases were consolidated as In re Kenvue Inc. Securities Litigation and a lead plaintiff was appointed. In March 2024, a consolidated amended complaint was filed that named the Company’s directors as defendants in addition to the defendants named in the initial complaints. The consolidated amended complaint brings claims under the Securities Act of 1933, as amended. It alleges that the Company’s registration statements and prospectuses filed with the SEC in connection with the Kenvue IPO on Form S-1 and the Exchange Offer on Form S-4 contained misleading statements and omissions about PE. It seeks damages for all shareholders who acquired shares pursuant to the Kenvue IPO and the Exchange Offer registration statements and prospectuses. In January 2024, shareholder derivative complaints were filed in the U.S. District Court for the District of New Jersey against the Company as the nominal defendant and the Company’s directors and certain of its officers as defendants, among other defendants. The derivative complaints allege breaches of fiduciary duties based on disclosures in the Company’s SEC filings regarding PE, and they seek damages and equitable relief. The derivative complaints have been consolidated as In re Kenvue, Inc. Derivative Litigation and have been stayed. At this stage in these proceedings, the Company is unable to reasonably estimate either the likelihood or the magnitude of its potential liability arising out of these claims and lawsuits. In March 2024, following the filing of a Citizen Petition with the FDA by Valisure LLC that included testing results purporting to show that benzoyl peroxide (“BPO”) OTC acne products can degrade into benzene at levels well above the alleged limit of two parts per million, putative class actions were filed against the Company and its affiliates, along with other third-party sellers and manufacturers of BPO-containing acne products, asserting various causes of action including violation of consumer protection statutes, negligence, breach of express and implied warranties, and unjust enrichment. The complaints, pending in the U.S. District Court for the District of New Jersey, seek damages and injunctive relief. At this stage in these proceedings, the Company is unable to reasonably estimate either the likelihood or the magnitude of its potential liability arising out of these claims and lawsuits. JJCI, along with more than 120 other companies, is a defendant in a cost recovery action brought by Occidental Chemical Corporation in June 2018 in the U.S. District Court for the District of New Jersey, related to the clean-up of a section of the Lower Passaic River in New Jersey. Certain defendants (not including JJCI) have executed a settlement with the U.S. Environmental Protection Agency and U.S. Department of Justice, which was confirmed through a judicial Consent Decree in December 2024. A Notice of Appeal was filed in January 2025. The case has been administratively closed but can be re-opened upon request. 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 environmental investigation and remediation activities at designated hazardous waste sites or to reimburse the government or third parties for the costs they have incurred in performing investigation, oversight, or remediation at such sites. Other A significant number of personal injury claims alleging that talc causes cancer were made against J&J and certain of its affiliates arising out of the use of body powders containing talc, primarily Johnson’s® Baby Powder. These personal injury suits were filed primarily in state and federal courts in the United States and in Canada. Pursuant to the Separation Agreement, J&J has retained all liabilities on account of or relating to harm arising out of, based upon or resulting from, directly or indirectly, the presence of or exposure to talc or talc-containing products sold by J&J or its affiliates in the United States and Canada (the “Talc-Related Liabilities”) and, as a result, has agreed to indemnify the Company for the Talc-Related Liabilities and any costs associated with resolving such claims, including matters that have commenced in the United States naming the Company or its affiliates. The Company will, however, remain responsible for all liabilities on account of or relating to harm arising out of, based upon or resulting from, directly or indirectly, the presence of or exposure to talc or talc-containing products sold outside the United States or Canada.

Segments of Business and Geographic Areas

12 Months Ended

Dec. 29, 2024

Segment Reporting [Abstract]

The Company is organized into three reportable business segments: Self Care, Skin Health and Beauty, and Essential Health.

The Company’s CODM, the Chief Executive Officer, uses Segment adjusted operating income as the measure of profit or loss and to evaluate the performance of the Company’s segments. For each segment, the CODM uses this information to assist in evaluating underlying trends, to monitor budget and forecast versus actual results, to make investment decisions to allocate resources both in total, and between the segments, and to make key segment personnel decisions. Segment profit is based on Operating income, excluding depreciation, amortization of intangible assets, Separation-related costs, restructuring and operating model optimization initiatives, impairment charges, the impact of the conversion of stock-based awards, issuance of Founder Shares, Other operating expense (income), net, and unallocated general corporate administrative expenses (referred to herein as “Segment adjusted operating income”), as the CODM excludes these items in assessing segment financial performance. General corporate/unallocated expenses, which include expenses related to treasury, legal operations, and certain other expenses, along with gains and losses related to the overall management of the Company, are not allocated to the segments. In assessing segment performance and managing operations, the CODM does not review segment assets.

The Company operates the business through the following three reportable business segments based on product categories:


Reportable Segments			Product Categories
Self Care			Cough, Cold, and Allergy
			Pain Care
			Other Self Care (Digestive Health, Smoking Cessation, Eye Care, and Other)
Skin Health and Beauty			Face and Body Care
			Hair, Sun, and Other
Essential Health			Oral Care
			Baby Care
			Other Essential Health (Women’s Health, Wound Care, and Other)

The Company’s product categories as a percentage of Net sales for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
Product Categories	December 29, 2024		December 31, 2023		January 1, 2023
Cough, Cold, and Allergy	14	%	13	%	13	%
Pain Care	13		14		13
Other Self Care	15		15		14
Face and Body Care	19		20		20
Hair, Sun and Other	8		9		9
Oral Care	11		10		10
Baby Care	9		9		10
Other Essential Health	11		10		11
Total	100	%	100	%	100	%

Segment Net Sales and Segment Adjusted Operating Income

Segment net sales and Segment adjusted operating income for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
	December 29, 2024								December 31, 2023								January 1, 2023
(Dollars in Millions)	Self Care		Skin Health and Beauty		Essential Health		Total		Self Care		Skin Health and Beauty		Essential Health		Total		Self Care		Skin Health and Beauty		Essential Health		Total
Net sales	$	6,527	$	4,240	$	4,688	$	15,455	$	6,451	$	4,378	$	4,615	$	15,444	$	6,030	$	4,350	$	4,570	$	14,950
Segment adjusted Cost of sales(1)	2,287		1,738		2,102		6,127		2,249		1,952		2,228		6,429		2,140		1,943		2,157		6,240
Other segment expense items(2)	2,067		1,895		1,424		5,386		1,903		1,747		1,376		5,026		1,802		1,699		1,302		4,803
Segment adjusted operating income	$	2,173	$	607	$	1,162	$	3,942	$	2,299	$	679	$	1,011	$	3,989	$	2,088	$	708	$	1,111	$	3,907
Reconciliation to Income before taxes
Less:
Depreciation(3)							329								305								296
Amortization of intangible assets							269								322								348
Separation-related costs(4)							296								468								213
Restructuring and operating model optimization initiatives							221								32								100
Impairment charges							578								—								12
Conversion of stock-based awards(5)							39								55								—
Founder Shares(6)							29								9								—
Other operating expense (income), net							26								(10)								(35)
General corporate/unallocated expenses							314								296								298
Operating income							$	1,841							$	2,512							$	2,675
Other expense, net							48								72								38
Interest expense, net							378								250								—
Income before taxes							$	1,415							$	2,190							$	2,637

(1) The Company defines Segment adjusted cost of sales as Cost of sales adjusted for amortization of intangible assets, Separation-related costs, conversion of stock-based awards, Founder Shares, operating model optimization initiatives, and general corporate/unallocated expenses.

(2) Other segment expense items for each reportable segment include employee-related costs, brand support, shipping and handling costs, research and development costs, and certain other operating expenses (income).

(3) Depreciation includes the amortization of integration and development costs capitalized in connection with cloud computing arrangements.

(4) Separation-related costs includes depreciation expense on Separation-related assets for the fiscal twelve months ended December 29, 2024.

(5) Segment adjusted operating income excludes the impact of the conversion of stock-based awards that occurred on August 23, 2023 (see Note 11, “Stock-Based Compensation” for additional information). The adjustment represents the net impact of the gain on reversal of previously recognized stock-based compensation expense, offset by stock-based compensation expense recognized in the fiscal twelve months ended December 29, 2024 and December 31, 2023 relating to employee services provided prior to the Separation.

(6) On October 2, 2023, the Founder Shares were granted to all Kenvue employees in the form of stock options and PSUs to executive officers and either stock options and PSUs or RSUs to non-executive individuals (see Note 11, “Stock-Based Compensation” for additional information).

Depreciation and Amortization

Depreciation and amortization by reportable segment for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Self Care	$	217	$	202	$	202
Skin Health and Beauty	174		230		247
Essential Health	231		195		195
Total depreciation and amortization(1)	$	622	$	627	$	644

(1) Depreciation includes the amortization of integration and development costs capitalized in connection with cloud computing arrangements.

Geographic Information

Net sales are attributed to a geographic region based on the location of the customer and for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
North America(1)	$	7,579	$	7,610	$	7,418
Europe, Middle East, and Africa	3,559		3,388		3,188
Asia-Pacific	2,974		3,107		3,146
Latin America	1,343		1,339		1,198
Total Net sales	$	15,455	$	15,444	$	14,950

(1) Includes U.S. Net sales in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 of $6,719 million, $6,767 million, and $6,599 million, respectively.

Long-lived assets consisting of property, plant, and equipment, net of accumulated depreciation as of December 29, 2024 and December 31, 2023 were as follows:


(Dollars in Millions)	December 29, 2024		December 31, 2023
North America(1)	$	922	$	881
Europe, Middle East, and Africa	432		558
Asia-Pacific	297		358
Latin America	198		245
Total long-lived assets	$	1,849	$	2,042

(1) Includes U.S. long-lived assets as of December 29, 2024 and December 31, 2023 of $848 million and $794 million, respectively.

Major Customers

One of the Company’s customers accounted for approximately 12%, 12%, and 13% of total Net sales for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Restructuring and Related Activities [Abstract]

Restructuring Expenses and Operating Model Optimization Initiatives

12 Months Ended

Dec. 29, 2024

Restructuring Expenses and Operating Model Optimization Initiatives

2024 Multi-Year Restructuring Initiative

As part of the Company’s continued transformation to a fit-for-purpose consumer company, during the fiscal year 2024, the Company began strategic initiatives intended to enhance organizational efficiencies and better position Kenvue for future growth (“Our Vue Forward”). To further Our Vue Forward, on May 6, 2024, the Company’s Board approved a multi-year initiative (the “2024 Multi-Year Restructuring Initiative”) to build on the Company’s strengths, improve underlying information technology infrastructure, and optimize its cost structure by rebalancing resources to better position the Company for future growth. The 2024 Multi-Year Restructuring Initiative primarily includes global workforce reductions, changes in management structure, and the transition to centralized shared-service functions in lower-cost locations.

The 2024 Multi-Year Restructuring Initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $550 million, consisting of information technology and project-related costs (approximately 50%), employee-related costs (approximately 40%), and other implementation costs (approximately 10%). These charges are expected to be funded primarily through cash flows generated from operations. The Company planned to incur approximately $275 million in pre-tax restructuring expenses and other charges in each of fiscal year 2024 and fiscal year 2025. The Company incurred lower than expected spend in fiscal year 2024 due to the shift in timing of certain information technology and project-related costs to fiscal year 2025 and lower than expected employee-related costs relating to severance spend due to employee redeployment and voluntary exits.

The following table summarizes the classification of pre-tax restructuring expenses and other charges incurred related to the 2024 Multi-Year Restructuring Initiative during the fiscal twelve months ended December 29, 2024:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024
Restructuring expenses	$	185
Cost of sales	27
Selling, general, and administrative expenses	9
Total pre-tax restructuring expenses and other charges	$	221

The following table summarizes the pre-tax restructuring expenses and other charges incurred by cost type related to the 2024 Multi-Year Restructuring Initiative during the fiscal twelve months ended December 29, 2024 and inception to date through December 29, 2024:


	Fiscal Twelve Months Ended		Inception To Date Through December 29, 2024
(Dollars in Millions)	December 29, 2024
Employee-related costs(1)	$	106	$	106
Information technology and project-related costs(2)	99		99
Other implementation costs(3)	16		16
Total pre-tax restructuring expenses and other charges	$	221	$	221

(1) Employee-related costs primarily include severance and other termination benefits.

(2) Information technology and project-related costs primarily include advisory costs to operationalize the initiative.

(3) Other implementation costs primarily include costs to terminate contracts, impairments of assets, and other associated costs to exit.

The following table summarizes the activity related to accrued restructuring expenses and other charges for the 2024 Multi-Year Restructuring Initiative during the fiscal twelve months ended December 29, 2024:


(Dollars in Millions)	Employee-related Costs(1)		Information Technology and Project-Related Costs(2)		Other Implementation Costs(3)		Total Costs
Accrued restructuring expenses and other charges as of December 31, 2023	$	—	$	—	$	—	$	—
Charges to earnings	106		99		16		221
Cash payments	(75)		(34)		(7)		(116)
Non-cash charges	(6)		—		(6)		(12)
Accrued restructuring expenses and other charges as of December 29, 2024	$	25	$	65	$	3	$	93

(1) Employee-related costs primarily include severance and other termination benefits.

(2) Information technology and project-related costs primarily include advisory costs to operationalize the initiative.

(3) Other implementation costs primarily include costs to terminate contracts, impairments of assets, and other associated costs to exit.

Supply Chain Optimization Initiatives

Restructuring charges associated with supply chain optimization initiatives, and directly attributed to the Company, were primarily related to contractors/outside services, asset write-downs, and accelerated depreciation. The initiatives were completed in the fiscal fourth quarter of fiscal year 2022 and as such, no costs were recognized for these initiatives in the fiscal twelve months ended December 29, 2024 and December 31, 2023. Costs have been recognized in the Consolidated Statement of Operations in the fiscal twelve months ended January 1, 2023 as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	January 1, 2023
Cost of sales	$	55
Selling, general, and administrative expenses	45
Total	$	100

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Pay vs Performance Disclosure
Net income	$ 1,030	$ 1,664	$ 2,064

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 29, 2024
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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 29, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 29, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our process for assessing, identifying, and managing material risks from cybersecurity threats is integrated into our broader risk management framework to promote a company-wide culture of cybersecurity risk management. Our cybersecurity organization continually evaluates and addresses cybersecurity risk in alignment with our business objectives to address the evolving regulatory landscape and emerging risks, including those resulting from geopolitical shifts and technological innovations such as the growth of cloud technologies and artificial intelligence. We maintain a formal cybersecurity training program, including annual trainings for all Kenvuers, covering, among other topics, phishing, email security, and data privacy. We employ automation, and we also engage our internal audit function and a range of external consultants and other expert third parties in connection with the evaluation and management of cybersecurity risk and the maturation of our cybersecurity program. Our cybersecurity organization assesses, monitors, and manages cybersecurity risk through technical, physical, and administrative controls, including implementing cybersecurity policies, procedures, and strategies, with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while increasing our system resilience in an effort to minimize business impact should an incident occur. The underlying controls of the cybersecurity risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology Cybersecurity Framework. In addition, we maintain a Data Incident Response Program, which is designed to identify, assess, manage, and report significant data incidents, including those reasonably likely to affect our business strategy, results of operations, or financial condition. In the event of a cybersecurity incident, our cybersecurity team assesses, among other factors, safety impact, supply chain and manufacturing disruption, data and personal information loss, business operations disruption, projected cost, and potential for reputational harm, with support from external technical and legal advisors and law enforcement, as appropriate. The Data Incident Response Program outlines the steps to be followed from incident detection to mitigation, recovery, and notification, including notifying functional areas, senior management, and the Company’s Disclosure Committee or a sub-committee thereof as appropriate. The Disclosure Committee or a sub-committee thereof will consider the materiality of an incident elevated by the Data Incident Response Program, inform our Board and other key stakeholders as appropriate, and determine the Company’s reporting obligation on a timely basis. Our organization tests and monitors these processes, including through table-top exercise testing with senior leaders. We rely heavily on our supply chain to deliver our products to our customers and consumers, and a cybersecurity incident at a supplier or partner could materially adversely impact us. As such, we have processes in place to oversee and identify risks from cybersecurity threats associated with suppliers and our use of third-party service providers, including through our Supplier Cyber Risk Assessment process, which assesses third-party cybersecurity controls through a combination of risk assessment questionnaires, commercially available risk data, and proprietary algorithms. We also include security and privacy addendums to our contracts where applicable. We require that our suppliers and partners report cybersecurity incidents to us so that we can assess the impact of such an incident on us and have dedicated processes to respond to cybersecurity incidents at third parties. Risks from cybersecurity threats did not materially affect our results of operations or financial condition during the fiscal twelve months ended December 29, 2024.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity organization assesses, monitors, and manages cybersecurity risk through technical, physical, and administrative controls, including implementing cybersecurity policies, procedures, and strategies, with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while increasing our system resilience in an effort to minimize business impact should an incident occur. Cybersecurity-related risks are one of the key risks contemplated by our Enterprise Risk Management (“ERM”) Framework. The ERM Framework informs our strategic planning activities through a collaborative risk management environment that proactively identifies and prioritizes our strategic, preventable, and external risks (including new or changing regulations). The ERM Framework enables a clear understanding of the top risks and the exposure they have to our performance and strategic decisions. The ERM Framework is reviewed annually as part of a risk assessment that is presented to our Board.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The ERM Framework is reviewed annually as part of a risk assessment that is presented to our Board. Our ERM Framework describes the roles and responsibilities of the Integrated Risk Management Council, a cross-functional group of senior enterprise risk leaders, which meets regularly to review and discuss significant risk facing our business, including cybersecurity risk. Our Integrated Risk Management Council, which includes our Chief Information Security Officer (“CISO”), proactively identifies, assesses, and prioritizes key or emerging risks, which are then escalated to senior management as needed and, in the case of cybersecurity risk, reported to our Board’s Nominating, Governance & Sustainability Committee (the “NG&S Committee”) or our full Board. The NG&S Committee is responsible for assisting our Board with respect to designated risk oversight matters, including privacy and cybersecurity. The NG&S Committee receives reports from, and meets at least twice a year and as needed with, the CISO and the Chief Privacy and Digital Officer (“CPDO”). The CISO and the CPDO inform the NG&S Committee, which in turn informs our Board, of risks from cybersecurity threats during such meetings. The NG&S Committee reports to our full Board following each of its regularly scheduled meetings at a minimum and reviews with our Board significant issues or concerns that arise at NG&S Committee meetings. In addition, in February 2025, the CISO and the CPDO reviewed with our Board the cybersecurity and privacy programs, the Data Incident Response Program, and the role of our Board related thereto.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The NG&S Committee is responsible for assisting our Board with respect to designated risk oversight matters, including privacy and cybersecurity. The NG&S Committee receives reports from, and meets at least twice a year and as needed with, the CISO and the Chief Privacy and Digital Officer (“CPDO”).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CISO and the CPDO inform the NG&S Committee, which in turn informs our Board, of risks from cybersecurity threats during such meetings. The NG&S Committee reports to our full Board following each of its regularly scheduled meetings at a minimum and reviews with our Board significant issues or concerns that arise at NG&S Committee meetings. In addition, in February 2025, the CISO and the CPDO reviewed with our Board the cybersecurity and privacy programs, the Data Incident Response Program, and the role of our Board related thereto.
Cybersecurity Risk Role of Management [Text Block]	Cybersecurity-related risks are one of the key risks contemplated by our Enterprise Risk Management (“ERM”) Framework. The ERM Framework informs our strategic planning activities through a collaborative risk management environment that proactively identifies and prioritizes our strategic, preventable, and external risks (including new or changing regulations). The ERM Framework enables a clear understanding of the top risks and the exposure they have to our performance and strategic decisions. The ERM Framework is reviewed annually as part of a risk assessment that is presented to our Board. Our ERM Framework describes the roles and responsibilities of the Integrated Risk Management Council, a cross-functional group of senior enterprise risk leaders, which meets regularly to review and discuss significant risk facing our business, including cybersecurity risk. Our Integrated Risk Management Council, which includes our Chief Information Security Officer (“CISO”), proactively identifies, assesses, and prioritizes key or emerging risks, which are then escalated to senior management as needed and, in the case of cybersecurity risk, reported to our Board’s Nominating, Governance & Sustainability Committee (the “NG&S Committee”) or our full Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO leads a global cybersecurity organization, which develops our strategic cybersecurity priorities and executes operational plans.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 25 years of cybersecurity experience in the healthcare, finance, and telecommunications industries and in government. Prior to his role at Kenvue, our CISO spent over 10 years at J&J in cybersecurity, and he retired from the United States Air Force Reserves in 2018 as a Lieutenant Colonel, where he had responsibility for cybersecurity. He is a Certified Information Systems Security Professional and holds a Masters in Telecommunications Management from the University of Maryland, University College and a Directorship Certification from the National Association of Corporate Directors. Our CPDO has over 10 years of privacy and digital legal experience. Prior to his role at Kenvue, our CPDO worked for over 15 years in J&J’s Law Department. He also worked as a lawyer in private practice at the law firm Linklaters LLP, in industry associations, and in government, and he acted as Vice Chair of the Consumer Goods Privacy+ Consortium, an association developing compliance strategies and best practices to meet requirements of global privacy laws. He holds a Juris Doctor from Luiss Guido Carli University (Rome, Italy) and a Master of Laws in European Law and Economic Analysis from the College of Europe (Bruges, Belgium). The other members of the cybersecurity organization have decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes around the world, and rely on threat intelligence as well as other information obtained from governmental, public, or private sources, including external consultants.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In addition, we maintain a Data Incident Response Program, which is designed to identify, assess, manage, and report significant data incidents, including those reasonably likely to affect our business strategy, results of operations, or financial condition. In the event of a cybersecurity incident, our cybersecurity team assesses, among other factors, safety impact, supply chain and manufacturing disruption, data and personal information loss, business operations disruption, projected cost, and potential for reputational harm, with support from external technical and legal advisors and law enforcement, as appropriate. The Data Incident Response Program outlines the steps to be followed from incident detection to mitigation, recovery, and notification, including notifying functional areas, senior management, and the Company’s Disclosure Committee or a sub-committee thereof as appropriate. The Disclosure Committee or a sub-committee thereof will consider the materiality of an incident elevated by the Data Incident Response Program, inform our Board and other key stakeholders as appropriate, and determine the Company’s reporting obligation on a timely basis. Our organization tests and monitors these processes, including through table-top exercise testing with senior leaders. Our ERM Framework describes the roles and responsibilities of the Integrated Risk Management Council, a cross-functional group of senior enterprise risk leaders, which meets regularly to review and discuss significant risk facing our business, including cybersecurity risk. Our Integrated Risk Management Council, which includes our Chief Information Security Officer (“CISO”), proactively identifies, assesses, and prioritizes key or emerging risks, which are then escalated to senior management as needed and, in the case of cybersecurity risk, reported to our Board’s Nominating, Governance & Sustainability Committee (the “NG&S Committee”) or our full Board. The NG&S Committee is responsible for assisting our Board with respect to designated risk oversight matters, including privacy and cybersecurity. The NG&S Committee receives reports from, and meets at least twice a year and as needed with, the CISO and the Chief Privacy and Digital Officer (“CPDO”). The CISO and the CPDO inform the NG&S Committee, which in turn informs our Board, of risks from cybersecurity threats during such meetings. The NG&S Committee reports to our full Board following each of its regularly scheduled meetings at a minimum and reviews with our Board significant issues or concerns that arise at NG&S Committee meetings. In addition, in February 2025, the CISO and the CPDO reviewed with our Board the cybersecurity and privacy programs, the Data Incident Response Program, and the role of our Board related thereto.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Description of the Company and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 29, 2024

Description of the Company and Business Segments

The Company is organized into three reportable business segments: Self Care, Skin Health and Beauty, and Essential Health. The Self Care segment includes a broad product range such as pain care; cough, cold, and allergy; digestive health; smoking cessation; eye care; and other products. The Skin Health and Beauty segment is focused on face and body care, as well as hair, sun, and other products. The Essential Health segment includes oral care, baby care, women’s health, wound care, and other products.

Reportable Segments

The Company operates in the following reportable business segments: 1) Self Care, 2) Skin Health and Beauty, and 3) Essential Health.

Basis of Presentation

Effective April 4, 2023, the Company’s financial statements are presented on a consolidated basis, as J&J completed the Consumer Health Business Transfer on such date. The audited financial statements for all periods presented, including the historical results of the Company prior to April 4, 2023, are referred to as the “Consolidated Financial Statements.”

Intercompany balances and transactions have been eliminated. The Consolidated Financial Statements include the accounts of the Company and its affiliates and entities consolidated under the variable interest and voting models.

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the periods reported. Estimates are used when accounting for, among other things, sales discounts, trade promotions, rebates, allowances and incentives, product liabilities, income taxes and related valuation allowances, withholding taxes, pensions, postretirement benefits, fair value of financial instruments, stock-based compensation assumptions, depreciation, amortization, employee benefits, contingencies, allocations of cost and expenses from J&J and its affiliates, and the valuation of goodwill, intangible assets, and liabilities. Actual results may or may not differ from those estimates.

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; however, the fiscal year consists of 53 weeks every five or six years. For fiscal years which consist of 53 weeks, this results in additional shipping days, as was the case in fiscal year 2020, and will be the case again in fiscal year 2026. Fiscal year 2024 refers to the fiscal twelve months ended December 29, 2024. Fiscal year 2023 refers to the fiscal twelve months ended December 31, 2023. Fiscal year 2022 refers to the fiscal twelve months ended January 1, 2023.

Cash and Cash Equivalents

All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. Cash equivalents are included in the Company’s Cash and cash equivalents on the Consolidated Balance Sheets.

Trade Receivable and Allowance for Credit Losses

Trade receivables, net are stated net of certain sales provisions and the allowance for credit losses. The Company estimates the current expected credit loss on its receivables based on various factors, including historical credit loss experience, customer credit-worthiness, value of collaterals (if any), and any relevant current and reasonably supportable future economic factors. Trade receivable balances are written off against the allowance when it is deemed probable that the trade receivable will not be collected.

Inventories

Inventories are stated at the lower of cost or net realizable value and are accounted for using the first-in, first-out method. Cost is determined on a standard cost basis that approximates the first-in, first-out method. Costs include direct materials, direct labor, and overhead costs.

Property, Plant and Equipment and Depreciation

Property, Plant, and Equipment and Depreciation

Property, plant, and equipment are stated at cost less accumulated depreciation. The Company utilizes the straight-line method of depreciation over the estimated useful lives. The approximate ranges for estimated useful lives are as follows:


Machinery and equipment						2 – 13 years
Buildings and building equipment						20 – 40 years
Software						3 – 8 years
Land improvements						10 – 20 years

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 Other operating expense (income), net.

Capitalized Internal-Use Software

Internal-use software development costs are accounted for in accordance with Accounting Standards Codification (“ASC”) 350-40, Internal-Use Software. The costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, internal and external costs incurred to develop internal-use software are capitalized. Capitalized internal-use software costs are amortized on a straight-line basis over the estimated useful life of the software when the software is ready for its intended use. Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated useful life of the software. The Company reviews the carrying value for impairment whenever facts and circumstances exist that would suggest that assets might be impaired or that the useful lives should be modified.

Intangible Assets

Intangible assets are reported at cost, less accumulated amortization and impairments, as applicable. The Company amortizes intangible assets with a finite life over their respective useful lives on a straight-line basis. The estimated useful lives for patents, trademarks, and customer relationships range from 10 years to 40 years and for other intangibles ranges from 20 years to 40 years. The useful life for customer relationships is estimated based on various customer attributes including customer type, size, geography, length of relationships, and nature of relationships. Intangible assets deemed to have indefinite lives are not amortized but are subjected to annual tests of impairment on the first day of the fiscal fourth quarter, or more frequently if events or changes in circumstances between annual tests indicate that assets may be impaired. The Company has the option to first assess qualitative factors to determine whether the quantitative indefinite-lived intangible asset impairment test is necessary. If the Company determines the estimated fair value of the indefinite-lived intangible asset is more likely than not greater than its carrying amount based on the results of the qualitative test, no additional testing is necessary. If the Company determines the estimated fair value of the indefinite-lived intangible asset is more likely than not less than the carrying value based on the results of the qualitative test, a quantitative fair value test is performed. The Company may bypass the qualitative assessment in any period and proceed directly to performing the quantitative fair value test. If the Company determines the estimated fair value of the indefinite-lived intangible asset is less than the carrying value based on the results of the quantitative fair value test, an indefinite-lived intangible asset impairment charge will be recorded equal to the amount of the difference (up to the carrying value of the indefinite-lived intangible asset).

Goodwill

Goodwill represents the excess of the consideration transferred over the fair value of net assets of businesses acquired. The Consolidated Balance Sheets reflect goodwill established based on past transactions allocated to the Company’s operations by J&J prior to the Kenvue IPO. Goodwill is not amortized but is subjected to annual tests of impairment at the reporting unit level

on the first day of the fiscal fourth quarter, or more frequently if events or changes in circumstances between annual tests indicate that goodwill may be impaired. The Company has the option to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the Company determines the estimated fair value of goodwill is more likely than not greater than its carrying amount based on the results of the qualitative test, no additional testing is necessary. If the Company determines the estimated fair value of goodwill is more likely than not less than the carrying value based on the results of the qualitative test, a quantitative fair value test is performed. The Company may bypass the qualitative assessment in any period and proceed directly to performing the quantitative fair value test. If the Company determines the estimated fair value of goodwill is less than the carrying value based on the results of the quantitative fair value test, a goodwill impairment charge will be recorded equal to the amount of the difference (up to the carrying value of goodwill).

The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants. The Company estimates the fair value of a reporting unit using a discounted cash flow model. The discounted cash flow model relies on assumptions regarding revenue and net income growth rates, projected working capital needs, capital expenditures, and discount rates. To estimate fair value, the Company discounts the forecasted cash flows of each reporting unit. The discount rate the Company uses represents the estimated weighted-average cost of capital, which reflects the overall level of inherent risk involved in the reporting unit’s operations and the rate of return a market participant would expect to earn. The quantitative fair value test is performed utilizing long-term growth rates and discount rates applied to the estimated cash flows in estimation of fair value.

To forecast a reporting unit’s cash flows, the Company takes into consideration economic conditions and trends, estimated future operating results, management’s projections, a market participant’s view of growth rates and product lives, and anticipated future economic conditions. Revenue growth rates inherent in these forecasts are based on input from internal and external market research that compare factors such as growth in global economies, recent industry trends, and product lifecycles. Macroeconomic factors such as changes in economies, changes in the competitive landscape, changes in government legislation, product lifecycles, industry consolidations, and other changes beyond the Company’s control could have a positive or negative impact on achieving its targets. Accordingly, if market conditions deteriorate, or if the Company is unable to execute its strategies, it may be necessary to record impairment charges in the future.

Annual Goodwill Impairment Tests

The Company completed its annual goodwill impairment tests for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 by performing a quantitative assessment on each of the reporting units and concluded that no impairment to goodwill was necessary as the fair value of each reporting unit was in excess of its respective carrying value.

Impairment of Long-Lived Assets

Long-lived assets with finite lives are subjected to a test of impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If any indicators of impairment are present, the asset group is tested for recoverability by comparing the carrying value of the asset group to the net undiscounted future cash flows expected to be derived from the asset group, which includes the amount and timing of the projected future cash flows. If the net undiscounted cash flows are less than the carrying value of the asset group, the Company then performs the next step, which is to determine the fair value of the asset group, and record an impairment, if any. If quoted market prices are not available, the Company estimates fair value using a discounted value of estimated future cash flows.

Debt Discounts and Premiums, Issuance Costs, and Deferred Financing Costs

Discounts and debt issuance costs are presented as a reduction of Long-term debt and Loans and notes payable on the Consolidated Balance Sheets and are amortized as a component within Interest expense, net in the Consolidated Statements of Operations over the term on the related debt using the effective interest method.

Financial Instruments

The Company uses derivative financial instruments to manage exposure to foreign currency fluctuations. Prior to the Kenvue IPO, the Company participated in J&J’s centralized hedging and offsetting programs. The effects of foreign currency derivatives were allocated to the Company based on the portion that was deemed to be associated with the Company’s operations.

The Company uses various types of derivative financial instruments including forward foreign exchange contracts, interest rate swaps, and cross currency interest rate swap contracts to manage its exposure to the variability of forecasted cash flows, changes in the fair value of foreign-denominated intercompany debt attributable to foreign exchange rate fluctuations, interest rate risk related to future debt issuances, and foreign subsidiaries with local functional currency.

As required by U.S. GAAP, all derivative instruments held by the Company are recorded on the Consolidated Balance Sheets at fair value. 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 designated as cash flow hedges are recorded within Gain (Loss) on Derivatives and Hedges as a component of Other comprehensive (loss) income until the underlying transaction affects earnings and are then reclassified to earnings in the same account as the hedged transaction. Changes in the fair value of derivatives designated as net investment hedges are recorded within Currency Translation Adjustments (“CTA”) as a component of Other comprehensive (loss) income until the hedged investment is either sold or substantially liquidated and are then reclassified to earnings. Any changes in the fair value of derivatives designated as fair value hedges are recorded in Net income.

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.

Defined Benefit Retirement Plans

The Company’s defined benefit retirement plan costs are valued using actuarial valuations. The Company recognizes the funded or unfunded status of its defined benefit pension plans on the Consolidated Balance Sheets and recognizes changes in the funded status that are not recognized as components of net periodic benefit cost within Other comprehensive (loss) income, net of income taxes. The projected benefit obligation represents the actuarial present value of benefits expected to be paid upon an employee’s expected date of separation or retirement. Amounts related to the Company’s defined benefit pension plans are recorded based on estimates and assumptions. Factors used in developing estimates of these liabilities include, among other things, assumptions related to discount rates, rates of return on investments, healthcare cost trends, benefit payment patterns, and other factors.

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. For operating leases, right-of-use (“ROU”) assets are included in Other assets, and lease liabilities are included in Accrued liabilities and Other liabilities on the Consolidated Balance Sheets. For finance leases, ROU assets are included in Property, plant, and equipment, net, and lease liabilities are included in Loans and notes payable and Long-term debt on the Consolidated Balance Sheets. 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. Short-term leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The related lease expense for such short-term leases is not significant.

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. When the implicit rate of the lease is not readily determinable, the Company uses its incremental borrowing rate for leases entered into after the Separation based on the information available at the commencement date in determining the present value of lease payments. Prior to the Separation, the Company used J&J’s incremental borrowing rate. The Company elected not to separate nonlease components from lease components; as such, lease and nonlease components are combined as a single lease component.

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. For finance leases, amortization of the ROU asset is recognized on a straight-line basis over the shorter of the economic life of the asset or the lease term, and interest expense is recorded in connection with the lease liability using the effective interest rate method.

Revenue Recognition

The Company’s revenue contracts represent a single performance obligation to sell its products to customers. Revenue from the sale of products to customers is recognized at a single point in time 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, which can be on the date of shipment or the date of receipt by the customer depending on the terms of the contract. Net sales exclude taxes collected by the Company on behalf of governmental authorities. In addition, the Company has elected to account for shipping and handling activities as fulfillment costs and includes the shipping and handling fees charged to the customers as a part of the transaction price to be recognized when control of the product transfers. The Company’s global payment terms are typically between 30 to 90 days.

Trade promotions, comprised of coupons, product listing allowances, cooperative advertising arrangements, volume-based incentive programs, as well as discounts to customers, rebates, sales incentives, and product returns, are accounted for as variable consideration and recorded as a reduction in sales in the same period as the related sale. To estimate variable consideration, the Company may apply both the “expected value” method and the “most likely amount” method based on the form of variable consideration, after considering which method would provide the best prediction of consideration to be received from the Company’s customers. The redemption cost of consumer coupons is based on historical redemption experience by product and value. Volume-based incentive programs are based on the estimated sales volumes for the incentive period. The related liability is recognized within Accrued rebates, returns, and promotions on the Consolidated Balance Sheets.

Sales returns are almost exclusively not resalable. The reserves related to sales returns are recorded at full sales value and are estimated based on historical sales and returns information.

Net Income Per Share

The Company determines Net income per share in accordance with ASC 260, Earnings Per Share. Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding for the applicable period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares plus the effect of dilutive potential shares outstanding for the applicable period using the treasury stock method. Dilutive potential shares include shares from equity-based awards and have been excluded where their inclusion would be anti-dilutive.

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.

Income Taxes

Income taxes are recorded based on amounts refundable or payable for the current fiscal year and include the results of any differences 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.

U.S. federal, state, and foreign income tax payables and receivables are recognized on the Consolidated Balance Sheets for entities that file separate income tax returns and make direct payments to taxing authorities. Prior to the Kenvue IPO, U.S. federal, state and foreign income tax payables and receivables for entities that file a combined, consolidated, or group income tax return with J&J were deemed settled with J&J and were included in “Net Investment from J&J.”

Management establishes valuation allowances on deferred tax assets when it is determined to be “more likely than not” that some portion or all of the deferred tax assets may not be realized. Management considers positive and negative evidence in evaluating the Company’s ability to realize its deferred tax assets, including its historical results, forecasts of future ability to realize deferred tax assets, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis.

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. The estimates for these positions are regularly assessed based upon all available information. These estimates may be revised in the future and such changes may have a material additional expense or benefit to the Company’s financial results and its effective tax rate.

Stock-Based Compensation

The Company recognizes compensation costs related to equity-based awards granted ratably over the requisite service period, which is the vesting period of the award, based on the estimated grant date fair value of the awards. The Company accounts for forfeitures during the period in which they occur. Stock-based compensation expense is recognized in the Consolidated Statements of Operations and is classified as a non-cash activity in the Consolidated Statements of Cash Flows.

The grant date fair value of each stock option granted is estimated on the grant date using the Black-Scholes option valuation model. Stock options generally vest over a three-year period with annual vesting.

The grant date fair value of each restricted stock unit (“RSU”) granted is equivalent to the closing price of Kenvue common stock on the New York Stock Exchange on the grant date. RSUs generally vest over a three-year period with annual vesting.

The Company grants performance stock units (“PSUs”) with both performance vesting conditions and market-based vesting conditions (the “Performance PSUs”). During the performance period, stock-based compensation expense for the Performance PSUs will be adjusted based on the Company’s best estimate of achievement of the specified performance metrics. The cumulative effect on current and prior periods of a change in the estimated number of Performance PSUs that are expected to be earned will be recognized as an adjustment to stock-based compensation expense in the period of the change. The grant date fair value of each Performance PSU granted, inclusive of the fair value associated with the achievement of the specified performance metrics and the relative total shareholder return goal, is estimated on the grant date using the Monte Carlo valuation model.

See Note 11, “Stock-Based Compensation—J&J Plans and Conversion of J&J Awards,” for more information on the conversion of J&J awards to Kenvue awards in connection with the completion of the Exchange Offer.

Prior to the Kenvue IPO, certain employees of the Company participated in J&J’s stock-based compensation plans. Stock-based compensation expense related to these plans was recognized based on specific identification of cost related to the Company’s employees. The Company also received allocated stock-based compensation expense relating to employees of central support functions provided by J&J.

Foreign Currency

The net assets of international operations where the local currencies have been determined to be the functional currencies are translated into U.S. dollars, the reporting currency, using period-end exchange rates and at the average exchange rates for the

reporting period for revenue and expense accounts. The cumulative foreign currency translation adjustment is recorded as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Foreign currency translation recorded in these Consolidated Financial Statements is based on currency movements specific to the Company’s assets and liabilities included on the Consolidated Balance Sheets during the periods presented.

For translation of its international operations, the Company has determined that the majority of its local currencies 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. The Company has accounted for operations in Argentina, Turkey, and Egypt as highly inflationary.

Foreign currency exchange gains and losses on transactions occurring in a currency other than an operation’s functional currency are recognized as a component of Other expense, net in the Consolidated Statements of Operations.

Variable Interest Entities and Net Economic Benefit Arrangements

When the Company makes an initial investment in or establishes other variable interests in an entity, the entity is first evaluated to determine if it is a Variable Interest Entity (“VIE”) and if the Company is the primary beneficiary of the VIE, and therefore subject to consolidation regardless of percentage ownership. The primary beneficiary of a VIE is a party that meets both of the following criteria: 1) it has the power to direct the activities that most significantly impact the economic performance of the VIE; and 2) it has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. Periodically, the Company assesses whether any change in its interest in or relationship with the entity affects the determination as to whether the entity is a VIE, and, if so, whether the Company is the primary beneficiary.

In connection with the Separation, J&J and Kenvue entered into a separation agreement (the “Separation Agreement”) on May 3, 2023. Under the Separation Agreement, transfer of certain assets and liabilities of the Consumer Health Business in certain jurisdictions (each, a “Deferred Local Business”) was not completed prior to the Kenvue IPO and was deferred due to certain precedent conditions, which include ensuring compliance with applicable law and obtaining necessary governmental approvals and other consents, and for other business reasons. At the Kenvue IPO and until the Deferred Local Business transfers to the Company, J&J 1) holds and operates the Deferred Local Businesses on behalf of and for the benefit of the Company, and 2) will use reasonable best efforts to treat and operate, insofar as reasonably practicable and to the extent permitted by applicable law, each such Deferred Local Business in the ordinary course of business in all material respects consistent with past practice. The benefits and costs related to these Deferred Local Businesses will be assumed by the Company (see below “—Net Economic Benefit Arrangements”). In addition, the Company and J&J will use reasonable best efforts to take all actions to transfer each Deferred Local Business as promptly as reasonably practicable. When the precedent conditions are met, the Deferred Local Businesses will be transferred as per the terms of the arrangement with J&J.

The Company determined that certain Deferred Local Businesses that are legal entities (“Deferred Legal Entities”) are VIEs for which Kenvue is the primary beneficiary, since Kenvue has the power to direct the activities that most significantly impact such Deferred Legal Entities’ economic performance, as well as to obtain all the economic benefits and losses of such entities. These significant activities include, but are not limited to, product pricing, marketing and sales strategy, supply chain strategy, material supply and vendor management, budget planning, and labor and overhead management. Accordingly, the assets and liabilities of these entities are recognized on the Consolidated Balance Sheets at their historical carrying amounts as of the date when the Company entered into the arrangement, since the primary beneficiary of the VIEs and the VIEs themselves were under common control. Additionally, the results of the operations and cash flows are included within the Consolidated Financial Statements.

Net Economic Benefit Arrangements

With respect to certain Deferred Legal Entities and the Deferred Local Businesses that are not legal entities (“Deferred Markets”), the Company and J&J entered into net economic benefit arrangements effective on April 4, 2023, pursuant to which, among other things, J&J will transfer to the Company the net profits from the operations of each of the Deferred Markets (or, in the event the operations of any such Deferred Markets result in net losses to J&J, the Company will reimburse J&J for the amount of such net losses).

Reclassifications

Certain prior period amounts have been reclassified to conform to current fiscal year presentation.

Recently Adopted Accounting Standards and Recent Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards

Accounting Standards Update (“ASU”) 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 scopes in entities with a single reportable segment and requires those entities to provide all disclosures required in Topic 280. Among other various new disclosures, ASU 2023-07 additionally requires that current annual disclosures about a reportable segment’s profit or loss and assets also be provided in interim periods. Enhanced reporting requirements for all entities include disclosure of 1) significant segment expenses, 2) the title and position of the chief operating decision maker (the “CODM”), and 3) how the CODM uses disclosed measure(s) of a segment’s profit or loss in assessing segment performance and allocating resources. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Companies are required to apply the amendments retrospectively to all prior periods presented in the financial statements, and early adoption is permitted. The adoption in the fiscal three months ended December 29, 2024 has resulted in additional disclosures, including the disclosure of significant segment expenses, within Note 18, “Segments of Business and Geographic Areas.” There was no effect on the Company’s financial position, results of operations, or cash flows.

ASU 2022—04: Liabilities—Supplier Finance Programs (Subtopic 405-50)–Disclosure of Supplier Finance Program Obligations

In September 2022, the FASB issued ASU 2022-04—Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”). ASU 2022-04 requires that a buyer in a supplier finance program disclose sufficient information about the program for financial statement users. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with the exception for the amendment on rollforward information. This amendment requires entities to present rollforward information in each annual reporting period, which is effective for fiscal years beginning after December 15, 2023. The adoption in the fiscal three months ended December 29, 2024 has resulted in additional disclosures for rollforward information of the Company’s outstanding obligations confirmed as valid under its supplier finance program for the fiscal twelve months ended December 29, 2024. There was no effect on the Company’s financial position, results of operations, or cash flows.

Recent Accounting Standards Not Yet Adopted

ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances the transparency of income tax disclosures, primarily by requiring public business entities to disclose 1) consistent categories and greater disaggregation of information in the rate reconciliations and 2) the disclosure of income taxes paid disaggregated by jurisdiction, among other requirements. This guidance is effective for public entities for the fiscal years beginning after December 15, 2024, and early adoption is permitted. The amendments are applicable on a prospective basis, although retrospective basis is also permitted. The Company is currently evaluating this guidance and the impact on its income tax disclosures.

ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). Among other various new disclosures, ASU 2024-03 requires public entities to disaggregate operating expenses included in certain expense captions presented on the face of the income statement into specific categories (including purchases of inventory, employee compensation, depreciation, and intangible asset amortization) to provide enhanced transparency into the nature of expenses. This guidance is effective for public entities for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Companies are required to apply the amendments either 1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or 2) retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating this guidance and the impact on its disclosures.

No other new accounting standards that were issued or became effective during the fiscal twelve months ended December 29, 2024 had, or are expected to have, a significant impact on the Consolidated Financial Statements.

Description of the Company and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Trade Receivable and Allowance for Credit Losses

A summary of the change in the allowance for credit losses during the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 is presented below:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Allowance for credit losses, beginning of period	$	(25)	$	(35)	$	(32)
Provision	(6)		(4)		(9)
Utilization	4		14		5
Currency translation adjustment	1		—		1
Allowance for credit losses, end of period	$	(26)	$	(25)	$	(35)

Property, Plant and Equipment

Property, plant, and equipment are stated at cost less accumulated depreciation. The Company utilizes the straight-line method of depreciation over the estimated useful lives. The approximate ranges for estimated useful lives are as follows:


Machinery and equipment						2 – 13 years
Buildings and building equipment						20 – 40 years
Software						3 – 8 years
Land improvements						10 – 20 years

As of December 29, 2024 and December 31, 2023, property, plant, and equipment at cost and the related accumulated depreciation were:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Machinery and equipment	$	2,250	$	2,447
Buildings and building equipment	1,599		1,749
Software	102		1,491
Construction in progress	542		480
Land and land improvements	57		76
Total property, plant, and equipment, gross	4,550		6,243
Less: accumulated depreciation	(2,701)		(4,201)
Total property, plant, and equipment, net(1)	$	1,849	$	2,042

(1) As of December 29, 2024, the Consolidated Balance Sheet reflects an adjustment for a change in classification from Property, plant, and equipment, net of $288 million to Other assets and Additional paid-in capital of $169 million and $84 million, respectively, related to certain cloud computing arrangements, net of amortization of $35 million. The Company concluded that this adjustment was not material to the Consolidated Financial Statements for either the current period or prior periods.

Depreciation expense for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Depreciation expense(1)	$	353	$	305	$	296

(1) Depreciation for the fiscal twelve months ended December 29, 2024 includes $145 million of amortization of integration and development costs capitalized in connection with cloud computing arrangements, as discussed in “—Cloud Computing Arrangements” above. See “—Property, Plant, and Equipment” above for information related to cloud computing arrangements for the fiscal twelve months ended December 31, 2023.

Details of Impairment of Long-Lived Assets by Asset

Impairment charges for the fiscal twelve months ended December 29, 2024 and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		January 1, 2023
Dr.Ci:Labo® asset impairment(1)	$	488	$	—
Skillman fixed asset impairment(2)	68		—
Other asset impairment(3)	22		12
Impairment charges	$	578	$	12

(1) Represents the impairment charge recognized during the fiscal three months ended June 30, 2024 in relation to Dr.Ci:Labo® long-lived assets. See “—Dr.Ci:Labo® Asset Impairment” below and Note 4, “Intangible Assets and Goodwill,” for more information.

(2) Represents the impairment charge recorded during the fiscal three months ended March 31, 2024 on the held for sale asset associated with the Company’s interim corporate headquarters in Skillman, New Jersey. See “—Assets Held for Sale” below.

(3) Represents the impairment charge recognized during the fiscal three months ended June 30, 2024 related to certain software development assets and the impairment charge recognized during the fiscal twelve months ended January 1, 2023 related to certain definite-lived trademarks deemed as irrecoverable.

Supplier Finance Program

The rollforward of the Company’s outstanding obligations confirmed as valid under its supplier finance program for the fiscal twelve months ended December 29, 2024 is as follows:


(Dollars in Millions)	December 29, 2024
Confirmed obligations outstanding at the beginning of the fiscal year	$	227
Invoices confirmed during the fiscal year	1,093
Confirmed invoices paid during the fiscal year	(1,060)
Confirmed obligations outstanding at the end of the fiscal year	$	260

Schedule of Variable Interest Entities

All Deferred Legal Entities are exposed to similar operational risks and are therefore monitored and evaluated on a similar basis by management. Accordingly, the financial information for Deferred Legal Entities has been aggregated and the following table summarizes the consolidated assets and liabilities of these entities on the Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023. The amounts represented in this table are only those assets of the VIEs that can be used to settle only the VIE’s obligations and the VIE’s creditors (or beneficial interest holders) have no recourse against the general credit of the primary beneficiary.


(Dollars in Millions)	December 29, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	99	$	109
Trade receivables, less allowances for credit losses	70		57
Inventories	16		18
Prepaid expenses and other receivables	3		6

Total current assets	188		190
Property, plant, and equipment, net	3		5


Deferred taxes on income	3		2
Other assets	—		1

Total assets	$	194	$	198
Liabilities
Current liabilities
Accounts payable	$	3	$	5
Accrued liabilities	11		12
Accrued rebates, returns, and promotions	16		14
Accrued taxes on income	—		3
Total current liabilities	30		34


Total liabilities	$	30	$	34

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Property, Plant and Equipment [Abstract]

Inventories (Tables)

12 Months Ended

Dec. 29, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

As of December 29, 2024 and December 31, 2023, inventories were comprised of:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Raw materials and supplies	$	274	$	304
Goods in process	101		115
Finished goods	1,216		1,432
Total inventories	$	1,591	$	1,851

Property, Plant, and Equipment and Cloud Computing Arrangements (Tables)

12 Months Ended

Dec. 29, 2024

Property, Plant and Equipment

Property, plant, and equipment are stated at cost less accumulated depreciation. The Company utilizes the straight-line method of depreciation over the estimated useful lives. The approximate ranges for estimated useful lives are as follows:


Machinery and equipment						2 – 13 years
Buildings and building equipment						20 – 40 years
Software						3 – 8 years
Land improvements						10 – 20 years

As of December 29, 2024 and December 31, 2023, property, plant, and equipment at cost and the related accumulated depreciation were:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Machinery and equipment	$	2,250	$	2,447
Buildings and building equipment	1,599		1,749
Software	102		1,491
Construction in progress	542		480
Land and land improvements	57		76
Total property, plant, and equipment, gross	4,550		6,243
Less: accumulated depreciation	(2,701)		(4,201)
Total property, plant, and equipment, net(1)	$	1,849	$	2,042

(1) As of December 29, 2024, the Consolidated Balance Sheet reflects an adjustment for a change in classification from Property, plant, and equipment, net of $288 million to Other assets and Additional paid-in capital of $169 million and $84 million, respectively, related to certain cloud computing arrangements, net of amortization of $35 million. The Company concluded that this adjustment was not material to the Consolidated Financial Statements for either the current period or prior periods.

Depreciation expense for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Depreciation expense(1)	$	353	$	305	$	296

(1) Depreciation for the fiscal twelve months ended December 29, 2024 includes $145 million of amortization of integration and development costs capitalized in connection with cloud computing arrangements, as discussed in “—Cloud Computing Arrangements” above. See “—Property, Plant, and Equipment” above for information related to cloud computing arrangements for the fiscal twelve months ended December 31, 2023.

Schedule of Capitalized Implementation Costs

Capitalized implementation costs and accumulated amortization related to the Company’s cloud computing arrangements were as follows as of December 29, 2024:


(Dollars in Millions)	December 29, 2024
Cloud computing arrangements, gross	$	1,277
Less: accumulated amortization	(1,088)
Total cloud computing arrangements, net	$	189

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

As of December 29, 2024 and December 31, 2023, the gross and net amounts of intangible assets were:


	December 29, 2024						December 31, 2023
(Dollars in Millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Patents and trademarks	$	4,110	$	(1,780)	$	2,330	$	4,444	$	(1,698)	$	2,746
Customer relationships	1,933		(1,074)		859		2,125		(1,151)		974
Other intangibles(1)	1,276		(694)		582		1,320		(669)		651
Total definite-lived intangible assets	$	7,319	$	(3,548)	$	3,771	$	7,889	$	(3,518)	$	4,371
Indefinite-lived intangible assets:
Trademarks	$	4,648	$	—	$	4,648	$	5,187	$	—	$	5,187
Other	55		—		55		61		—		61
Total intangible assets, net	$	12,022	$	(3,548)	$	8,474	$	13,137	$	(3,518)	$	9,619

(1) The majority of the other intangible assets balance relates to the acquisition of Pfizer Consumer Health in 2006.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The schedule of amortization expense for the five succeeding fiscal years is as follows:


(Dollars in Millions)
2025		2026		2027		2028		2029
$	257	$	257	$	252	$	252	$	243

Goodwill

Goodwill by reportable business segment was as follows:


(Dollars in Millions)	Self Care		Skin Health and Beauty		Essential Health		Total(1)
Goodwill as of January 1, 2023	$	5,194	$	2,365	$	1,626	$	9,185
Currency translation	114		(50)		22		86
Goodwill as of December 31, 2023	5,308		2,315		1,648		9,271
Currency translation	(254)		(130)		(44)		(428)
Goodwill as of December 29, 2024	$	5,054	$	2,185	$	1,604	$	8,843

(1) The majority of the Goodwill balance relates to the acquisition of Pfizer Consumer Health in 2006.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Schedule of Long-Term Debt Instruments

Borrowings (Tables)

12 Months Ended

Dec. 29, 2024

Debt Disclosure [Abstract]

The components of the Company’s debt as of December 29, 2024 and December 31, 2023 were as follows:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Senior Notes
5.50% Senior Notes due 2025	$	750	$	750
5.35% Senior Notes due 2026	750		750
5.05% Senior Notes due 2028	1,000		1,000
5.00% Senior Notes due 2030	1,000		1,000
4.90% Senior Notes due 2033	1,250		1,250
5.10% Senior Notes due 2043	750		750
5.05% Senior Notes due 2053	1,500		1,500
5.20% Senior Notes due 2063	750		750
Other(1)	119		9
Discounts and debt issuance costs	(64)		(72)
Total	7,805		7,687
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs	(750)		—
Total long-term debt	7,055		7,687
Current portion of long-term debt—principal amount	750		—
Commercial paper	800		600
Discounts and debt issuance costs	(3)		(1)
Other	5		—
Total loans and notes payable	1,552		599
Total debt	$	8,607	$	8,286

(1) As of December 29, 2024, Other includes $113 million of finance lease liabilities associated with the Global and North America Headquarters Lease. See Note 8, “Leases,” for more information.

Schedule of Maturities of Long-Term Debt

The schedule of principal payments required on the Company’s Senior Notes for the five succeeding fiscal years, and thereafter, is as follows:


(Dollars in Millions)
2025		2026		2027		2028		2029		Thereafter
$	750	$	750	$	—	$	1,000	$	—	$	5,250

Interest Income and Interest Expense Disclosure

The amount included in Interest expense, net in the Consolidated Statements of Operations consists of the following:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
Interest expense	$	431	$	358
Interest income(1)	(53)		(108)
Total interest expense, net	$	378	$	250

(1) Includes interest income of $33 million for the fiscal twelve months ended December 31, 2023 recognized in relation to the Facility Agreement.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Employee Related Obligations

Employee-Related Obligations (Tables)

12 Months Ended

Dec. 29, 2024

Postemployment Benefits [Abstract]

As of December 29, 2024 and December 31, 2023, employee-related obligations recorded on the Consolidated Balance Sheets were:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Pension benefits	$	339	$	342
Postretirement benefits	5		5
Severance benefits	35		39
Total employee-related obligations	379		386
Less: current benefits in Accrued liabilities	(37)		(26)
Employee-related obligations—non-current	$	342	$	360

Pensions (Tables)

12 Months Ended

Dec. 29, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the Plans sponsored by the Company for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 included the following components:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Service cost	$	30	$	21	$	8
Interest cost	28		26		4
Amortization of loss (gain)	3		(2)		4
Special events	6		10		—
Expected return on plan assets	(34)		(25)		(1)
Total net periodic benefit cost	$	33	$	30	$	15

Defined Benefit Plan, Assumptions

The following table provides the weighted-average actuarial assumptions related to the Plans sponsored by the Company for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
	December 29, 2024		December 31, 2023		January 1, 2023
Net Periodic Benefit Cost
Service cost discount rate	2.6	%	3.4	%	2.3	%
Interest cost discount rate	3.6	%	4.6	%	3.1	%
Rate of increase in compensation levels	3.3	%	3.3	%	2.5	%
Expected long-term rate of return on plan assets	5.5	%	5.5	%	2.9	%
Benefit Obligation
Discount rate	3.8	%	3.6	%	4.2	%
Rate of increase in compensation tables	3.3	%	3.3	%	2.7	%

Schedule of Net Funded Status

The following table sets forth information related to the benefit obligation and the fair value of plan assets for the fiscal twelve months ended December 29, 2024 and December 31, 2023 for the Plans sponsored by the Company:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
Change in Benefit Obligation
Projected benefit obligation—beginning of year	$	829	$	235
Service cost	30		21
Interest cost	28		26
Actuarial (gain) loss(1)	(39)		99
Plan participants’ contributions	6		7
Curtailments, settlements, and restructuring	(39)		(50)
Benefits paid from plan	(15)		(22)
Effect of exchange rates	(42)		31
Transfers	—		473
Other	28		9
Projected benefit obligation—end of year	$	786	$	829
Change in Plan Assets
Plan assets at fair value—beginning of year	$	535	$	19
Company contributions	31		27
Plan participants’ contributions	6		7
Benefits paid from plan assets	(15)		(22)
Actual return on plan assets	21		(30)
Curtailments, settlements, and restructuring	(29)		(36)
Effect of exchange rates	(23)		18
Transfers	—		552
Plan assets at fair value—end of year	$	526	$	535
Funded status—end of year	$	(260)	$	(294)
Amounts recognized on the Consolidated Balance Sheets consist of the following:
Other assets	$	84	$	53
Accrued liabilities	(9)		(9)
Employee-related obligations	(335)		(338)
Total recognized on the Consolidated Balance Sheets—end of year	$	(260)	$	(294)
Amounts recognized in Accumulated other comprehensive loss consist of the following:
Net actuarial loss	$	170	$	123
Transfers	—		100
Prior service cost	(5)		(6)
Total before tax effects	$	165	$	217

Accumulated benefit obligations—end of year	$	686	$	747

(1) The actuarial gain in the fiscal twelve months ended December 29, 2024 was primarily related to an increase in the discount rate. The actuarial loss in the fiscal twelve months ended December 31, 2023 was primarily related to a decrease in the discount rates and an increase in the rate of compensation.

The amounts recognized in net periodic benefit cost and Other comprehensive (loss) income related to the Plans sponsored by the Company for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Net periodic benefit cost	$	33	$	30	$	15
Net actuarial gain (loss)	(36)		118		(82)
Amortization of net actuarial gain (loss)	(9)		4		(4)
Effect of exchange rates	(7)		9		(6)
Total (income) loss recognized in Other comprehensive (loss) income, before tax	$	(52)	$	131	$	(92)
Total recognized in net periodic benefit cost and Other comprehensive (loss) income	$	(19)	$	161	$	(77)

Schedule of Expected Benefit Payments

The schedule of projected future benefit payments from the Plans for the ten succeeding fiscal years is as follows:


(Dollars in Millions)
2025		2026		2027		2028		2029		2030–2034
$	50	$	34	$	34	$	36	$	39	$	220

Schedule of Allocation of Plan Assets

The asset allocation as of December 29, 2024 and December 31, 2023 and target allocations for 2025 related to the Plans are as follows:


	Percent of Plan Assets				Target Allocation
	December 29, 2024		December 31, 2023		2025
Debt instruments	49	%	54	%	58	%
Equity securities	14	%	19	%	13	%
Other assets	37	%	27	%	29	%
Total plan assets	100	%	100	%	100	%

Schedule of Defined Benefit Plans Disclosures

The following table sets forth the Plans’ investments measured at fair value as of December 29, 2024 and December 31, 2023:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(1)		Assets Measured at NAV		Total Assets
(Dollars in Millions)	December 29, 2024
Debt instruments	$	—	$	223	$	—	$	—	$	223
Equity securities	8		—		—		—		8
Other assets	44		—		151		—		195
Commingled funds	—		92		—		8		100
Total investments at fair value	$	52	$	315	$	151	$	8	$	526

(1) The activity of the Level 3 other assets was not significant.


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)(1)		Assets Measured at NAV		Total Assets
(Dollars in Millions)	December 31, 2023
Debt instruments	$	—	$	197	$	—	$	—	$	197
Equity securities	26		—		—		—		26
Other assets	56		1		146		—		203
Commingled funds	—		101		—		8		109
Total investments at fair value	$	82	$	299	$	146	$	8	$	535

(1) The activity of the Level 3 other assets consists of $127 million transfers from J&J and $19 million of returns during the year resulting from additional vested benefits and the trustee’s coverage ratio.

Leases (Tables)

12 Months Ended

Dec. 29, 2024

Leases [Abstract]

Assets And Liabilities, Lessee

ROU assets and lease liabilities associated with the Company's operating leases and finance leases are included on the Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023 as follows:


	Operating Leases				Finance Leases
(Dollars in Millions)	December 29, 2024(1)		December 31, 2023(2)		December 29, 2024		December 31, 2023
ROU assets included in:
Property, plant, and equipment, net	$	—	$	—	$	111	*
Other assets	111		139		—		*
Total ROU assets	$	111	$	139	$	111	*
Lease liabilities included in:
Accrued liabilities	$	36	$	44	$	—	*
Loans and notes payable	—		—		2		*
Long-term debt	—		—		119		*
Other liabilities	76		97		—		*
Total lease liabilities	$	112	$	141	$	121	*

* The Company did not have significant finance leases as of December 31, 2023.

(1) Includes leases with J&J of $35 million of ROU assets, $11 million of current lease liabilities, and $24 million of non-current lease liabilities.

(2) Includes leases with J&J of $52 million of ROU assets, $13 million of current lease liabilities, and $39 million of non-current lease liabilities.

Lease, Cost

The operating lease costs for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Operating lease costs	$	48	$	48	$	42

Lessee, Operating Lease, Liability, to be Paid, Maturity

The schedule of payments required on the Company’s operating leases and finance leases for the five succeeding fiscal years, and thereafter, is as follows:


Fiscal Twelve Months Ended
(Dollars in Millions)	Operating Leases		Finance Leases		Total
2025	$	41	$	2	$	43
2026	30		1		31
2027	20		4		24
2028	11		7		18
2029	6		7		13
Thereafter	15		248		263
Total	123		269		392
Less: Imputed interest	11		148		159
Total current and non-current lease liabilities	$	112	$	121	$	233

Lease Payments

Cash paid for amounts included in the measurement of lease liabilities related to operating leases for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	50	$	49	$	43

For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, cash paid for amounts included in the measurements of lease liabilities related to finance leases was not significant.

ROU assets obtained in exchange for new lease liabilities related to operating leases and finance leases for the fiscal twelve months ended December 29, 2024 and December 31, 2023 was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	27	$	120
Finance leases	$	109	*

* The Company did not have significant finance leases during the fiscal twelve months ended December 31, 2023.

Schedule Of Weighted Average Remaining Lease Term

The following table discloses the weighted-average remaining lease term and weighted-average discount rate for the Company's operating and finance leases, excluding short-term leases:

December 29, 2024

December 31, 2023

January 1, 2023

Weighted-average remaining lease term:

Operating leases

5 years

7 years

Finance leases

35 years

*

Weighted-average discount rate:

Operating leases

3.9

%

3.6

%

2.3

%

Finance leases

5.0

%

*

* The Company did not have significant finance leases during the fiscal twelve months ended December 31, 2023 and January 1, 2023.

Accrued and Other Liabilities (Tables)

12 Months Ended

Dec. 29, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Accrued expenses	$	368	$	465
Accrued compensation and benefits	325		406
Operating lease liabilities	36		44
Tax indemnification liability(1)	82		113
Other accrued liabilities	321		428
Total accrued liabilities	$	1,132	$	1,456

Schedule of Other Liabilities

Other liabilities, non-current, consisted of:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Accrued income taxes	$	185	$	188
Operating lease liabilities	76		97
Tax indemnification liability(1)	143		141
Other accrued liabilities	132		65
Total other liabilities	$	536	$	491

(1) The balances primarily relate to the Tax Matters Agreement (as defined in Note 12, “Relationship with J&J—Tax Indemnification”) entered into with J&J on May 3, 2023 that governs the parties’ respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and other matters regarding taxes. See Note 12, “Relationship with J&J—Tax Indemnification,” for more information.

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 29, 2024

Equity [Abstract]

Components of Accumulated Other Comprehensive Income

Components of Accumulated other comprehensive loss consisted of the following:


(Dollars in Millions)	Foreign Currency Translation		Employee Benefit Plans(1)		Gain (Loss) on Derivatives and Hedges(2)		Total Accumulated Other Comprehensive Loss
January 2, 2022	$	(4,431)	$	(51)	$	(1)	$	(4,483)
Other comprehensive (loss) income before reclassifications	(1,045)		66		12		(967)
Amounts reclassified to the Consolidated Statement of Operations	—		(3)		(2)		(5)
Net current period Other comprehensive (loss) income	(1,045)		63		10		(972)
January 1, 2023	(5,476)		12		9		(5,455)
Other comprehensive income (loss) before reclassifications	219		(181)		66		104
Amounts reclassified to the Consolidated Statement of Operations	—		2		(28)		(26)
Net current period Other comprehensive income (loss)	219		(179)		38		78
December 31, 2023	(5,257)		(167)		47		(5,377)
Other comprehensive (loss) income before reclassifications	(783)		29		(6)		(760)
Amounts reclassified to the Consolidated Statement of Operations	—		8		(17)		(9)
Net current period Other comprehensive (loss) income	(783)		37		(23)		(769)
December 29, 2024	$	(6,040)	$	(130)	$	24	$	(6,146)

(1) Net change for the fiscal twelve months ended December 31, 2023 includes Separation adjustments of $77 million in connection with transfers of certain pension plans by J&J to the Company.

(2) For the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, the Company recorded a total after-tax change in Accumulated other comprehensive loss of $(23) million, $38 million, and $10 million, respectively, related to its cash flow hedge portfolio.

The provision (benefit) for taxes allocated to the components of Accumulated other comprehensive loss before reclassification was as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Foreign currency translation	$	(6)	$	(12)	$	(91)
Employee benefit plans	14		50		30

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

Each stock option has a weighted-average exercise price of approximately $21.01 as of the Conversion Date. The fair value of each stock option was estimated using the Black-Scholes option valuation model. The assumptions used in calculating the fair value of the converted stock options were as follows:


Assumption	August 2023 Converted Stock Options
Expected volatility(1)	16.5% – 21.4%
Expected dividend yield(2)	3.2	%
Risk-free rate(3)	4.2% – 5.4%
Expected term(4)	0.5 years – 6.5 years

(1) Expected volatility was based on the historical volatility of a selected group of the Company’s peers and other factors.

(2) Expected dividend yield was calculated using the assumed dividend payout per common share as a percentage of the average Kenvue common share price for the prior three-month period, which was then annualized.

(3) Risk-free rate was based on the U.S. Treasury yield curve in effect as of the Conversion Date.

(4) Expected term was consistent with the historical experiences of J&J for awards similar to those in the Kenvue population.

The grant date fair value of each stock option granted is estimated on the grant date using the Black-Scholes option valuation model. The weighted-average assumptions used in calculating the grant date fair value of stock options granted during the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, were as follows:


	Fiscal Twelve Months Ended
	December 29, 2024		December 31, 2023		January 1, 2023
Expected volatility(1)	21.3	%	20.8	%	18.0	%
Expected dividend yield(2)	3.9	%	3.5	%	2.7	%
Risk-free rate(3)	4.1	%	4.5	%	2.0	%
Expected term(4)	6 years		6 years		7 years

(1) For awards granted under the Kenvue 2023 Plan, expected volatility is based on the six-year historical volatility of a selected group of the Company’s peers and other factors. For stock options granted under the J&J Plans, expected volatility was based on a blended rate of 10-year weekly historical overall volatility rate and a five-week average implied volatility rate based on at-the-money traded J&J stock options with a contractual term of two years.

(2) For stock options granted under the Kenvue 2023 Plan, expected dividend yield is calculated using the assumed dividend payout per common share as a percentage of the average Kenvue common share price for the prior three-month period, which is then annualized. For stock options granted under the J&J Plans, expected dividend yield was calculated using the assumed dividend payout per common share as a percentage of the spot J&J common share price as of the grant date.

(3) Risk-free rate is based on the U.S. Treasury yield curve in effect as of the grant date for stock options granted under both the Kenvue 2023 Plan and the J&J Plans.

(4) For stock options granted under the Kenvue 2023 Plan during the fiscal twelve months ended December 29, 2024, expected term is calculated as the average of the vesting periods and the contractual terms of the stock options given the lack of trading history of Kenvue common stock as of the time of valuation. For stock options granted under the Kenvue 2023 Plan during the fiscal twelve months ended December 31, 2023, expected term was consistent with the historical experiences of J&J for awards similar to those in the Kenvue population. For stock options granted under the J&J Plans, expected term was calculated based on J&J’s historical data.

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The components and classification of stock-based compensation expense for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)		December 29, 2024			December 31, 2023			January 1, 2023
Stock options			$	84		$	90		$	43
RSUs			152			76			74
PSUs			18			22			20
Total stock-based compensation expense			$	254		$	188		$	137
Cost of sales			$	100		$	67		$	30
Selling, general, and administrative expenses			154			121			107
Total stock-based compensation expense			$	254		$	188		$	137

The Company’s unrecognized stock-based compensation expense and the related weighted-average remaining requisite service periods for stock options, RSUs, and PSUs outstanding as of December 29, 2024 were as follows:

(Dollars in Millions)

Stock Options

December 29, 2024

Unrecognized stock-based compensation expense

$

59

Weighted-average remaining requisite service period

1.30 years

RSUs

Unrecognized stock-based compensation expense

$

118

Weighted-average remaining requisite service period

1.41 years

PSUs(1)

Unrecognized stock-based compensation expense

$

35

Weighted-average remaining requisite service period

1.96 years

(1) Unrecognized stock-based compensation expense for the Performance PSUs (as defined in “—Restricted Stock Units and Performance Stock Units” below) is calculated based on the Company’s best estimate of achievement of the specified performance metrics.

Share-Based Payment Arrangement, Option, Activity

A summary of stock option activity under the Kenvue 2023 Plan during the fiscal twelve months ended December 29, 2024 is presented below:


					Aggregate Intrinsic Value
(Options in Thousands)	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	(Dollars in Millions)
Options outstanding as of December 31, 2023	64,188	$	20.60	7.2 years	$	83
Options granted	13,565	19.01
Options exercised	(5,530)	18.30
Options canceled/forfeited	(5,338)	21.27
Options outstanding as of December 29, 2024	66,885	$	20.42	6.9 years	$	95

Options exercisable as of December 29, 2024	29,100	$	19.94	5.0 years	$	54

Share-Based Payment Arrangement, Activity

A summary of unvested RSU and PSU activity under the Kenvue 2023 Plan during the fiscal twelve months ended December 29, 2024 is presented below:


(Shares in Thousands)	Outstanding Restricted Stock Units	Weighted-Average Grant Date Fair Value		Outstanding Performance Stock Units		Weighted-Average Grant Date Fair Value
Shares as of December 31, 2023	13,298	$	22.49	1,630		$	23.58
Granted	8,082	19.10		1,227		18.61
Issued	(5,540)	22.64		(1)		23.22
Canceled/forfeited	(2,207)	20.74		(181)		22.15

Shares as of December 29, 2024	13,633	$	20.77	$	2,675	$	21.43

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

The grant date fair value of each Performance PSU granted, inclusive of the fair value associated with the achievement of the specified performance metrics and the relative total shareholder return goal, is estimated on the grant date using the Monte Carlo valuation model. The weighted-average assumptions used in calculating the fair value of Performance PSUs granted during the fiscal twelve months ended December 29, 2024 were as follows:


	Fiscal Twelve Months Ended
	December 29, 2024
Expected volatility(1)	21.3	%
Risk-free rate(2)	4.3	%

(1) Expected volatility is based on the historical volatility of a selected group of the Company’s peers and other factors over the prior three fiscal years.

(2) Risk-free rate is based on the U.S. Treasury yield curve in effect as of the grant date for Performance PSUs granted.

Relationship with J&J (Tables)

12 Months Ended

Dec. 29, 2024

Schedule of Related Party Transactions

Prior to Kenvue becoming a fully independent company, the allocations (excluding stock-based compensation expense), net of costs charged to J&J’s affiliates reflected in the Consolidated Statements of Operations for the fiscal twelve months ended December 31, 2023 and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 31, 2023		January 1, 2023
Cost of sales	$	25	$	149
Selling, general, and administrative expenses	120		679
Total costs allocated	$	145	$	828

The components of Net transfers to J&J for the fiscal twelve months ended December 31, 2023 and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 31, 2023		January 1, 2023
Cash pooling and general financing activities	$	(446)	$	(2,568)
Corporate cost allocations	145		828
Taxes deemed settled with J&J	27		78
Allocated derivative and hedging gains	—		65
Net transfers to J&J as reflected in the Consolidated Statements of Cash Flows	$	(274)	$	(1,597)
Other(1)	(34)		(153)
Net transfers to J&J as reflected in the Consolidated Statements of Stockholders' Equity	$	(308)	$	(1,750)

(1) Other primarily relates to the impact of the change in accounting principle for Global Intangible Low-Tax Income (“GILTI”) in the fiscal twelve months ended December 31, 2023 and January 1, 2023.

The Company had the following balances and transactions with J&J and its affiliates, primarily in connection with the Tax Matters Agreement, Transition Services Agreement, and the Transition Manufacturing Agreement, reported in the Consolidated Financial Statements:


(Dollars in Millions)	December 29, 2024		December 31, 2023
Prepaid expenses and other receivables	$	109	$	213
Accounts payable and Accrued liabilities	$	270	$	486
Other assets	$	78	$	87
Other liabilities	$	143	$	153


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023
Cost of sales	$	203	$	148
Selling, general, and administrative expenses	$	203	$	189

Other Operating Expense (Income), Net and Other Expense, Net (Tables)

12 Months Ended

Dec. 29, 2024

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component

Other operating expense (income), net for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Litigation expense (income)	$	4	$	26	$	(7)
Royalty income	(34)		(35)		(39)
Loss (gain) on disposal of fixed assets	6		(9)		8
Impact of Deferred Markets(1)	59		28		—
Contingent liability reversal(2)	—		(45)		—
Other(3)	(9)		25		3
Total Other operating expense (income), net	$	26	$	(10)	$	(35)

(1) Includes the provision for taxes, minority interest expense, and service fees to be paid to J&J under the net economic benefit arrangements. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Variable Interest Entities and Net Economic Benefit Arrangements,” for more information regarding Deferred Markets.

(2) Includes the reversal of a contingent liability that was no longer considered to be probable.

(3) Other consists primarily of other miscellaneous operating (income) expenses for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023. Other also includes the impact of foreign derivative contracts for the fiscal twelve months ended December 31, 2023.

Schedule of Other Nonoperating Income (Expense)

Other expense, net for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Currency losses on transactions	$	1	$	58	$	42
Losses (gains) on investments	72		7		(1)
Tax indemnification release(1)	(21)		—		—
Other(2)	(4)		7		(3)
Total other expense, net	$	48	$	72	$	38

(1) Includes the release of tax indemnification reserves that were no longer considered to be probable.

(2) Other consists primarily of net periodic benefit costs other than service cost components and miscellaneous non-operating (income) expenses.

Income Taxes (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Provision for taxes on income for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 consisted of:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Current:
U.S. taxes	$	287	$	266	$	75
International taxes	383		374		318
Total current taxes	670		640		393
Deferred:
U.S. taxes	(178)		(39)		228
International taxes	(107)		(75)		(48)
Total deferred taxes	(285)		(114)		180
Provision for taxes	$	385	$	526	$	573

Schedule of Effective Income Tax Rate Reconciliation

A comparison of the Provision for taxes at the U.S. statutory rate of 21% in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, to the Company’s effective tax rate is as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024			December 31, 2023			January 1, 2023
U.S.	$	352		$	825		$	1,238
International	1,063			1,365			1,399
Income before taxes	$	1,415		$	2,190		$	2,637
Tax rates:
U.S. statutory rate	21.0		%	21.0		%	21.0		%
U.S. taxes on international income(1)	2.8			(1.5)			(2.9)
International operations(2)	2.8			0.8			(1.6)
State	(0.4)			2.0			3.1
Change in valuation allowance	1.0			2.5			2.2
Tax shortfall (windfall) on stock-based compensation	0.5			(0.5)			(0.2)
All other	(0.5)			(0.3)			0.1
Effective tax rate	27.2		%	24.0		%	21.7		%

(1) Includes the impact of the tax on GILTI and other foreign income that is taxable under the U.S. tax code as well as tax implications of repatriating foreign earnings.

(2) International operations reflect the impacts of operations in jurisdictions with statutory tax rates different than the U.S. For each of the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023, the Company had operations in Singapore under various tax incentives. The Company’s largest international operations are in Canada, China, Japan, Singapore, and Switzerland. The amounts for the fiscal twelve months ended December 29, 2024 and December 31, 2023 include a $4 million net increase in uncertain tax benefits and a $46 million net reduction in uncertain tax benefits, respectively.

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carryforwards as of December 29, 2024 and December 31, 2023 were as follows:


	December 29, 2024				December 31, 2023
(Dollars in Millions)	Asset		Liability		Asset		Liability
Employee-related obligations	$	18	$	—	$	29	$	—
Stock-based compensation	70		—		57		—
Depreciation of property, plant, and equipment	2		—		—		(44)
Goodwill and intangibles	—		(2,434)		—		(2,752)
Reserves and liabilities	110		—		114		—
Net operating loss (“NOL”) and tax credit carryforward	122		—		86		—
Undistributed foreign earnings	78		(103)		49		(117)
Miscellaneous international	66		—		123		—
Research and development capitalized for tax	94		—		52		—
Miscellaneous U.S.	—		(11)		15		—
Subtotal	560		(2,548)		525		(2,913)
Valuation allowance	(89)		—		(75)		—
Total deferred income taxes	$	471	$	(2,548)	$	450	$	(2,913)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to unrecognized tax benefits for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Beginning of fiscal year	$	185	$	437	$	469
Increases related to current year tax positions	21		26		32
Increases related to prior period tax positions	—		3		7
Decreases related to prior period tax positions	(11)		(19)		(49)
Settlements	—		—		(5)
Lapse of statute of limitations	(19)		(42)		(17)
Net decreases related to the Separation	—		(220)		—
End of fiscal year	$	176	$	185	$	437

Net Income Per Share (Tables)

12 Months Ended

Dec. 29, 2024

Earnings Per Share [Abstract]

Reconciliation of Basic Net Earnings per Share to Diluted Net Earnings per Share

Net income per share for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 was calculated as follows:


	Fiscal Twelve Months Ended
(In Millions, Except Per Share Data)	December 29, 2024		December 31, 2023		January 1, 2023
Net income	$	1,030	$	1,664	$	2,064

Basic weighted-average number of shares outstanding	1,915		1,846		1,716
Diluted effects of stock-based awards	8		4		—
Diluted weighted-average number of shares outstanding	1,923		1,850		1,716

Net income per share:
Basic	$	0.54	$	0.90	$	1.20
Diluted	$	0.54	$	0.90	$	1.20

Fair Value Measurements (Tables)

12 Months Ended

Dec. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2024 and December 31, 2023:


	December 29, 2024								December 31, 2023
(Dollars in Millions)	Carrying Value		Level 1		Level 2		Level 3		Carrying Value		Level 1		Level 2		Level 3
Assets:
Forward foreign exchange contracts	$	81	$	—	$	81	$	—	$	63	$	—	$	63	$	—
Cross currency swap contracts	71		—		71		—		—		—		—		—
Total assets	$	152	$	—	$	152	$	—	$	63	$	—	$	63	$	—
Liabilities:
Forward foreign exchange contracts	$	(76)	$	—	$	(76)	$	—	$	(50)	$	—	$	(50)	$	—
Cross currency swap contracts	(1)		—		(1)		—		(25)		—		(25)		—
Total liabilities	$	(77)	$	—	$	(77)	$	—	$	(75)	$	—	$	(75)	$	—
Net amount presented in Prepaid expenses and other receivables:	$	52	$	—	$	52	$	—	$	18	$	—	$	18	$	—
Net amount presented in Accounts payable:	$	(13)	$	—	$	(13)	$	—	$	(30)	$	—	$	(30)	$	—
Net amount presented in Other assets:	$	36	$	—	$	36	$	—	$	—	$	—	$	—	$	—

Schedule of Notional Amounts of Outstanding Derivative Instruments

The following table sets forth the notional amounts of the Company’s outstanding derivative instruments as of December 29, 2024 and December 31, 2023:


	December 29, 2024						December 31, 2023
(Dollars in Millions)	Forward foreign exchange contracts		Cross currency swap contracts		Total notional amount		Forward foreign exchange contracts		Cross currency swap contracts		Total notional amount
Cash flow hedges	$	3,570	$	—	$	3,570	$	3,522	$	—	$	3,522
Fair value hedges	$	30	$	—	$	30	$	—	$	—	$	—
Net investment hedges	$	—	$	1,900	$	1,900	$	—	$	500	$	500
Undesignated hedging instruments	$	574	$	—	$	574	$	588	$	—	$	588

Summary of Derivative Activity

The following table is a summary of the gains and losses recognized on forward foreign exchange contracts designated as cash flow hedges within Other comprehensive (loss) income and the gains and losses reclassified into earnings for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Gain recognized in Other comprehensive (loss) income	$	5	$	18	$	11
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	$	13	$	28	$	(2)

The following tables present a summary of the gains and losses reclassified from Other comprehensive (loss) income into earnings related to the forward foreign exchange contracts for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
	December 29, 2024
(Dollars in Millions)	Net sales		Cost of sales		Other expense, net
(Loss) gain reclassified from Other comprehensive (loss) income into earnings	$	(1)	$	15	$	(1)


	Fiscal Twelve Months Ended
	December 31, 2023
(Dollars in Millions)	Net sales		Cost of sales		Other expense, net
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	$	1	$	30	$	(3)


	Fiscal Twelve Months Ended
	January 1, 2023
(Dollars in Millions)	Net sales		Cost of sales		Other expense, net
Gain reclassified from Other comprehensive (loss) income into earnings	$	21	$	12	$	30

The following table is a summary of the gains and losses recognized within Other comprehensive (loss) income related to the cross currency swap contracts designated as net investment hedges for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Gain (loss) recognized in CTA within Other comprehensive (loss) income	$	99	$	(25)	$	—

The following table is a summary of the gains and losses recognized within Other expense, net related to the undesignated forward foreign exchange contracts for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
(Loss) gain recognized in Other expense, net	$	(7)	$	10	$	33

Segments of Business and Geographic Areas (Tables)

12 Months Ended

Dec. 29, 2024

Segment Reporting [Abstract]

Schedule of Reportable Business Segments

The Company operates the business through the following three reportable business segments based on product categories:


Reportable Segments			Product Categories
Self Care			Cough, Cold, and Allergy
			Pain Care
			Other Self Care (Digestive Health, Smoking Cessation, Eye Care, and Other)
Skin Health and Beauty			Face and Body Care
			Hair, Sun, and Other
Essential Health			Oral Care
			Baby Care
			Other Essential Health (Women’s Health, Wound Care, and Other)

Schedule of Product Categories as a Percent of Net Sales

The Company’s product categories as a percentage of Net sales for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
Product Categories	December 29, 2024		December 31, 2023		January 1, 2023
Cough, Cold, and Allergy	14	%	13	%	13	%
Pain Care	13		14		13
Other Self Care	15		15		14
Face and Body Care	19		20		20
Hair, Sun and Other	8		9		9
Oral Care	11		10		10
Baby Care	9		9		10
Other Essential Health	11		10		11
Total	100	%	100	%	100	%

Schedule of Segment Reporting Information, by Segment

Segment net sales and Segment adjusted operating income for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
	December 29, 2024								December 31, 2023								January 1, 2023
(Dollars in Millions)	Self Care		Skin Health and Beauty		Essential Health		Total		Self Care		Skin Health and Beauty		Essential Health		Total		Self Care		Skin Health and Beauty		Essential Health		Total
Net sales	$	6,527	$	4,240	$	4,688	$	15,455	$	6,451	$	4,378	$	4,615	$	15,444	$	6,030	$	4,350	$	4,570	$	14,950
Segment adjusted Cost of sales(1)	2,287		1,738		2,102		6,127		2,249		1,952		2,228		6,429		2,140		1,943		2,157		6,240
Other segment expense items(2)	2,067		1,895		1,424		5,386		1,903		1,747		1,376		5,026		1,802		1,699		1,302		4,803
Segment adjusted operating income	$	2,173	$	607	$	1,162	$	3,942	$	2,299	$	679	$	1,011	$	3,989	$	2,088	$	708	$	1,111	$	3,907
Reconciliation to Income before taxes
Less:
Depreciation(3)							329								305								296
Amortization of intangible assets							269								322								348
Separation-related costs(4)							296								468								213
Restructuring and operating model optimization initiatives							221								32								100
Impairment charges							578								—								12
Conversion of stock-based awards(5)							39								55								—
Founder Shares(6)							29								9								—
Other operating expense (income), net							26								(10)								(35)
General corporate/unallocated expenses							314								296								298
Operating income							$	1,841							$	2,512							$	2,675
Other expense, net							48								72								38
Interest expense, net							378								250								—
Income before taxes							$	1,415							$	2,190							$	2,637

(1) The Company defines Segment adjusted cost of sales as Cost of sales adjusted for amortization of intangible assets, Separation-related costs, conversion of stock-based awards, Founder Shares, operating model optimization initiatives, and general corporate/unallocated expenses.

(2) Other segment expense items for each reportable segment include employee-related costs, brand support, shipping and handling costs, research and development costs, and certain other operating expenses (income).

(3) Depreciation includes the amortization of integration and development costs capitalized in connection with cloud computing arrangements.

(4) Separation-related costs includes depreciation expense on Separation-related assets for the fiscal twelve months ended December 29, 2024.

(5) Segment adjusted operating income excludes the impact of the conversion of stock-based awards that occurred on August 23, 2023 (see Note 11, “Stock-Based Compensation” for additional information). The adjustment represents the net impact of the gain on reversal of previously recognized stock-based compensation expense, offset by stock-based compensation expense recognized in the fiscal twelve months ended December 29, 2024 and December 31, 2023 relating to employee services provided prior to the Separation.

(6) On October 2, 2023, the Founder Shares were granted to all Kenvue employees in the form of stock options and PSUs to executive officers and either stock options and PSUs or RSUs to non-executive individuals (see Note 11, “Stock-Based Compensation” for additional information).

Depreciation and amortization by reportable segment for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
Self Care	$	217	$	202	$	202
Skin Health and Beauty	174		230		247
Essential Health	231		195		195
Total depreciation and amortization(1)	$	622	$	627	$	644

(1) Depreciation includes the amortization of integration and development costs capitalized in connection with cloud computing arrangements.

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area

are attributed to a geographic region based on the location of the customer and for the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 were as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024		December 31, 2023		January 1, 2023
North America(1)	$	7,579	$	7,610	$	7,418
Europe, Middle East, and Africa	3,559		3,388		3,188
Asia-Pacific	2,974		3,107		3,146
Latin America	1,343		1,339		1,198
Total Net sales	$	15,455	$	15,444	$	14,950

(1) Includes U.S. Net sales in the fiscal twelve months ended December 29, 2024, December 31, 2023, and January 1, 2023 of $6,719 million, $6,767 million, and $6,599 million, respectively.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Long-lived assets consisting of property, plant, and equipment, net of accumulated depreciation as of December 29, 2024 and December 31, 2023 were as follows:


(Dollars in Millions)	December 29, 2024		December 31, 2023
North America(1)	$	922	$	881
Europe, Middle East, and Africa	432		558
Asia-Pacific	297		358
Latin America	198		245
Total long-lived assets	$	1,849	$	2,042

(1) Includes U.S. long-lived assets as of December 29, 2024 and December 31, 2023 of $848 million and $794 million, respectively.

Restructuring Expenses and Operating Model Optimization Initiatives (Tables)

12 Months Ended

Dec. 29, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table summarizes the classification of pre-tax restructuring expenses and other charges incurred related to the 2024 Multi-Year Restructuring Initiative during the fiscal twelve months ended December 29, 2024:


	Fiscal Twelve Months Ended
(Dollars in Millions)	December 29, 2024
Restructuring expenses	$	185
Cost of sales	27
Selling, general, and administrative expenses	9
Total pre-tax restructuring expenses and other charges	$	221

The following table summarizes the pre-tax restructuring expenses and other charges incurred by cost type related to the 2024 Multi-Year Restructuring Initiative during the fiscal twelve months ended December 29, 2024 and inception to date through December 29, 2024:


	Fiscal Twelve Months Ended		Inception To Date Through December 29, 2024
(Dollars in Millions)	December 29, 2024
Employee-related costs(1)	$	106	$	106
Information technology and project-related costs(2)	99		99
Other implementation costs(3)	16		16
Total pre-tax restructuring expenses and other charges	$	221	$	221

(1) Employee-related costs primarily include severance and other termination benefits.

(2) Information technology and project-related costs primarily include advisory costs to operationalize the initiative.

(3) Other implementation costs primarily include costs to terminate contracts, impairments of assets, and other associated costs to exit.

Costs have been recognized in the Consolidated Statement of Operations in the fiscal twelve months ended January 1, 2023 as follows:


	Fiscal Twelve Months Ended
(Dollars in Millions)	January 1, 2023
Cost of sales	$	55
Selling, general, and administrative expenses	45
Total	$	100

Schedule of Restructuring Costs

The following table summarizes the activity related to accrued restructuring expenses and other charges for the 2024 Multi-Year Restructuring Initiative during the fiscal twelve months ended December 29, 2024:


(Dollars in Millions)	Employee-related Costs(1)		Information Technology and Project-Related Costs(2)		Other Implementation Costs(3)		Total Costs
Accrued restructuring expenses and other charges as of December 31, 2023	$	—	$	—	$	—	$	—
Charges to earnings	106		99		16		221
Cash payments	(75)		(34)		(7)		(116)
Non-cash charges	(6)		—		(6)		(12)
Accrued restructuring expenses and other charges as of December 29, 2024	$	25	$	65	$	3	$	93

(1) Employee-related costs primarily include severance and other termination benefits.

(2) Information technology and project-related costs primarily include advisory costs to operationalize the initiative.

(3) Other implementation costs primarily include costs to terminate contracts, impairments of assets, and other associated costs to exit.

Description of the Company and Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Millions				3 Months Ended		12 Months Ended
	May 17, 2024 shares	Aug. 23, 2023 shares	May 08, 2023 USD ($) shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 29, 2024 USD ($) Segment shares	Dec. 31, 2023 USD ($) shares	Jan. 01, 2023 USD ($)	May 31, 2023 shares	May 09, 2023 USD ($)	May 04, 2023 $ / shares
Business Acquisition [Line Items]
Number of business segments \| Segment						3
Sales price per share (in CHF per share) \| $ / shares											$ 22
Cash						$ 1,070	$ 1,382			$ 1,170
Common stock outstanding (in shares) \| shares						1,913,768,088	1,915,057,000		1,716,160,000
Stock issued during exchange offer (in shares) \| shares		1,533,830,450
Percent of common stock outstanding		80.10%
Stock issued during the period, debt for equity exchange (in shares) \| shares	182,329,550
Additional paid in capital						$ (16,130)	$ (16,147)
Property, plant and equipment, net						(1,849)	(2,042)
Other current assets						205	265
Impairment charges						578	0	$ 12
Separation-related costs						296	468	213
Advertising expense						1,635	1,349	1,356
Selling, general, and administrative expenses						6,329	6,141	5,633
Research and development costs						408	399	375
Foreign currency translation loss, net of taxes						$ 26	$ 64	105
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]						Accounts payable	Accounts payable
Net income						$ 1,030	$ 1,664	2,064
Accounts payable						2,254	2,489
Skillman Fixed Asset Impairment
Business Acquisition [Line Items]
Tangible asset impairment charges					$ 68	68		0
Measurement Input, Discount Rate [Member]
Business Acquisition [Line Items]
Intangible asset (finite-lived), measurement input				0.08
Dr.Ci:Labo Asset Impairment
Business Acquisition [Line Items]
Impairment charges				$ 488		488		0
Long lived assets, net of impairment				118
Dr.Ci:Labo Asset Impairment \| Property, plant, and equipment, net
Business Acquisition [Line Items]
Impairment charges				25
Revision of Prior Period, Reclassification, Adjustment
Business Acquisition [Line Items]
Additional paid in capital						340
Revision of Prior Period, Reclassification, Adjustment \| Cloud Computing Arrangements
Business Acquisition [Line Items]
Additional paid in capital						84
Additional paid in capital, net						65
Property, plant and equipment, net						288
Other current assets						169
Amortization of intangible assets						$ 35
Stock options
Business Acquisition [Line Items]
Award vesting period						3 years
RSUs
Business Acquisition [Line Items]
Award vesting period						3 years
Variable Interest Entity, Primary Beneficiary
Business Acquisition [Line Items]
Property, plant and equipment, net						$ (3)	(5)
Net income						17	85
Accounts payable						3	5
Trade receivables, less allowances for credit losses						70	57
Shipping and Handling
Business Acquisition [Line Items]
Selling, general, and administrative expenses						$ 505	508	$ 547
Finite-Lived Intangible Assets \| Dr.Ci:Labo Asset Impairment
Business Acquisition [Line Items]
Impairment charges				$ 463
Minimum
Business Acquisition [Line Items]
Payment timing period						30 days
Minimum \| Stock options
Business Acquisition [Line Items]
Award vesting period						6 months
Minimum \| RSUs
Business Acquisition [Line Items]
Award vesting period						1 year
Minimum \| Patents, Trademarks And Customer Relationship
Business Acquisition [Line Items]
Useful life						10 years
Minimum \| Other intangibles
Business Acquisition [Line Items]
Useful life						20 years
Minimum \| Trademarks
Business Acquisition [Line Items]
Useful life				6 years
Maximum
Business Acquisition [Line Items]
Payment timing period						120 days
Maximum \| Stock options
Business Acquisition [Line Items]
Award vesting period						4 years
Maximum \| RSUs
Business Acquisition [Line Items]
Award vesting period						3 years
Maximum \| Patents, Trademarks And Customer Relationship
Business Acquisition [Line Items]
Useful life						40 years
Maximum \| Other intangibles
Business Acquisition [Line Items]
Useful life						40 years
Maximum \| Trademarks
Business Acquisition [Line Items]
Useful life				15 years
Johnson & Johnson
Business Acquisition [Line Items]
Stock issued during exchange offer (in shares) \| shares		190,955,435
Net Economic Benefit Arrangements \| Parent
Business Acquisition [Line Items]
Net income						$ 51	36
Accounts payable						$ 23	$ 39
Consumer Health Business \| Consumer Health Spinoff \| Parent
Business Acquisition [Line Items]
Cash			$ 13,800
IPO
Business Acquisition [Line Items]
Shares issued in transaction (in shares) \| shares			198,734,444
Proceeds from sale of stock			$ 4,200
Stock issuance costs			$ 131
Over-Allotment Option
Business Acquisition [Line Items]
Shares issued in transaction (in shares) \| shares			25,921,884
Kenvue \| Johnson & Johnson
Business Acquisition [Line Items]
Common stock outstanding (in shares) \| shares			1,716,160,000
Percentage ownership after transaction			89.60%
Exchange of stock, percentage ownership after transaction		9.50%

Description of the Company and Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ (26)	$ (25)	$ (35)	$ (32)
Provision	(6)	(4)	(9)
Utilization	4	14	5
Currency translation adjustment	1	0	1
Allowance for credit losses, end of period	$ 26	$ 25	$ 35

Description of the Company and Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details)	Dec. 29, 2024
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful life	2 years
Minimum \| Buildings and building equipment
Property, Plant and Equipment [Line Items]
Useful life	20 years
Minimum \| Software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum \| Land Improvements
Property, Plant and Equipment [Line Items]
Useful life	10 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful life	13 years
Maximum \| Buildings and building equipment
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum \| Software
Property, Plant and Equipment [Line Items]
Useful life	8 years
Maximum \| Land Improvements
Property, Plant and Equipment [Line Items]
Useful life	20 years

Description of the Company and Summary of Significant Accounting Policies - Schedule of Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment charges			$ 578	$ 0	$ 12
Other Asset Impairment Charges			22		12
Skillman Fixed Asset Impairment
Finite-Lived Intangible Assets [Line Items]
Tangible asset impairment charges		$ 68	68		0
Dr.Ci:Labo Asset Impairment
Finite-Lived Intangible Assets [Line Items]
Impairment charges	$ 488		$ 488		$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Description of the Company and Summary of Significant Accounting Policies - Rollforward of Outstanding Obligations (Details) $ in Millions	12 Months Ended
	Dec. 29, 2024 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at the beginning of the fiscal year	$ 227
Invoices confirmed during the fiscal year	1,093
Confirmed invoices paid during the fiscal year	(1,060)
Confirmed obligations outstanding at the end of the fiscal year	$ 260

Description of the Company and Summary of Significant Accounting Policies - Consolidated Assets and Liabilities of Deferred Legal Entities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Current assets
Cash and cash equivalents	$ 1,070	$ 1,382	$ 1,231	$ 740
Inventories	1,591	1,851
Prepaid expenses and other receivables	494	567
Total current assets	5,525	6,138
Property, plant, and equipment, net	1,849	2,042
Deferred taxes on income	184	158
Other assets	726	623
Total assets	25,601	27,851
Current liabilities
Accounts payable	2,254	2,489
Accrued liabilities	1,132	1,456
Accrued rebates, returns, and promotions	727	795
Accrued taxes on income	74	142
Total current liabilities	5,739	5,481
Total liabilities	15,933	16,640
Variable Interest Entity, Primary Beneficiary
Current assets
Cash and cash equivalents	99	109
Trade receivables, less allowances for credit losses	70	57
Inventories	16	18
Prepaid expenses and other receivables	3	6
Total current assets	188	190
Property, plant, and equipment, net	3	5
Deferred taxes on income	3	2
Other assets	0	1
Total assets	194	198
Current liabilities
Accounts payable	3	5
Accrued liabilities	11	12
Accrued rebates, returns, and promotions	16	14
Accrued taxes on income	0	3
Total current liabilities	30	34
Total liabilities	$ 30	$ 34

Inventories (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 274	$ 304
Goods in process	101	115
Finished goods	1,216	1,432
Total inventories	$ 1,591	$ 1,851

Property, Plant, and Equipment and Cloud Computing Arrangements - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	$ 4,550	$ 6,243
Less: accumulated depreciation	(2,701)	(4,201)
Property, plant, and equipment, net	1,849	2,042
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	2,250	2,447
Buildings and building equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	1,599	1,749
Software
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	102	1,491
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	542	480
Land improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, gross	$ 57	$ 76

Property, Plant, and Equipment and Cloud Computing Arrangements - Capitalized Implementation Costs (Details) - Cloud Computing Arrangements $ in Millions	Dec. 29, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Cloud computing arrangements, gross	$ 1,277
Amortization of intangible assets	(1,088)
Total cloud computing arrangements, net	$ 189

Property, Plant, and Equipment and Cloud Computing Arrangements - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 353	$ 305	$ 296
Cloud Computing Arrangements
Property, Plant and Equipment [Line Items]
Software amortization	$ 145

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Definite-lived intangible assets:
Gross Carrying Amount	$ 7,319	$ 7,889
Accumulated Amortization	(3,548)	(3,518)
Net Carrying Amount	3,771	4,371
Indefinite-lived intangible assets:
Net Carrying Amount	8,474	9,619
Gross Carrying Amount	12,022	13,137
Trademarks
Indefinite-lived intangible assets:
Gross Carrying Amount	4,648	5,187
Net Carrying Amount	4,648	5,187
Other intangibles
Indefinite-lived intangible assets:
Gross Carrying Amount	55	61
Net Carrying Amount	55	61
Patents and trademarks
Definite-lived intangible assets:
Gross Carrying Amount	4,110	4,444
Accumulated Amortization	(1,780)	(1,698)
Net Carrying Amount	2,330	2,746
Customer relationships
Definite-lived intangible assets:
Gross Carrying Amount	1,933	2,125
Accumulated Amortization	(1,074)	(1,151)
Net Carrying Amount	859	974
Other intangibles
Definite-lived intangible assets:
Gross Carrying Amount	1,276	1,320
Accumulated Amortization	(694)	(669)
Net Carrying Amount	$ 582	$ 651

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets, finite-lived		$ 479
Impairment charges		578	$ 0	$ 12
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]				Impairment charges
Amortization of intangible assets		269	322	$ 348
Goodwill impairment		0	0	0
Dr.Ci:Labo Asset Impairment
Finite-Lived Intangible Assets [Line Items]
Impairment charges	$ 488	$ 488		0
Finite-Lived Intangible Assets \| Dr.Ci:Labo Asset Impairment
Finite-Lived Intangible Assets [Line Items]
Impairment charges	$ 463
Trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets			$ 0	$ 12

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Dec. 29, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 257
2026	257
2027	252
2028	252
2029	$ 243

Intangible Assets and Goodwill - Goodwill By Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill as of December 31, 2023	$ 9,271	$ 9,185
Currency translation	(428)	86
Goodwill as of December 29, 2024	8,843	9,271
Self Care
Goodwill [Roll Forward]
Goodwill as of December 31, 2023	5,308	5,194
Currency translation	(254)	114
Goodwill as of December 29, 2024	5,054	5,308
Skin Health and Beauty
Goodwill [Roll Forward]
Goodwill as of December 31, 2023	2,315	2,365
Currency translation	(130)	(50)
Goodwill as of December 29, 2024	2,185	2,315
Essential Health
Goodwill [Roll Forward]
Goodwill as of December 31, 2023	1,648	1,626
Currency translation	(44)	22
Goodwill as of December 29, 2024	$ 1,604	$ 1,648

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Borrowings - Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Discounts and debt issuance costs	$ (64)	$ (72)
Total	7,805	7,687
Current portion of long-term debt—principal amount	(750)	0
Long-term debt	7,055	7,687
Current portion of long-term debt—principal amount	750	0
Commercial paper	800	600
Discounts and debt issuance costs	(3)	(1)
Other	5	0
Total loans and notes payable	1,552	599
Total debt	8,607	8,286
Building
Debt Instrument [Line Items]
Finance lease, liability, noncurrent	113
Other
Debt Instrument [Line Items]
Other	119	9
5.50% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt	$ 750	750
Stated interest rate (as a percent)	5.50%
5.35% Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt	$ 750	750
Stated interest rate (as a percent)	5.35%
5.05% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt	$ 1,000	1,000
Stated interest rate (as a percent)	5.05%
5.00% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt	$ 1,000	1,000
Stated interest rate (as a percent)	5.00%
4.90% Senior Notes due 2033
Debt Instrument [Line Items]
Long-term debt	$ 1,250	1,250
Stated interest rate (as a percent)	4.90%
5.10% Senior Notes due 2043
Debt Instrument [Line Items]
Long-term debt	$ 750	750
Stated interest rate (as a percent)	5.10%
5.05% Senior Notes due 2053
Debt Instrument [Line Items]
Long-term debt	$ 1,500	1,500
Stated interest rate (as a percent)	5.05%
5.20% Senior Notes due 2063
Debt Instrument [Line Items]
Long-term debt	$ 750	$ 750
Stated interest rate (as a percent)	5.20%

Borrowings - Narrative (Details) $ in Millions					1 Months Ended	6 Months Ended	12 Months Ended
Borrowings - Narrative (Details) $ in Millions	May 08, 2023 USD ($)	Mar. 22, 2023 USD ($) note	Mar. 06, 2023 USD ($)	Mar. 03, 2023 USD ($)	May 03, 2023 USD ($)	Jul. 02, 2023 USD ($)	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	Apr. 05, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of Senior Notes, net of issuance cost							$ 0	$ 7,686	$ 0
Unamortized debt issuance costs							64	72
Discounts and debt issuance costs							3	1
Interest expense							$ 431	358
Weighted average interest rate, short term							5.50%
Interest income								33
Proceeds from collection of receivables							$ 0	8,941	$ 0
Long-term debt, fair value							$ 7,500	$ 8,000
Senior notes
Debt Instrument [Line Items]
Number of series of senior unsecured notes \| note		8
Debt instrument, face amount		$ 7,750
Proceeds from issuance of Senior Notes, net of issuance cost		7,700				$ 7,700
Unamortized debt issuance costs		$ 77
Weighted average interest rate							5.10%	5.10%
Redemption price, percentage of principal amount redeemed							100.00%
Senior notes \| Minimum
Debt Instrument [Line Items]
Maturity term							0 months
Senior notes \| Maximum
Debt Instrument [Line Items]
Maturity term							6 months
Facility Agreement \| Johnson & Johnson
Debt Instrument [Line Items]
Proceeds from collection of receivables	$ 9,000
Facility Agreement \| Johnson & Johnson
Debt Instrument [Line Items]
Debt instrument, face amount										$ 8,900
Weighted average interest rate										4.70%
Basis spread (in basis points)										0.15%
Interest rate floor										0.00%
Commercial paper
Debt Instrument [Line Items]
Weighted average interest rate							5.20%	5.20%
Maturity term				364 days
Line of credit facility, maximum borrowing capacity				$ 4,000
Proceeds from issuance					$ 1,250	$ 1,200
Outstanding balance							$ 797	$ 599
Related discount							(3)	(1)
Revolving Credit Facility \| The Revolving Credit Facility
Debt Instrument [Line Items]
Maturity term			5 years
Line of credit facility, maximum borrowing capacity			$ 4,000
Outstanding balance							$ 0	$ 0

Borrowings - Long-Term Debt Maturities (Details) $ in Millions	Dec. 29, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 750
2026	750
2027	0
2028	1,000
2029	0
Thereafter	$ 5,250

Borrowings - Interest Income and Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Debt Disclosure [Abstract]
Interest expense	$ 431	$ 358
Interest income	(53)	(108)
Interest expense, net	$ (378)	(250)	$ 0
Interest income		$ 33

Employee-Related Obligations (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Pension benefits	$ 339	$ 342
Postretirement benefits	5	5
Severance benefits	35	39
Total employee-related obligations	379	386
Less: current benefits in Accrued liabilities	(37)	(26)
Employee-related obligations—non-current	$ 342	$ 360

Pensions - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Components of net periodic benefit cost
Service cost	$ 30	$ 21	$ 8
Interest cost	28	26	4
Amortization of loss (gain)	3	(2)	4
Special events	6	10	0
Expected return on plan assets	(34)	(25)	(1)
Total net periodic benefit cost	$ 33	$ 30	$ 15
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)

Pensions - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Pensions - Narrative (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Defined Benefit Plan Disclosure [Line Items]
Special events	$ 6	$ 10	$ 0
Settlement loss		14
Curtailment gain		4
Projected benefit plan contributions	14
Total benefit plan expense allocated		17	54
Plan assets	526	535	19
Defined contribution plan, cost	$ 108	46	14
Cost of benefit		$ 18	$ 46
Johnson & Johnson
Defined Benefit Plan Disclosure [Line Items]
Participation right after separation, term		15 years
Plan assets		$ 94
Defined benefit plan, plan assets, amortization period		15 years

Pensions - Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation (Details)	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Net Periodic Benefit Cost
Service cost discount rate	2.60%	3.40%	2.30%
Interest cost discount rate	3.60%	4.60%	3.10%
Rate of increase in compensation levels	3.30%	3.30%	2.50%
Expected long-term rate of return on plan assets	5.50%	5.50%	2.90%
Benefit Obligation
Discount rate	3.80%	3.60%	4.20%
Rate of increase in compensation tables	3.30%	3.30%	2.70%

Pensions - Schedule of Net Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Change in Benefit Obligation
Projected benefit obligation—beginning of year	$ 829	$ 235
Service cost	30	21	$ 8
Interest cost	28	26	4
Actuarial (gain) loss	(39)	99
Plan participants’ contributions	6	7
Curtailments, settlements, and restructuring	(39)	(50)
Benefits paid from plan	(15)	(22)
Effect of exchange rates	(42)	31
Transfers	0	473
Other	28	9
Projected benefit obligation—end of year	786	829	235
Change in Plan Assets
Plan assets at fair value—beginning of year	535	19
Company contributions	31	27
Plan participants’ contributions	6	7
Benefits paid from plan assets	(15)	(22)
Actual return on plan assets	21	(30)
Curtailments, settlements, and restructuring	(29)	(36)
Effect of exchange rates	(23)	18
Transfers	0	552
Plan assets at fair value—end of year	526	535	19
Funded status—end of year	(260)	(294)
Amounts recognized on the Consolidated Balance Sheets consist of the following:
Other assets	84	53
Less: current benefits in Accrued liabilities	(9)	(9)
Employee-related obligations—non-current	(335)	(338)
Total recognized on the Consolidated Balance Sheets—end of year	(260)	(294)
Amounts recognized in Accumulated other comprehensive loss consist of the following:
Net actuarial loss	170	123
Transfers	0	100
Prior service cost	(5)	(6)
Total before tax effects	165	217
Accumulated benefit obligations—end of year	686	747
Net periodic benefit cost	33	30	15
Net actuarial gain (loss)	(36)	118	(82)
Amortization of net actuarial gain (loss)	(9)	4	(4)
Effect of exchange rates	(7)	9	(6)
Total (income) loss recognized in Other comprehensive (loss) income, before tax	(52)	131	(92)
Total recognized in net periodic benefit cost and Other comprehensive (loss) income	$ (19)	$ 161	$ (77)

Pensions - Projected Future Benefit Payments from Company's Retirement and Other Benefit Plans (Details) $ in Millions	Dec. 29, 2024 USD ($)
Retirement Benefits [Abstract]
2025	$ 50
2026	34
2027	34
2028	36
2029	39
2030–2034	$ 220

Pensions - Company' Retirement Plan Asset Allocation and Target Allocations (Details)	Dec. 29, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Percent of Plan Assets	100.00%	100.00%
Target Allocation	100.00%
Debt instruments
Defined Benefit Plan Disclosure [Line Items]
Percent of Plan Assets	49.00%	54.00%
Target Allocation	58.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Percent of Plan Assets	14.00%	19.00%
Target Allocation	13.00%
Other assets
Defined Benefit Plan Disclosure [Line Items]
Percent of Plan Assets	37.00%	27.00%
Target Allocation	29.00%

Pensions - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 526	$ 535	$ 19
Transfers	0	552
Actual return on plan assets	21	(30)
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	526	535
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	52	82
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	315	299
Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	151	146
Transfers		127
Actual return on plan assets		19
Assets Measured at NAV \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	8	8
Debt instruments \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	223	197
Debt instruments \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Debt instruments \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	223	197
Debt instruments \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Debt instruments \| Assets Measured at NAV \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Equity securities \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	8	26
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	8	26
Equity securities \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Equity securities \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Equity securities \| Assets Measured at NAV \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Other assets \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	195	203
Other assets \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	44	56
Other assets \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	1
Other assets \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	151	146
Other assets \| Assets Measured at NAV \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Commingled Funds \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	100	109
Commingled Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Commingled Funds \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	92	101
Commingled Funds \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Commingled Funds \| Assets Measured at NAV \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 8	$ 8

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	May 31, 2024	May 01, 2024	Jan. 31, 2024	Apr. 20, 2023 ft²
Leases [Abstract]
Leased area \| ft²							290,000
Lease, term of contract (in years)					15 years	15 years
Finance lease, discount rate				4.75%		4.75%
Operating leases \| $	$ 27	$ 120	$ 0

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Operating Leases
Other assets	$ 111	$ 139
Operating lease liabilities	36	44
Operating lease liabilities	76	97
Total lease liabilities	112	$ 141
Finance Leases
Total ROU assets	111
Total lease liabilities	$ 121
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Johnson & Johnson
Operating Leases
Other assets	$ 35	$ 52
Operating lease liabilities	11	13
Operating lease liabilities	24	39
Property, plant, and equipment, net
Operating Leases
Other assets	0	0
Finance Leases
Total ROU assets	111
Other assets
Operating Leases
Other assets	111	139
Finance Leases
Total ROU assets	0
Accrued liabilities
Operating Leases
Operating lease liabilities	36	44
Finance Leases
Finance lease, liability, current	0
Loans and notes payable
Operating Leases
Operating lease liabilities	0	0
Finance Leases
Finance lease, liability, current	2
Long-term debt
Operating Leases
Operating lease liabilities	0	0
Finance Leases
Finance lease, liability, noncurrent	119
Other liabilities
Operating Leases
Operating lease liabilities	76	$ 97
Finance Leases
Finance lease, liability, noncurrent	$ 0

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Leases [Abstract]
Operating lease costs	$ 48	$ 48	$ 42

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Operating Leases
2025	$ 41
2026	30
2027	20
2028	11
2029	6
Thereafter	15
Total	123
Less: Imputed interest	11
Total lease liabilities	112	$ 141
Finance Leases
2025	2
2026	1
2027	4
2028	7
2029	7
Thereafter	248
Total	269
Less: Imputed interest	148
Total lease liabilities	121
Total
2025	43
2026	31
2027	24
2028	18
2029	13
Thereafter	263
Total	392
Less: Imputed interest	159
Total current and non-current lease liabilities	$ 233

Leases - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$ 50	$ 49	$ 43
ROU assets obtained in exchange for new lease liabilities:
Operating leases	27	$ 120	$ 0
Finance leases	$ 109

Leases - Lease Term And Discount Rate (Details)	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Weighted-average remaining lease term:
Operating leases	5 years	5 years	7 years
Finance leases	35 years
Weighted-average discount rate:
Operating leases	3.90%	3.60%	2.30%
Finance leases	5.00%

Accrued and Other Liabilities - Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued expenses	$ 368	$ 465
Accrued compensation and benefits	325	406
Operating lease liabilities	36	44
Tax indemnification liability	82	113
Other accrued liabilities	321	428
Total accrued liabilities	$ 1,132	$ 1,456

Accrued and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued income taxes	$ 185	$ 188
Operating lease liabilities	76	97
Tax indemnification liability	143	141
Other noncurrent accrued liabilities	132	65
Total other liabilities	$ 536	$ 491

Accumulated Other Comprehensive Loss - Components of AOCI (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 29, 2024

Dec. 31, 2023

Jan. 01, 2023

Other comprehensive (loss) income before reclassifications

$ 11,211

$ 19,970

^[1]

$ 20,491

(760)

104

(967)

Amounts reclassified to the Consolidated Statement of Operations

(9)

(26)

(5)

Net current period Other comprehensive (loss) income

(769)

78

(972)

9,668

11,211

19,970

^[1]

Gain recognized in Other comprehensive (loss) income

(340)

(146)

(23)

38

10

AOCI Attributable to Parent

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

(5,377)

(5,455)

^[1]

(4,483)

(6,146)

(5,377)

(5,455)

^[1]

Foreign Currency Translation

(77)

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Other comprehensive (loss) income before reclassifications

(5,257)

(5,476)

(4,431)

(783)

219

(1,045)

Amounts reclassified to the Consolidated Statement of Operations

0

Net current period Other comprehensive (loss) income

(783)

219

(1,045)

Income Tax (Benefit) Expense Allocated to AOCI

(6,040)

(5,257)

(5,476)

Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss

(6)

(12)

(91)

Employee Benefit Plans

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Other comprehensive (loss) income before reclassifications

(167)

12

(51)

29

(181)

66

Amounts reclassified to the Consolidated Statement of Operations

8

2

(3)

Net current period Other comprehensive (loss) income

37

(179)

63

Income Tax (Benefit) Expense Allocated to AOCI

(130)

(167)

12

Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss

14

50

30

Gain (Loss) on Derivatives and Hedges

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Other comprehensive (loss) income before reclassifications

47

9

(1)

(6)

66

12

Amounts reclassified to the Consolidated Statement of Operations

(17)

(28)

(2)

Net current period Other comprehensive (loss) income

(23)

38

10

Income Tax (Benefit) Expense Allocated to AOCI

24

47

9

Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss

$ 11

$ 0

[1]

Prior to April 4, 2023, the Company operated as a segment of J&J and not as a separate entity. The Company’s financial statements prior to April 4, 2023 were prepared on a combined basis and were derived from J&J’s historical consolidated financial statements and accounting records as if the Company had been operated on a standalone basis. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Basis of Presentation,” for more information.

Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Gain (Loss) on Derivatives and Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss	$ 11	$ 0	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		4 Months Ended	12 Months Ended
	Aug. 23, 2023	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Performance period, deemed satisfied	2 years
Stock options granted in period (in shares)	57,000,000		13,565,000
Stock options granted in period, fair value	$ 198
Share-based payment arrangement, previously recognized expense, reversed				$ 148
Total stock-based compensation expense		$ 215	$ 254	$ 188	$ 137
Weighted average grant date fair value (iun dollars per share)			$ 3.17	$ 3.82	$ 23.23
Intrinsic value, options exercised			$ 21	$ 96	$ 64
Proceeds from stock options exercised			95
Share-based payment arrangement, exercise of option, tax benefit			$ 4
Johnson & Johnson
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense				2	26
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)	12,500,000		8,082,000
RSUs granted in period, fair value	$ 283
Total stock-based compensation expense			$ 152	$ 76	$ 74
Award vesting period			3 years
Grants in period, weighted average grant date fair value (in dollars per share)			$ 19.10	$ 20.37	$ 153.69
Vested in period, fair value				$ 1	$ 44
RSUs \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			1 year
RSUs \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			3 years
Restricted Stock Units And Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Incremental cost from award cancellation				25
Incremental compensation cost				240
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense			$ 84	90	43
Expiration period			10 years
Award vesting period			3 years
Stock options \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			6 months
Stock options \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			4 years
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)			1,227,000
Total stock-based compensation expense			$ 18	$ 22	$ 20
Award vesting period			3 years
Grants in period, weighted average grant date fair value (in dollars per share)			$ 18.61	$ 23.57	$ 178.45
Vested in period, fair value				$ 0	$ 4
PSUs \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting rights, percentage			0.00%
PSUs \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting rights, percentage			200.00%
Performance Shares With Market Based Conditions
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			3 years
Performance Shares With Market Based Conditions \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			1 year
Award vesting rights, percentage			0.00%
Performance Shares With Market Based Conditions \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			3 years
Award vesting rights, percentage			200.00%
2023 Plan \| Converted J&J Awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Maximum shares to be issued (in shares)	69,438,910
2023 Plan \| General Share Pool
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Maximum shares to be issued (in shares)						188,897,256
Founder Grants \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award requisite service period			1 year
Founder Grants \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award requisite service period			3 years
J&J Plans \| PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			3 years
J&J Plans \| PSUs \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			6 months
Award vesting rights, percentage			0.00%
J&J Plans \| PSUs \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period			3 years
Award vesting rights, percentage			200.00%

Stock-Based Compensation - Valuation Assumptions (Details) - $ / shares		12 Months Ended
	Aug. 23, 2023	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options, weighted average exercise price (in dollars per share)	$ 21.01
Expected Volatility, minimum	16.50%
Expected Volatility, maximum	21.40%
Expected dividend yield	3.20%
Risk-Free Rate, minimum	4.20%
Risk-Free Rate, maximum	5.40%
J&J Plans
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term		2 years
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield		3.90%	3.50%	2.70%
Expected term		6 years	6 years	7 years
Expected volatility		21.30%	20.80%	18.00%
Risk-free rate		4.10%	4.50%	2.00%
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected volatility		21.30%
Risk-free rate		4.30%
Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term	6 months
Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term	6 years 6 months

Stock-Based Compensation - Classification of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	4 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 215	$ 254	$ 188	$ 137
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense		84	90	43
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense		152	76	74
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense		18	22	20
Cost of sales
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense		100	67	30
Selling, general, and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense		$ 154	$ 121	$ 107

Stock-Based Compensation - Unrecognized Compensation Costs (Details) $ in Millions	12 Months Ended
	Dec. 29, 2024 USD ($)
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options cost not yet recognized, amount	$ 59
Cost not yet recognized, period for recognition	1 year 3 months 18 days
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
RSUs cost not yet recognized, amount	$ 118
Cost not yet recognized, period for recognition	1 year 4 months 28 days
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
RSUs cost not yet recognized, amount	$ 35
Cost not yet recognized, period for recognition	1 year 11 months 15 days

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		12 Months Ended
	Aug. 23, 2023	Dec. 29, 2024	Dec. 31, 2023
Options
Beginning Balance (in shares)		64,188
Stock options granted in period (in shares)	57,000	13,565
Options exercised (in shares)		(5,530)
Options canceled/forfeited/adjusted (in shares)		(5,338)
Ending Balance (in shares)		66,885	64,188
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)		$ 20.60
Options granted (in dollars per share)		19.01
Options exercised (in dollars per share)		18.30
Options canceled/forfeited/adjusted (in dollars per share)		21.27
Ending Balance (in dollars per share)		$ 20.42	$ 20.60
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term, Options outstanding		6 years 10 months 24 days	7 years 2 months 12 days
Aggregate Intrinsic Value, Options outstanding		$ 95	$ 83
Options vested and expected to vest at year end (in shares)		29,100
Weighted Average Exercise Price, Options exercisable (in dollars per share)		$ 19.94
Weighted Average Remaining Contractual Term, Options exercisable		5 years
Aggregate Intrinsic Value, Options exercisable		$ 54

Stock-Based Compensation - Summary of Unvested Restricted and Performance Share Units (Details) - $ / shares shares in Thousands		12 Months Ended
	Aug. 23, 2023	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
RSUs
Outstanding Restricted Stock Units
Beginning Balance (in shares)		13,298
Granted (in shares)	12,500	8,082
Issued (in shares)		(5,540)
Canceled/forfeited (in shares)		(2,207)
Ending Balance (in shares)		13,633	13,298
Outstanding Restricted Stock Units
Beginning Balance (in dollars per share)		$ 22.49
Grants in period, weighted average grant date fair value (in dollars per share)		19.10	$ 20.37	$ 153.69
Issued (in dollars per share)		22.64
Canceled/forfeited (in dollars per share)		20.74
Ending Balance (in dollars per share)		$ 20.77	$ 22.49
PSUs
Outstanding Restricted Stock Units
Beginning Balance (in shares)		1,630
Granted (in shares)		1,227
Issued (in shares)		(1)
Canceled/forfeited (in shares)		(181)
Ending Balance (in shares)		2,675	1,630
Outstanding Restricted Stock Units
Beginning Balance (in dollars per share)		$ 23.58
Grants in period, weighted average grant date fair value (in dollars per share)		18.61	$ 23.57	$ 178.45
Issued (in dollars per share)		23.22
Canceled/forfeited (in dollars per share)		22.15
Ending Balance (in dollars per share)		$ 21.43	$ 23.58

Relationship with J&J - Cost Allocations from Parent (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Cost of sales	$ 6,496	$ 6,801	$ 6,665
Selling, general, and administrative expenses	$ 6,329	6,141	5,633
Related Party
Related Party Transaction [Line Items]
Total costs allocated		145	828
Related Party \| Cost of sales
Related Party Transaction [Line Items]
Cost of sales		25	149
Related Party \| Selling, general, and administrative expenses
Related Party Transaction [Line Items]
Selling, general, and administrative expenses		$ 120	$ 679

Relationship with J&J - Narrative (Details) - USD ($) $ in Millions			1 Months Ended	6 Months Ended	12 Months Ended
	May 08, 2023	Mar. 22, 2023	May 03, 2023	Jul. 02, 2023	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Separation-related adjustments					$ (340)	$ (146)
Proceeds from issuance of Senior Notes, net of issuance cost					0	7,686	$ 0
Proceeds from collection of receivables					0	8,941	$ 0
Johnson & Johnson
Related Party Transaction [Line Items]
Taxes payable					$ 104	168
Net Investment from J&J
Related Party Transaction [Line Items]
Separation-related adjustments						$ 91
Commercial paper
Related Party Transaction [Line Items]
Proceeds from issuance			$ 1,250	$ 1,200
Facility Agreement \| Johnson & Johnson
Related Party Transaction [Line Items]
Proceeds from collection of receivables	$ 9,000
Senior notes
Related Party Transaction [Line Items]
Proceeds from issuance of Senior Notes, net of issuance cost		$ 7,700		$ 7,700

Relationship with J&J - Net Transfers To the Parent (Details) - Parent - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Cash pooling and general financing activities
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ (446)	$ (2,568)
Corporate cost allocations
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	145	828
Taxes deemed settled with J&J
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	27	78
Allocated derivative and hedging gains
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	65
Net transfers to J&J as reflected in the Consolidated Statements of Cash Flows
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	(274)	(1,597)
Other
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	(34)	(153)
Net transfers to J&J as reflected in the Consolidated Statements of Stockholders' Equity
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ (308)	$ (1,750)

Relationship with J&J - Schedule of Balances with J&J Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Prepaid expenses and other receivables	$ 494	$ 567
Other assets	726	623
Other liabilities	536	491
Cost of sales	6,496	6,801	$ 6,665
Selling, general, and administrative expenses	6,329	6,141	$ 5,633
Johnson & Johnson
Related Party Transaction [Line Items]
Prepaid expenses and other receivables	109	213
Accounts payable and Accrued liabilities	270	486
Other assets	78	87
Other liabilities	143	153
Cost of sales	203	148
Selling, general, and administrative expenses	$ 203	$ 189

Other Operating Expense (Income), Net and Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Other Income and Expenses [Abstract]
Litigation (income) expense	$ 4	$ 26	$ (7)
Royalty income	(34)	(35)	(39)
Loss (gain) on disposal of fixed assets	6	(9)	8
Impact of Deferred Markets	59	28	0
Contingent liability reversal	0	(45)	0
Other Miscellaneous Income (Expense)	(9)	25	3
Total Other operating expense (income), net	26	(10)	(35)
Currency losses on transactions	1	58	42
Losses (gains) on investments	72	7	(1)
Tax indemnification release	(21)	0	0
Other	(4)	7	(3)
Total other expense, net	$ 48	$ 72	$ 38

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Current:
U.S. taxes	$ 287	$ 266	$ 75
International taxes	383	374	318
Total current taxes	670	640	393
Deferred:
U.S. taxes	(178)	(39)	228
International taxes	(107)	(75)	(48)
Deferred Income Tax Expense (Benefit), Total	(285)	(114)	180
Provision for taxes	$ 385	$ 526	$ 573

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Paragraph 22
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
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-Subparagraph (a)
-SubTopic 20
-Topic 740
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Comparison of Income Taxes at Statutory Rate and Company's Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Income Tax Disclosure [Abstract]
U.S. statutory rate	21.00%	21.00%	21.00%
Comparison Of Income Tax Expense At Statutory Rate And Company's Tax Rate [Abstract]
Income before taxes	$ 352	$ 825	$ 1,238
International	1,063	1,365	1,399
Income before taxes	$ 1,415	$ 2,190	$ 2,637
Tax rates:
U.S. statutory rate	21.00%	21.00%	21.00%
U.S. taxes on international income	2.80%	(1.50%)	(2.90%)
International operations	2.80%	0.80%	(1.60%)
State	(0.40%)	2.00%	3.10%
Change in valuation allowance	1.00%	2.50%	2.20%
Tax shortfall (windfall) on stock-based compensation	0.50%	(0.50%)	(0.20%)
All other	(0.50%)	(0.30%)	0.10%
Worldwide effective income tax rate (as a percent)	27.20%	24.00%	21.70%
Increase (decrease) in unrecognized tax benefits	$ 4	$ (46)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023	Jan. 02, 2022
Income Tax Examination [Line Items]
Worldwide effective income tax rate (as a percent)	27.20%	24.00%	21.70%
Valuation allowance	$ 14	$ (175)	$ 64
Net operating loss (“NOL”) and tax credit carryforward	64	49
Deferred tax assets, tax credit carryforwards	58	37
Valuation allowance	89	75	250
Undistributed earnings of foreign subsidiaries	116
Unrecognized tax benefits	176	185	437	$ 469
Unrecognized tax benefits that would impact effective tax rate	161
Interest on income taxes expense	5	(8)	$ 13
Interest on income taxes accrued	$ 23	19
Foreign Tax Credit Benefits
Income Tax Examination [Line Items]
Valuation allowance		$ 52

Income Taxes - Temporary Differences and Carryforwards (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Asset
Employee-related obligations	$ 18	$ 29
Stock-based compensation	70	57
Depreciation of property, plant, and equipment	2
Reserves and liabilities	110	114
Net operating loss (“NOL”) and tax credit carryforward	122	86
Undistributed foreign earnings	78	49
Miscellaneous international	66	123
Research and development capitalized for tax	94	52
Miscellaneous U.S.		15
Deferred tax asset	560	525
Valuation allowance	(89)	(75)	$ (250)
Total deferred income taxes	471	450
Liability
Depreciation of property, plant, and equipment		(44)
Goodwill and intangibles	(2,434)	(2,752)
Undistributed foreign earnings	(103)	(117)
Miscellaneous U.S.	(11)
Subtotal	$ (2,548)	$ (2,913)

Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Summary of unrecognized tax benefits
Beginning of fiscal year	$ 185	$ 437	$ 469
Increases related to current year tax positions	21	26	32
Increases related to prior period tax positions	0	3	7
Decreases related to prior period tax positions	(11)	(19)	(49)
Settlements	0	0	(5)
Lapse of statute of limitations	(19)	(42)	(17)
Net decreases related to the Separation	0	(220)	0
End of fiscal year	$ 176	$ 185	$ 437

Net Income Per Share - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	7 Months Ended	12 Months Ended
	May 08, 2023	May 31, 2023	Jul. 24, 2023	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock issued (in shares)				1,924,976,532	1,915,407,000
Common stock shares outstanding (in shares)		1,716,160,000		1,913,768,088	1,915,057,000
Antidilutive securities excluded from computation of earnings per share, amount (in shares)				52,113,910	44,745,842
Dilutive equity instruments (in shares)	0		0	8,000,000	4,000,000	0
Number of shares authorized to be repurchased (in shares)				27,000,000
Issuance of Treasury Stock (in shares)				10,858,444
Purchase of treasury stock				$ 235	$ 7
Kenvue IPO
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares issued in transaction (in shares)		1,716,159,990

Net Income Per Share - Net Income per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions		7 Months Ended	12 Months Ended
	May 08, 2023	Jul. 24, 2023	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Reconciliation of basic net earnings per share to diluted net earnings per share
Net income			$ 1,030	$ 1,664	$ 2,064
Basic weighted-average common shares (in shares)			1,915,000,000	1,846,000,000	1,716,000,000
Dilutive equity instruments (in shares)	0	0	8,000,000	4,000,000	0
Diluted weighted-average common shares (in shares)			1,923,000,000	1,850,000,000	1,716,000,000
Net income per share:
Basic (in dollars per share)			$ 0.54	$ 0.90	$ 1.20
Diluted (in dollars per share)			$ 0.54	$ 0.90	$ 1.20

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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-Topic 230
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Fair Value Measurements - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	$ 152	$ 63
Derivatives designated as cash flow hedges : Liabilities	(77)	(75)
Prepaid Expenses and Other Current Assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	52	18
Accounts Payable
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	(13)	(30)
Other assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	36	0
Level 1
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	0	0
Derivatives designated as cash flow hedges : Liabilities	0	0
Level 1 \| Prepaid Expenses and Other Current Assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	0	0
Level 1 \| Accounts Payable
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	0	0
Level 1 \| Other assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	0	0
Level 2
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	152	63
Derivatives designated as cash flow hedges : Liabilities	(77)	(75)
Level 2 \| Prepaid Expenses and Other Current Assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	52	18
Level 2 \| Accounts Payable
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	(13)	(30)
Level 2 \| Other assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	36	0
Level 3
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	0	0
Derivatives designated as cash flow hedges : Liabilities	0	0
Level 3 \| Prepaid Expenses and Other Current Assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	0	0
Level 3 \| Accounts Payable
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	0	0
Level 3 \| Other assets
Financial assets and liabilities at fair value
Net amount presented in Prepaid expenses and other receivables:	0	0
Forward foreign exchange contracts
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	81	63
Derivatives designated as cash flow hedges : Liabilities	(76)	(50)
Forward foreign exchange contracts \| Level 1
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	0	0
Derivatives designated as cash flow hedges : Liabilities	0	0
Forward foreign exchange contracts \| Level 2
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	81	63
Derivatives designated as cash flow hedges : Liabilities	(76)	(50)
Forward foreign exchange contracts \| Level 3
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	0	0
Derivatives designated as cash flow hedges : Liabilities	0	0
Cross currency swap contracts
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	71	0
Derivatives designated as cash flow hedges : Liabilities	(1)	(25)
Cross currency swap contracts \| Level 1
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	0	0
Derivatives designated as cash flow hedges : Liabilities	0	0
Cross currency swap contracts \| Level 2
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	71	0
Derivatives designated as cash flow hedges : Liabilities	(1)	(25)
Cross currency swap contracts \| Level 3
Financial assets and liabilities at fair value
Derivatives designated as cash flow hedges : Assets	0	0
Derivatives designated as cash flow hedges : Liabilities	$ 0	$ 0

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Derivative [Line Items]
Cash equivalents	$ 118	$ 329
Gain recognized in Other comprehensive (loss) income	(23)	38	$ 10
Losses (gains) on investments	72	7	$ (1)
Equity investments without readily determinable fair values	$ 0	71
Tranche 1
Derivative [Line Items]
Term (in months, years)	5 years
Tranche 2
Derivative [Line Items]
Term (in months, years)	10 years
Tranche 3
Derivative [Line Items]
Term (in months, years)	30 years
Interest Rate Swap
Derivative [Line Items]
Gain recognized in Other comprehensive (loss) income		48
Forward starting interest rate swap, amount received		38
Interest Rate Swap \| Tranche 1
Derivative [Line Items]
Term (in months, years)	5 years
Interest Rate Swap \| Tranche 2
Derivative [Line Items]
Term (in months, years)	10 years
Interest Rate Swap \| Tranche 3
Derivative [Line Items]
Term (in months, years)	30 years
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Net amount presented in Prepaid expenses and other receivables:	$ 0	$ 4
Foreign Exchange Contract \| Minimum
Derivative [Line Items]
Term (in months, years)	12 months
Foreign Exchange Contract \| Maximum
Derivative [Line Items]
Term (in months, years)	18 months

Fair Value Measurements - Notional Amount (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Designated as Hedging Instrument \| Cash flow hedges
Derivative [Line Items]
Derivative, notional amount	$ 3,570	$ 3,522
Designated as Hedging Instrument \| Cash flow hedges \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount	3,570	3,522
Designated as Hedging Instrument \| Cash flow hedges \| Cross currency swap contracts
Derivative [Line Items]
Derivative, notional amount	0	0
Designated as Hedging Instrument \| Fair value hedges
Derivative [Line Items]
Derivative, notional amount	30	0
Designated as Hedging Instrument \| Fair value hedges \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount	30	0
Designated as Hedging Instrument \| Fair value hedges \| Cross currency swap contracts
Derivative [Line Items]
Derivative, notional amount	0	0
Designated as Hedging Instrument \| Net investment hedges
Derivative [Line Items]
Derivative, notional amount	1,900	500
Designated as Hedging Instrument \| Net investment hedges \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount	0	0
Designated as Hedging Instrument \| Net investment hedges \| Cross currency swap contracts
Derivative [Line Items]
Derivative, notional amount	1,900	500
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	574	588
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount	574	588
Not Designated as Hedging Instrument \| Cross currency swap contracts
Derivative [Line Items]
Derivative, notional amount	$ 0	$ 0

Fair Value Measurements - Summary of Gains and Losses on Forward Foreign Exchange Contracts (Details) - Foreign Exchange Forward - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Derivative [Line Items]
Gain recognized in Other comprehensive (loss) income	$ 5	$ 18	$ 11
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	$ 13	$ 28	$ (2)

Fair Value Measurements - Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Net sales
Derivative [Line Items]
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	$ (1)	$ 1	$ 21
Cost of sales
Derivative [Line Items]
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	15	30	12
Other expense, net
Derivative [Line Items]
Gain (loss) reclassified from Other comprehensive (loss) income into earnings	$ (1)	$ (3)	$ 30

Fair Value Measurements - Summary of Gains and Losses on Forward Foreign Exchange Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Currency Swap
Derivative [Line Items]
Gain (loss) recognized in CTA within Other comprehensive (loss) income	$ 99	$ (25)	$ 0
Other expense, net
Derivative [Line Items]
(Loss) gain recognized in Other expense, net	$ (7)	$ 10	$ 33

Segments of Business and Geographic Areas - Narrative (Details) - Segment	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Number of business segments	3
Total	100.00%	100.00%	100.00%
One Customer \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Total	12.00%	12.00%	13.00%

Segments of Business and Geographic Areas - Product Categories as a Percent of Net Sales (Details)	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Total	100.00%	100.00%	100.00%
Product Concentration Risk \| Revenue Benchmark \| Cough, Cold, and Allergy \| Self Care
Segment Reporting Information [Line Items]
Total	14.00%	13.00%	13.00%
Product Concentration Risk \| Revenue Benchmark \| Pain Care \| Self Care
Segment Reporting Information [Line Items]
Total	13.00%	14.00%	13.00%
Product Concentration Risk \| Revenue Benchmark \| Other Self Care \| Self Care
Segment Reporting Information [Line Items]
Total	15.00%	15.00%	14.00%
Product Concentration Risk \| Revenue Benchmark \| Face and Body Care \| Skin Health and Beauty
Segment Reporting Information [Line Items]
Total	19.00%	20.00%	20.00%
Product Concentration Risk \| Revenue Benchmark \| Hair, Sun and Other \| Skin Health and Beauty
Segment Reporting Information [Line Items]
Total	8.00%	9.00%	9.00%
Product Concentration Risk \| Revenue Benchmark \| Oral Care \| Essential Health
Segment Reporting Information [Line Items]
Total	11.00%	10.00%	10.00%
Product Concentration Risk \| Revenue Benchmark \| Baby Care \| Essential Health
Segment Reporting Information [Line Items]
Total	9.00%	9.00%	10.00%
Product Concentration Risk \| Revenue Benchmark \| Other Essential Health \| Essential Health
Segment Reporting Information [Line Items]
Total	11.00%	10.00%	11.00%

Segments of Business and Geographic Areas - Adjusted Operating Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Sales to customers	$ 15,455	$ 15,444	$ 14,950
Depreciation	329	305	296
Amortization of intangible assets	269	322	348
Separation-related costs	296	468	213
Restructuring and operating model optimization initiatives	221	32	100
Impairment charges	578	0	12
Conversion of share-based awards	39	55	0
Founders Shares	29	9	0
Other operating expense (income), net	26	(10)	(35)
General corporate/unallocated expenses	314	296	298
Operating income	1,841	2,512	2,675
Other expense, net	48	72	38
Interest expense, net	378	250	0
Income before taxes	1,415	2,190	2,637
Operating Segments
Segment Reporting Information [Line Items]
Adjusted Cost of sales	6,127	6,429	6,240
Other segment expense items	5,386	5,026	4,803
Adjusted operating income	3,942	3,989	3,907
Self Care
Segment Reporting Information [Line Items]
Sales to customers	6,527	6,451	6,030
Self Care \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Cost of sales	2,287	2,249	2,140
Other segment expense items	2,067	1,903	1,802
Adjusted operating income	2,173	2,299	2,088
Skin Health and Beauty
Segment Reporting Information [Line Items]
Sales to customers	4,240	4,378	4,350
Skin Health and Beauty \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Cost of sales	1,738	1,952	1,943
Other segment expense items	1,895	1,747	1,699
Adjusted operating income	607	679	708
Essential Health
Segment Reporting Information [Line Items]
Sales to customers	4,688	4,615	4,570
Essential Health \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Cost of sales	2,102	2,228	2,157
Other segment expense items	1,424	1,376	1,302
Adjusted operating income	$ 1,162	$ 1,011	$ 1,111

Segments of Business and Geographic Areas - Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 622	$ 627	$ 644
Self Care
Segment Reporting Information [Line Items]
Depreciation and amortization	217	202	202
Skin Health and Beauty
Segment Reporting Information [Line Items]
Depreciation and amortization	174	230	247
Essential Health
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 231	$ 195	$ 195

Segments of Business and Geographic Areas - Net Sales by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Net sales	$ 15,455	$ 15,444	$ 14,950
North America
Segment Reporting Information [Line Items]
Net sales	7,579	7,610	7,418
UNITED STATES
Segment Reporting Information [Line Items]
Net sales	6,719	6,767	6,599
Europe, Middle East, and Africa
Segment Reporting Information [Line Items]
Net sales	3,559	3,388	3,188
Asia-Pacific
Segment Reporting Information [Line Items]
Net sales	2,974	3,107	3,146
Latin America
Segment Reporting Information [Line Items]
Net sales	$ 1,343	$ 1,339	$ 1,198

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Segments of Business and Geographic Areas - Long-lived Assets (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Long-Lived Assets	$ 1,849	$ 2,042
North America
Segment Reporting Information [Line Items]
Long-Lived Assets	922	881
UNITED STATES
Segment Reporting Information [Line Items]
Long-Lived Assets	848	794
Europe, Middle East, and Africa
Segment Reporting Information [Line Items]
Long-Lived Assets	432	558
Asia-Pacific
Segment Reporting Information [Line Items]
Long-Lived Assets	297	358
Latin America
Segment Reporting Information [Line Items]
Long-Lived Assets	$ 198	$ 245

Restructuring Expenses and Operating Model Optimization Initiatives - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	May 06, 2024	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring estimated cost	$ 550
Expected annual cost	$ 275
Total pre-tax restructuring expenses and other charges		$ 221
Supply Chain Optimization Initiatives
Restructuring Cost and Reserve [Line Items]
Total pre-tax restructuring expenses and other charges		0	$ 0	$ 100
IT And Project Related Costs
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring costs	50.00%
Total pre-tax restructuring expenses and other charges		99
Employee Severance
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring costs	40.00%
Total pre-tax restructuring expenses and other charges		106
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Percent of total restructuring costs	10.00%
Total pre-tax restructuring expenses and other charges		$ 16

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Restructuring Expenses and Operating Model Optimization Initiatives - Pre-tax Restructuring Expenses and Other Charges by Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 185	$ 0	$ 0
Cost of sales	6,496	6,801	6,665
Selling, general, and administrative expenses	6,329	$ 6,141	$ 5,633
Total pre-tax restructuring expenses and other charges	221
Restructuring charges recorded to date	221
Employee Severance
Restructuring Cost and Reserve [Line Items]
Total pre-tax restructuring expenses and other charges	106
Restructuring charges recorded to date	106
IT And Project Related Costs
Restructuring Cost and Reserve [Line Items]
Total pre-tax restructuring expenses and other charges	99
Restructuring charges recorded to date	99
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Total pre-tax restructuring expenses and other charges	16
Restructuring charges recorded to date	16
2024 Multi-Year Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	185
Cost of sales	27
Selling, general, and administrative expenses	9
Total pre-tax restructuring expenses and other charges	$ 221

Restructuring Expenses and Operating Model Optimization Initiatives - Schedule of Restructuring Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Accrued restructuring expenses and other charges as of December 31, 2023	$ 93	$ 0
Total pre-tax restructuring expenses and other charges	221
Cash payments	(116)
Non-cash charges	(12)
Accrued restructuring expenses and other charges as of December 29, 2024	93	0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Accrued restructuring expenses and other charges as of December 31, 2023	25	0
Total pre-tax restructuring expenses and other charges	106
Cash payments	(75)
Non-cash charges	(6)
Accrued restructuring expenses and other charges as of December 29, 2024	25	0
IT And Project Related Costs
Restructuring Cost and Reserve [Line Items]
Accrued restructuring expenses and other charges as of December 31, 2023	65	0
Total pre-tax restructuring expenses and other charges	99
Cash payments	(34)
Non-cash charges	0
Accrued restructuring expenses and other charges as of December 29, 2024	65	0
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Accrued restructuring expenses and other charges as of December 31, 2023	3	0
Total pre-tax restructuring expenses and other charges	16
Cash payments	(7)
Non-cash charges	(6)
Accrued restructuring expenses and other charges as of December 29, 2024	$ 3	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Restructuring Expenses and Operating Model Optimization Initiatives - Summary of Pre-tax Restructuring Expenses and Other Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Jan. 01, 2023
Restructuring Cost and Reserve [Line Items]
Cost of sales	$ 6,496	$ 6,801	$ 6,665
Selling, general, and administrative expenses	6,329	6,141	5,633
Total pre-tax restructuring expenses and other charges	221
Supply Chain Optimization Initiatives
Restructuring Cost and Reserve [Line Items]
Cost of sales			55
Selling, general, and administrative expenses			45
Total pre-tax restructuring expenses and other charges	$ 0	$ 0	$ 100

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.