KENVUE INC., 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 30, 2025
May 02, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 30, 2025  
Document Transition Report false  
Entity File Number 001-41697  
Entity Registrant Name Kenvue Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-1032011  
Entity Address, Address Line One 1 Kenvue Way  
Entity Address, City or Town Summit  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07901  
City Area Code 908  
Local Phone Number 874-1200  
Title of 12(b) Security Common Stock, Par Value $0.01  
Trading Symbol KVUE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,919,909,938
Entity Central Index Key 0001944048  
Current Fiscal Year End Date --12-28  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Former Address    
Document Information [Line Items]    
Entity Address, Address Line One 199 Grandview Road  
Entity Address, City or Town Skillman  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 08558  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Current assets    
Cash and cash equivalents $ 1,057 $ 1,070
Trade receivables, less allowances for credit losses ($24 and $26 as of March 30, 2025 and December 29, 2024, respectively) 2,312 2,165
Inventories 1,680 1,591
Prepaid expenses and other receivables 505 494
Other current assets 156 205
Total current assets 5,710 5,525
Property, plant, and equipment, net 1,927 1,849
Intangible assets, net 8,586 8,474
Goodwill 9,136 8,843
Deferred taxes on income 199 184
Other assets 699 726
Total Assets 26,257 25,601
Current liabilities    
Loans and notes payable 2,429 1,552
Accounts payable 2,332 2,254
Accrued liabilities 1,007 1,132
Accrued rebates, returns, and promotions 744 727
Accrued taxes on income 154 74
Total current liabilities 6,666 5,739
Long-term debt 6,309 7,055
Deferred taxes on income 2,320 2,261
Employee-related obligations 350 342
Other liabilities 559 536
Total liabilities 16,204 15,933
Commitments and contingencies (Note 13)
Stockholders’ Equity    
Preferred stock, $0.01 par value, 750,000 shares authorized; no shares issued and outstanding as of March 30, 2025 and December 29, 2024 0 0
Common stock, $0.01 par value, 12,500,000 shares authorized; 1,933,067 and 1,918,859 shares issued and outstanding as of March 30, 2025, respectively; 1,924,977 and 1,913,768 shares issued and outstanding as of December 29, 2024, respectively 19 19
Additional paid-in capital 16,201 16,130
Treasury stock, 14,208 and 11,208 shares at cost as of March 30, 2025 and December 29, 2024, respectively (305) (242)
Accumulated deficit (163) (93)
Accumulated other comprehensive loss (5,699) (6,146)
Total stockholders’ equity 10,053 9,668
Total Liabilities and Stockholders’ Equity $ 26,257 $ 25,601
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Current assets    
Allowance for credit loss $ 24 $ 26
Stockholders’ Equity    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 750,000,000 750,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 12,500,000,000 12,500,000,000
Common stock issued (in shares) 1,933,067,203 1,924,977,000
Common stock outstanding (in shares) 1,918,858,759 1,913,768,000
Treasury stock, at cost (in shares) 14,208,000 11,208,000
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 3,741 $ 3,894
Cost of sales 1,573 1,652
Gross profit 2,168 2,242
Selling, general, and administrative expenses 1,537 1,573
Restructuring expenses 60 41
Impairment charges 0 68
Other operating expense, net 13 10
Operating income 558 550
Other expense, net 6 28
Interest expense, net 94 95
Income before taxes 458 427
Provision for taxes 136 131
Net income $ 322 $ 296
Net income per share    
Basic (in dollars per share) $ 0.17 $ 0.15
Diluted (in dollars per share) $ 0.17 $ 0.15
Weighted-average number of shares outstanding    
Basic (in shares) 1,914 1,915
Diluted (in shares) 1,925 1,920
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 322 $ 296
Other comprehensive income (loss), net of taxes    
Foreign currency translation 452 (280)
Employee benefit plans (3) 3
Derivatives and hedges (2) (21)
Other comprehensive income (loss) 447 (298)
Comprehensive income (loss) $ 769 $ (2)
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Additional Paid-In Capital
Revision of Prior Period, Reclassification, Adjustment
Treasury Stock
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2023   1,915,057,000          
Beginning balance at Dec. 31, 2023 $ 11,211 $ 19 $ 16,147   $ (7) $ 429 $ (5,377)
Beginning balance (in shares) at Dec. 31, 2023         350,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 296         296  
Other comprehensive income (loss) (298)           (298)
Cash dividends on common stock (383)         (383)  
Stock-based compensation 81   81        
Issuance of common stock under the Kenvue 2023 Plan, net (in shares)   4,241,000          
Issuance of common stock under the Kenvue 2023 Plan, net (12)   (12)        
Purchase of treasury stock (in shares)   (4,600,000)     4,600,000    
Purchase of treasury stock (91)       $ (91)    
Separation-related adjustments (183)     $ (183)      
Ending balance (in shares) at Mar. 31, 2024   1,914,698,000          
Ending balance at Mar. 31, 2024 $ 10,621 $ 19 16,033   $ (98) 342 (5,675)
Ending balance (in shares) at Mar. 31, 2024         4,950,000    
Beginning balance (in shares) at Dec. 29, 2024 1,913,768,000 1,913,768,000          
Beginning balance at Dec. 29, 2024 $ 9,668 $ 19 16,130   $ (242) (93) (6,146)
Beginning balance (in shares) at Dec. 29, 2024 11,208,000       11,208,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 322         322  
Other comprehensive income (loss) 447           447
Cash dividends on common stock (392)         (392)  
Stock-based compensation 44   44        
Issuance of common stock under the Kenvue 2023 Plan, net (in shares)   8,091,000          
Issuance of common stock under the Kenvue 2023 Plan, net 27   27        
Purchase of treasury stock (in shares)   (3,000,000)     3,000,000    
Purchase of treasury stock $ (63)       $ (63)    
Ending balance (in shares) at Mar. 30, 2025 1,918,858,759 1,918,859,000          
Ending balance at Mar. 30, 2025 $ 10,053 $ 19 $ 16,201   $ (305) $ (163) $ (5,699)
Ending balance (in shares) at Mar. 30, 2025 14,208,000       14,208,000    
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 322 $ 296
Adjustments to reconcile net income to cash flows from operating activities    
Depreciation and amortization 136 149
Stock-based compensation 44 81
Deferred income taxes (13) (4)
Impairment charges 0 68
Losses on investments 0 31
Other 16 5
Net changes in assets and liabilities    
Trade receivables (99) (124)
Inventories (66) (63)
Other current and non-current assets 59 (55)
Accounts payable and accrued liabilities (14) (181)
Employee-related obligations 3 5
Accrued taxes on income 62 27
Other liabilities (22) 52
Net cash flows from operating activities 428 287
Cash flows used in investing activities    
Purchases of property, plant, and equipment (179) (153)
Other investing activities 12 1
Net cash flows used in investing activities (167) (152)
Cash flows used in financing activities    
Proceeds from commercial paper program, net of issuance cost 868 160
Repayment of Senior Notes (750) 0
Dividends paid (392) (383)
Purchase of treasury stock (63) (91)
Other financing activities 27 (12)
Net cash flows used in financing activities (310) (326)
Effect of exchange rate changes on cash and cash equivalents 36 (36)
Cash and cash equivalents, beginning of period 1,070 1,382
Net decrease in cash and cash equivalents (13) (227)
Cash and cash equivalents, end of period $ 1,057 $ 1,155
v3.25.1
Description of the Company and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Company and Summary of Significant Accounting Policies 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”). 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, 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 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 and, as a result, Kenvue became a fully independent company.
Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of the financial condition, results of operations, and cash flows for the periods indicated. These financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures for the fiscal twelve months ended December 29, 2024 included in the Company’s Annual Report on Form 10-K filed on February 24, 2025 with the SEC.

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

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

The preparation of the Condensed Consolidated Financial Statements in conformity with 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, and the valuation of goodwill, intangible assets, and liabilities. Actual results may or may not differ from those estimates.
Assets Held for Sale

On February 21, 2024, the Company listed its former corporate headquarters in Skillman, New Jersey for sale, which met the criteria to be classified as held for sale at that date. The Skillman, New Jersey facility continues to meet the criteria for held for sale classification as of March 30, 2025. 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 Condensed 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 Condensed Consolidated Balance Sheets as of both March 30, 2025 and December 29, 2024.
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”). In March 2025, the Company began operating out of the new global and North America corporate headquarters. 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 lease associated with the land where the research and development building is under construction, and the lease associated with land to be used for amenities (the “Amenities Lease”). The Amenities Lease is expected to commence in January 2026.
Separation-Related Costs

The Company is incurring certain non-recurring separation-related costs in connection with the establishment of Kenvue as a standalone public company (“Separation-related costs”), which are included in Cost of sales and Selling, general, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company expects the Separation-related costs will continue through approximately the first half of fiscal year 2025.

Separation-related costs for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Information technology and other(1)
$33 $60 
Legal entity name change
5 7 
Total Separation-related costs
$38 $67 
(1) Primarily related to the disentanglement of systems and the costs associated with the discontinuation of certain information technology assets.
Research and Development

Research and development expenses are expensed as incurred and included in Selling, general, and administrative expenses in the Condensed Consolidated Statements of Operations. Research and development expenses were $99 million and $100 million for the fiscal three months ended March 30, 2025 and March 31, 2024, respectively.
Supplier Finance Program

As of March 30, 2025 and December 29, 2024, the Company’s Accounts payable balances included $276 million and $260 million, respectively, related to invoices from suppliers participating in the supplier finance program.
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 Condensed 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 Condensed 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 Condensed Consolidated Balance Sheets as of March 30, 2025 and December 29, 2024. 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)March 30, 2025December 29, 2024
Assets
Current assets  
Cash and cash equivalents$129 $99 
Trade receivables, less allowances for credit losses
77 70 
Inventories
21 16 
Prepaid expenses and other receivables6 3 
Total current assets233 188 
Property, plant, and equipment, net4 3 
Deferred taxes on income1 3 
Other assets5 — 
Total assets$243 $194 
Liabilities
Current liabilities 
Accounts payable$2 $3 
Accrued liabilities
12 11 
Accrued rebates, returns, and promotions20 16 
Total current liabilities34 30 
Other liabilities
3 — 
Total liabilities$37 $30 

The Company recognized Net income of $5 million and $2 million for the fiscal three months ended March 30, 2025 and March 31, 2024, respectively, related to the Deferred Legal Entities in the Condensed 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 as of both March 30, 2025 and December 29, 2024 in relation to the net economic benefit arrangements on the Condensed Consolidated Balance Sheets. The Company recognized Net income of $8 million and $14 million for the fiscal three months ended March 30, 2025 and March 31, 2024, respectively, in relation to the net economic benefit arrangements in the Condensed Consolidated Statements of Operations.
Recent Accounting Standards Not Yet Adopted

Accounting Standards Update (“ASU”) 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (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 expects that adoption will result in changes to the annual income tax disclosures, including, but not limited to, greater disaggregation of information related to rate reconciliations and income taxes paid.

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 three months ended March 30, 2025 had, or are expected to have, a significant impact on the Condensed Consolidated Financial Statements.
v3.25.1
Inventories
 3 Months Ended
Mar. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
As of March 30, 2025 and December 29, 2024, Inventories consisted of:

(Dollars in Millions)March 30, 2025December 29, 2024
Raw materials and supplies$298 $274 
Goods in process96 101 
Finished goods1,286 1,216 
Total inventories$1,680 $1,591 
v3.25.1
Intangible Assets and Goodwill
 3 Months Ended
Mar. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
As of March 30, 2025 and December 29, 2024, the gross and net amounts of intangible assets were:

March 30, 2025December 29, 2024
(Dollars in Millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Definite-lived intangible assets:
Patents and trademarks$4,224 $(1,873)$2,351 $4,110 $(1,780)$2,330 
Customer relationships1,991 (1,120)871 1,933 (1,074)859 
Other intangibles1,291 (711)580 1,276 (694)582 
Total definite-lived intangible assets$7,506 $(3,704)$3,802 $7,319 $(3,548)$3,771 
Indefinite-lived intangible assets:
Trademarks$4,724 $— $4,724 $4,648 $— $4,648 
Other60 — 60 55 — 55 
Total intangible assets, net$12,290 $(3,704)$8,586 $12,022 $(3,548)$8,474 

Gross carrying amount changes for the fiscal three months ended March 30, 2025 were driven by the impact of currency translations.

No intangible asset impairments were recognized for both the fiscal three months ended March 30, 2025 and March 31, 2024.
Amortization expense for the Company’s amortizable assets, which is included in Cost of sales, was $63 million and $74 million for the fiscal three months ended March 30, 2025 and March 31, 2024, respectively.

Goodwill by reportable business segment was as follows:

(Dollars in Millions)Self CareSkin Health and BeautyEssential HealthTotal
Goodwill as of December 29, 2024
$5,054 $2,185 $1,604 $8,843 
Currency translation
216 55 22 293 
Goodwill as of March 30, 2025
$5,270 $2,240 $1,626 $9,136 
v3.25.1
Borrowings
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of the Company’s debt as of March 30, 2025 and December 29, 2024 were as follows:

(Dollars in Millions)March 30, 2025December 29, 2024
Senior Notes(1)
5.50% Senior Notes due 2025
$— $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(2)
120 119 
Discounts and debt issuance costs(62)(64)
Total
7,058 7,805 
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs
(749)(750)
Total long-term debt6,309 7,055 
Current portion of long-term debt—principal amount
750 750 
Commercial paper 1,680 800 
Discounts and debt issuance costs (5)(3)
Other
4 5 
Total loans and notes payable2,429 1,552 
Total debt$8,738 $8,607 
(1) 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.
(2) Other consists of primarily finance lease liabilities.
Interest Expense, Net

The amount included in Interest expense, net in the Condensed Consolidated Statements of Operations for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of the following:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025
March 31, 2024
Interest expense$107 $109 
Interest income
(13)(14)
Interest expense, net$94 $95 

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 $6.9 billion and $7.5 billion as of March 30, 2025 and December 29, 2024, respectively. Fair value was estimated based upon quoted market 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 March 30, 2025 and December 29, 2024 due to the nature and short-term duration of the instrument.
v3.25.1
Accrued and Other Liabilities
 3 Months Ended
Mar. 30, 2025
Other Liabilities Disclosure [Abstract]  
Accrued and Other Liabilities Accrued and Other Liabilities
As of March 30, 2025 and December 29, 2024, Accrued liabilities consisted of:

(Dollars in Millions)March 30, 2025December 29, 2024
Accrued expenses$424 $368 
Accrued compensation and benefits186 325 
Operating lease liabilities
37 36 
Tax indemnification liability(1)
82 82 
Other accrued liabilities
278 321 
Total accrued liabilities
$1,007 $1,132 

As of March 30, 2025 and December 29, 2024, Other liabilities, non-current, consisted of:

(Dollars in Millions)March 30, 2025December 29, 2024
Accrued income taxes
$192 $185 
Operating lease liabilities
76 76 
Tax indemnification liability(1)
149 143 
Other accrued liabilities
142 132 
Total other liabilities
$559 $536 
(1) The balances primarily relate to the Tax Matters Agreement (as defined in Note 8, “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 8, “Relationship with J&J—Tax Indemnification,” for more information.
v3.25.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 30, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Components of Accumulated other comprehensive loss consisted of the following for the fiscal three months ended March 30, 2025 and March 31, 2024:

(Dollars in Millions)
Foreign Currency Translation
Employee Benefit Plans
Gain on Derivatives and Hedges(1)
Total Accumulated Other Comprehensive Loss
December 29, 2024$(6,040)$(130)$24 $(6,146)
Other comprehensive income (loss) before reclassifications452 (4)(5)443 
Amounts reclassified to the Condensed Consolidated Statement of Operations
— 1 3 4 
Net current period Other comprehensive income (loss)452 (3)(2)447 
March 30, 2025$(5,588)$(133)$22 $(5,699)
December 31, 2023$(5,257)$(167)$47 $(5,377)
Other comprehensive (loss) income before reclassifications(280)2 (21)(299)
Amounts reclassified to the Condensed Consolidated Statement of Operations
— 1 — 1 
Net current period Other comprehensive (loss) income(280)3 (21)(298)
March 31, 2024$(5,537)$(164)$26 $(5,675)
(1) For the fiscal three months ended March 30, 2025 and March 31, 2024, the Company recorded a total after-tax change in Accumulated other comprehensive loss of $(2) million and $(21) 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 Condensed Consolidated Statements of Comprehensive Income (Loss).

The provision (benefit) for taxes allocated to the components of Accumulated other comprehensive loss before reclassification for the fiscal three months ended March 30, 2025 and March 31, 2024 was as follows:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
Foreign currency translation
$(9)$(2)
Gain on derivatives and hedges(1)10 
Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss$(10)$8 

The provision (benefit) for taxes allocated to employee benefit plans before reclassification was not significant for the fiscal three months ended March 30, 2025 and March 31, 2024. The provision (benefit) for taxes allocated to the reclassifications from Accumulated other comprehensive loss to the Condensed Consolidated Statements of Operations was not significant for the fiscal three months ended March 30, 2025 and March 31, 2024.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The 2023 Long-Term Incentive Plan (the “Kenvue 2023 Plan”) provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock units (“RSUs”), performance stock units (“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.

The classification of stock-based compensation expense for the fiscal three months ended March 30, 2025 and March 31, 2024 was as follows:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Cost of sales$8 $36 
Selling, general, and administrative expenses36 45 
Total stock-based compensation expense(1)
$44 $81 
(1) The decrease in stock-based compensation expense was driven by the vesting of stock-based awards that were converted into Kenvue awards on August 23, 2023 in connection with the Separation from J&J, which had a higher grant date fair value and shorter expense attribution period as compared to stock-based awards outstanding as of March 30, 2025, as well as the vesting of RSUs granted as part of the Founder Shares (as defined in Note 14, “Segments of Business”). During the fiscal three months ended March 30, 2025, the Company also made a refinement to the methodology of its stock-based compensation expense allocations.

Grant activity for the fiscal three months ended March 30, 2025 primarily relates to stock options, RSUs, and PSUs awarded as part of the annual grant of stock-based awards under the Kenvue 2023 Plan that occurred during the fiscal three months ended March 30, 2025.
v3.25.1
Relationship with J&J
 3 Months Ended
Mar. 30, 2025
Related Party Transactions [Abstract]  
Relationship with J&J 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 below for additional details of these material agreements that govern the Company’s relationship with J&J.

Transactions with J&J, Including the Separation Agreement

In connection with the Separation, Kenvue entered into various agreements with J&J which created a framework for the Company’s ongoing relationships with J&J following the completion of the Kenvue IPO. These agreements include, but are not limited to:

•the Separation Agreement, which governs aspects of Kenvue’s relationship with J&J following the Kenvue IPO;
•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);
•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; and
•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.
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 Condensed Consolidated Financial Statements:

(Dollars in Millions)March 30, 2025December 29, 2024
Prepaid expenses and other receivables$116 $109 
Accounts payable and Accrued liabilities
$261 $270 
Other assets$80 $78 
Other liabilities$149 $143 

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Cost of sales$47 $62 
Selling, general, and administrative expenses$15 $63 

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 had 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 $106 million and $104 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 Condensed Consolidated Balance Sheets as of March 30, 2025 and December 29, 2024, respectively.
v3.25.1
Other Operating Expense, Net and Other Expense, Net
 3 Months Ended
Mar. 30, 2025
Other Income and Expenses [Abstract]  
Other Operating Expense, Net and Other Expense, Net Other Operating Expense, Net and Other Expense, Net
Other operating expense, net for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Royalty income (4)(9)
Impact of Deferred Markets(1)
12 15 
Other(2)
5 4 
Total other operating expense, net$13 $10 
(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) Other consists primarily of litigation expense, losses on disposals of fixed assets, and other miscellaneous operating (income) expenses.

Other expense, net for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025
March 31, 2024
Currency losses (gains) on transactions$6 $(4)
Losses on investments— 31 
Other(1)
— 1 
Total other expense, net$6 $28 
(1) Other consists primarily of net periodic benefit costs other than service cost components and miscellaneous non-operating (income) expenses.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For interim financial statement purposes, U.S. GAAP provision (benefit) for taxes related to ordinary income is determined by applying an estimated annual effective income tax rate against a company’s ordinary income, subject to certain limitations on the benefit of losses. Provision (benefit) for taxes related to items not characterized as ordinary income is recognized as a discrete item when incurred. The estimation of the Company’s income tax provision requires the use of management forecasts and other estimates, the application of statutory income tax rates, and an evaluation of valuation allowances. The Company’s estimated annual effective income tax rate may be revised, if necessary, in each interim period.

The worldwide effective income tax rates were 29.7% and 30.7% for the fiscal three months ended March 30, 2025 and March 31, 2024, respectively. The decrease in the effective tax rate was primarily the result of less unfavorable true-ups in the Company’s deferred tax positions as compared to the fiscal three months ended March 31, 2024, as well as a windfall on stock-based compensation recorded during the fiscal three months ended March 30, 2025 as compared to a shortfall on stock-based compensation recorded during the fiscal three months ended March 31, 2024. The decrease was partially offset by reduced tax benefits derived from fewer releases of tax reserves as compared to the fiscal three months ended March 31, 2024.

As of March 30, 2025, the Company had approximately $185 million of liabilities from unrecognized tax benefits. 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 was part of J&J’s federal consolidated tax return. 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 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 fiscal year 2024. While the impact of currently enacted laws for Pillar Two is not significant, it is possible that further administrative guidance from OECD or new legislation in countries where the Company operates could have a material effect on the Company’s provision for taxes in the future.
v3.25.1
Net Income Per Share
 3 Months Ended
Mar. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The Company had 1,933,067,203 shares of common stock issued and 1,918,858,759 shares of common stock outstanding as of March 30, 2025.

Diluted net income per share is computed by giving effect to all potentially dilutive equity instruments or equity awards that are outstanding during the period. The Company had 41.8 million and 57.6 million shares during the fiscal three months ended March 30, 2025 and March 31, 2024, 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 three months ended March 30, 2025 and March 31, 2024, the majority of anti-dilutive shares related to stock options.

Net income per share for the fiscal three months ended March 30, 2025 and March 31, 2024 was calculated as follows:

Fiscal Three Months Ended
(In Millions, Except Per Share Data)
March 30, 2025March 31, 2024
Net income $322 $296 
Basic weighted average number of shares outstanding 1,914 1,915 
Dilutive effects of stock-based awards
11 5 
Diluted weighted average number of shares outstanding1,925 1,920 
Net income per share:
Basic $0.17 $0.15 
Diluted $0.17 $0.15 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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 March 30, 2025 and December 29, 2024:

March 30, 2025December 29, 2024
(Dollars in Millions)Carrying ValueLevel 1Level 2Level 3Carrying ValueLevel 1Level 2Level 3
Assets:
Forward foreign exchange contracts$53 $— $53 $— $81 $— $81 $— 
Cross currency swap contracts
19 — 19 — 71 — 71 — 
Total assets
$72 $— $72 $— $152 $— $152 $— 
Liabilities:
Forward foreign exchange contracts$(47)$— $(47)$— $(76)$— $(76)$— 
Cross currency swap contracts
(16)— (16)— (1)— (1)— 
Total liabilities
$(63)$— $(63)$— $(77)$— $(77)$— 
Net amount presented in Prepaid expenses and other receivables:
$32 $— $32 $— $52 $— $52 $— 
Net amount presented in Accounts payable:
$(17)$— $(17)$— $(13)$— $(13)$— 
Net amount presented in Other assets:
$3 $— $3 $— $36 $— $36 $— 
Net amount presented in Other liabilities:
$(9)$— $(9)$— $— $— $— $— 

As of March 30, 2025 and December 29, 2024, cash equivalents were $131 million and $118 million, respectively, which were primarily composed 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 March 30, 2025 and December 29, 2024. 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 each recorded at fair value derived from observable market data, including foreign exchange rates and yield curves.

There were no transfers between Level 1, Level 2, or Level 3 during the fiscal three months ended March 30, 2025 and the fiscal twelve months ended December 29, 2024.

The following table sets forth the notional amounts of the Company’s outstanding derivative instruments as of March 30, 2025 and December 29, 2024:

March 30, 2025December 29, 2024
(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
$3,528 $— $3,528 $3,570 $— $3,570 
Fair value hedges$28 $— $28 $30 $— $30 
Net investment hedges$— $1,900 $1,900 $— $1,900 $1,900 
Undesignated hedging instruments
$540 $— $540 $574 $— $574 

Cash Flow Hedges

For the fiscal three months ended March 30, 2025 and March 31, 2024, the Company recorded a total after-tax change in Accumulated other comprehensive loss of $(2) million and $(21) 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 income (loss), 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 income (loss). 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 Condensed 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 income (loss) and the gains and losses reclassified into earnings for the fiscal three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
Loss recognized in Other comprehensive income (loss)$(6)$(11)
(Loss) gain reclassified from Other comprehensive income (loss) into earnings$(4)$1 

The following table presents a summary of the gains and losses reclassified from Other comprehensive income (loss) into earnings related to the forward foreign exchange contracts designated as cash flows hedges for the fiscal three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
March 30, 2025March 31, 2024
(Dollars in Millions)Net salesCost of salesOther expense, netNet salesCost of salesOther expense, net
Gain (loss) reclassified from Other comprehensive income (loss) into earnings$— $(11)$7 $— $(6)$7 

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 Condensed 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 Condensed Consolidated Financial Statements in the current period or prior 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 Condensed Consolidated Statements of Operations on a systematic and rational basis over the life of the hedging instrument.

Net Investment Hedges

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 Cumulative Translation Adjustments (“CTA”) as a component of Other comprehensive income (loss) 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 Condensed Consolidated Financial Statements in the current period or prior 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 Condensed 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 income (loss) related to the cross currency swap contracts designated as net investment hedges for the fiscal three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
(Loss) gain recognized in CTA within Other comprehensive income (loss)$(56)$47 

Other than amounts excluded from effectiveness testing, the Company did not reclassify any gains or losses from CTA within Other comprehensive income (loss) to earnings during the fiscal three months ended March 30, 2025 and March 31, 2024 related to the cross currency swap contracts designated as net investment hedges.

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 Condensed Consolidated Statements of Operations. As of March 30, 2025 and December 29, 2024, respectively, the Company held forward foreign exchange contracts that were not designated in cash flow hedging relationships with a fair value of $(1) million and $0 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 three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
Gain (loss) recognized in Other expense, net$— $(3)

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 Condensed 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.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 30, 2025
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 March 30, 2025, 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 Condensed 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 Condensed 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. 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 current and former affiliates, including the Company, 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 and Canada 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.
v3.25.1
Segments of Business
 3 Months Ended
Mar. 30, 2025
Segment Reporting [Abstract]  
Segments of Business Segments of Business
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 expenses and operating model optimization initiatives, impairment charges, the impact of the conversion of stock-based awards, issuance of Founder Shares (as defined below), Other operating expense, 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 SegmentsProduct Categories
Self Care
Cough, Cold, and Allergy
Pain Care
Other Self Care (Digestive Health, Smoking Cessation, Eye Care, and Other)
Skin Health and BeautyFace and Body Care
Hair, Sun, and Other
Essential HealthOral 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 three months ended March 30, 2025 and March 31, 2024 were as follows:

Fiscal Three Months Ended
Product Categories
March 30, 2025March 31, 2024
Cough, Cold, and Allergy16 %15 %
Pain Care 13 13 
Other Self Care 16 16 
Face and Body Care18 18 
Hair, Sun, and Other
8 9 
Oral Care10 10 
Baby Care9 9 
Other Essential Health10 10 
Total100 %100 %
Segment Net Sales and Segment Adjusted Operating Income

Segment net sales and Segment adjusted operating income for the fiscal three months ended March 30, 2025 and March 31, 2024 were as follows:

Fiscal Three Months Ended
March 30, 2025March 31, 2024
(Dollars in Millions)
Self Care
Skin Health and Beauty
Essential Health
Total
Self Care
Skin Health and Beauty
Essential HealthTotal
Net sales$1,667 $977 $1,097 $3,741 $1,698 $1,054 $1,142 $3,894 
Segment adjusted Cost of sales(1)
587 413 496 1,496 569 456 524 1,549 
Other segment expense items(2)
514 472 362 1,348 528 452 354 1,334 
Segment adjusted operating income(3)
$566 $92 $239 $897 $601 $146 $264 $1,011 
Reconciliation to Income before taxes
Less:
Depreciation(4)
73 75 
Amortization of intangible assets(5)
63 74 
Separation-related costs(6)
38 67 
Restructuring expenses and operating model optimization initiatives(7)
67 50 
Impairment charges(8)
— 68 
Conversion of stock-based awards(9)
3 22 
Founder Shares(10)
3 8 
Other operating expense, net13 10 
General corporate/unallocated expenses79 87 
Operating income$558 $550 
Other expense, net6 28 
Interest expense, net94 95 
Income before taxes$458 $427 
(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 (as defined below), operating model optimization initiatives, and general corporate/unallocated expenses.
(2) Other segment expense items for each reportable segment include brand support, employee-related costs, shipping and handling costs, research and development costs, and certain other operating expenses (income).
(3) Effective in the fiscal three months ended June 30, 2024, the Company adjusted the allocation for certain Research and development costs within Selling, general, and administrative expenses to align with segment financial results as measured by the Company, including the CODM. Accordingly, the Company has updated its segment disclosures to reflect the updated presentation in all prior periods. Total Adjusted operating income did not change as a result of this update.
(4) Depreciation consists of depreciation of property, plant, and equipment and amortization of integration and development costs capitalized in connection with cloud computing arrangements.
(5) Relates to the amortization of definite-lived intangible assets (primarily trademarks, trade names, and customers lists) over their estimated useful lives.
(6) See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Separation-Related Costs,” for additional information regarding Separation-related costs.
(7) Restructuring expenses and operating model optimization initiatives relate to the 2024 Multi-Year Restructuring Initiative (as defined in Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives”). See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives” for additional information.
(8) Impairment charges for the fiscal three months ended March 31, 2024 relate to the impact of a $68 million non-cash impairment charge recorded on the held for sale asset associated with the Company’s former corporate headquarters in Skillman, New Jersey. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Assets Held for Sale,” for more information.
(9) Segment adjusted operating income excludes the impact of the conversion of stock-based awards that occurred on August 23, 2023. 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 three months ended March 30, 2025 and March 31, 2024 relating to employee services provided prior to the Separation.
(10) 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.

Depreciation and Amortization

Depreciation and amortization by reportable segment for the fiscal three months ended March 30, 2025 and March 31, 2024 were as follows:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Self Care$49 $45 
Skin Health and Beauty29 49 
Essential Health58 55 
Total depreciation and amortization(1)
$136 $149 
(1) Depreciation consists of depreciation of property, plant, and equipment and amortization of integration and development costs capitalized in connection with cloud computing arrangements. Amortization relates to the amortization of intangible assets.
v3.25.1
Restructuring Expenses and Operating Model Optimization Initiatives
 3 Months Ended
Mar. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Expenses and Operating Model Optimization Initiatives Restructuring Expenses and Operating Model Optimization Initiatives
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 of Directors 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 inception-to-date through March 30, 2025 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 three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Restructuring expenses
$60 $41 
Cost of sales6 6 
Selling, general, and administrative expenses1 3 
Total pre-tax restructuring expenses and other charges
$67 $50 
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 three months ended March 30, 2025 and March 31, 2024 and inception-to- date through March 30, 2025:

Fiscal Three Months Ended
Inception-To-Date Through March 30, 2025
(Dollars in Millions)March 30, 2025March 31, 2024
Employee-related costs(1)
$25 $35 $131 
Information technology and project-related costs(2)
40 13 139 
Other implementation costs(3)
2 2 18 
Total pre-tax restructuring expenses and other charges
$67 $50 $288 
(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 three months ended March 30, 2025:

(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 29, 2024
$25 $65 $3 $93 
Charges to earnings
25 40 2 67 
Cash payments
(24)(64)(1)(89)
Non-cash charges
— — — — 
Accrued restructuring expenses and other charges as of March 30, 2025
$26 $41 $4 $71 
(1) Employee-related costs primarily include severance and other termination benefits.
(2) Information technology and project-related costs primarily include advisory costs to operationalize the initiative.
(3) Other implementation costs primarily include costs to terminate contracts, impairments of assets, and other associated costs to exit.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 322 $ 296
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Description of the Company and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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.
Basis of Presentation
Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of the financial condition, results of operations, and cash flows for the periods indicated. These financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures for the fiscal twelve months ended December 29, 2024 included in the Company’s Annual Report on Form 10-K filed on February 24, 2025 with the SEC.

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

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

The preparation of the Condensed Consolidated Financial Statements in conformity with 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, and the valuation of goodwill, intangible assets, and liabilities. Actual results may or may not differ from those estimates.
Research and Development
Research and Development
Research and development expenses are expensed as incurred and included in Selling, general, and administrative expenses in the Condensed Consolidated Statements of Operations.
Variable Interest Entities and Net Economic Benefit Arrangements
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.
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).
Recent Accounting Standards Not Yet Adopted
Recent Accounting Standards Not Yet Adopted

Accounting Standards Update (“ASU”) 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (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 expects that adoption will result in changes to the annual income tax disclosures, including, but not limited to, greater disaggregation of information related to rate reconciliations and income taxes paid.

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.
v3.25.1
Description of the Company and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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 Condensed Consolidated Balance Sheets as of March 30, 2025 and December 29, 2024. 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)March 30, 2025December 29, 2024
Assets
Current assets  
Cash and cash equivalents$129 $99 
Trade receivables, less allowances for credit losses
77 70 
Inventories
21 16 
Prepaid expenses and other receivables6 3 
Total current assets233 188 
Property, plant, and equipment, net4 3 
Deferred taxes on income1 3 
Other assets5 — 
Total assets$243 $194 
Liabilities
Current liabilities 
Accounts payable$2 $3 
Accrued liabilities
12 11 
Accrued rebates, returns, and promotions20 16 
Total current liabilities34 30 
Other liabilities
3 — 
Total liabilities$37 $30 
Schedule Of Separation Related Costs
Separation-related costs for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Information technology and other(1)
$33 $60 
Legal entity name change
5 7 
Total Separation-related costs
$38 $67 
(1) Primarily related to the disentanglement of systems and the costs associated with the discontinuation of certain information technology assets.
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 30, 2025
Inventory Disclosure [Abstract]  
Summary of Inventories
As of March 30, 2025 and December 29, 2024, Inventories consisted of:

(Dollars in Millions)March 30, 2025December 29, 2024
Raw materials and supplies$298 $274 
Goods in process96 101 
Finished goods1,286 1,216 
Total inventories$1,680 $1,591 
v3.25.1
Intangible Assets and Goodwill (Tables)
 3 Months Ended
Mar. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill
As of March 30, 2025 and December 29, 2024, the gross and net amounts of intangible assets were:

March 30, 2025December 29, 2024
(Dollars in Millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Definite-lived intangible assets:
Patents and trademarks$4,224 $(1,873)$2,351 $4,110 $(1,780)$2,330 
Customer relationships1,991 (1,120)871 1,933 (1,074)859 
Other intangibles1,291 (711)580 1,276 (694)582 
Total definite-lived intangible assets$7,506 $(3,704)$3,802 $7,319 $(3,548)$3,771 
Indefinite-lived intangible assets:
Trademarks$4,724 $— $4,724 $4,648 $— $4,648 
Other60 — 60 55 — 55 
Total intangible assets, net$12,290 $(3,704)$8,586 $12,022 $(3,548)$8,474 
Goodwill
Goodwill by reportable business segment was as follows:

(Dollars in Millions)Self CareSkin Health and BeautyEssential HealthTotal
Goodwill as of December 29, 2024
$5,054 $2,185 $1,604 $8,843 
Currency translation
216 55 22 293 
Goodwill as of March 30, 2025
$5,270 $2,240 $1,626 $9,136 
v3.25.1
Borrowings (Tables)
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The components of the Company’s debt as of March 30, 2025 and December 29, 2024 were as follows:

(Dollars in Millions)March 30, 2025December 29, 2024
Senior Notes(1)
5.50% Senior Notes due 2025
$— $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(2)
120 119 
Discounts and debt issuance costs(62)(64)
Total
7,058 7,805 
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs
(749)(750)
Total long-term debt6,309 7,055 
Current portion of long-term debt—principal amount
750 750 
Commercial paper 1,680 800 
Discounts and debt issuance costs (5)(3)
Other
4 5 
Total loans and notes payable2,429 1,552 
Total debt$8,738 $8,607 
(1) 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.
(2) Other consists of primarily finance lease liabilities.
Interest Income and Interest Expense Disclosure
The amount included in Interest expense, net in the Condensed Consolidated Statements of Operations for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of the following:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025
March 31, 2024
Interest expense$107 $109 
Interest income
(13)(14)
Interest expense, net$94 $95 
v3.25.1
Accrued and Other Liabilities (Tables)
 3 Months Ended
Mar. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Accrued Liabilities
As of March 30, 2025 and December 29, 2024, Accrued liabilities consisted of:

(Dollars in Millions)March 30, 2025December 29, 2024
Accrued expenses$424 $368 
Accrued compensation and benefits186 325 
Operating lease liabilities
37 36 
Tax indemnification liability(1)
82 82 
Other accrued liabilities
278 321 
Total accrued liabilities
$1,007 $1,132 
Schedule of Other Liabilities
As of March 30, 2025 and December 29, 2024, Other liabilities, non-current, consisted of:

(Dollars in Millions)March 30, 2025December 29, 2024
Accrued income taxes
$192 $185 
Operating lease liabilities
76 76 
Tax indemnification liability(1)
149 143 
Other accrued liabilities
142 132 
Total other liabilities
$559 $536 
(1) The balances primarily relate to the Tax Matters Agreement (as defined in Note 8, “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 8, “Relationship with J&J—Tax Indemnification,” for more information.
v3.25.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 30, 2025
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income
Components of Accumulated other comprehensive loss consisted of the following for the fiscal three months ended March 30, 2025 and March 31, 2024:

(Dollars in Millions)
Foreign Currency Translation
Employee Benefit Plans
Gain on Derivatives and Hedges(1)
Total Accumulated Other Comprehensive Loss
December 29, 2024$(6,040)$(130)$24 $(6,146)
Other comprehensive income (loss) before reclassifications452 (4)(5)443 
Amounts reclassified to the Condensed Consolidated Statement of Operations
— 1 3 4 
Net current period Other comprehensive income (loss)452 (3)(2)447 
March 30, 2025$(5,588)$(133)$22 $(5,699)
December 31, 2023$(5,257)$(167)$47 $(5,377)
Other comprehensive (loss) income before reclassifications(280)2 (21)(299)
Amounts reclassified to the Condensed Consolidated Statement of Operations
— 1 — 1 
Net current period Other comprehensive (loss) income(280)3 (21)(298)
March 31, 2024$(5,537)$(164)$26 $(5,675)
(1) For the fiscal three months ended March 30, 2025 and March 31, 2024, the Company recorded a total after-tax change in Accumulated other comprehensive loss of $(2) million and $(21) 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 for the fiscal three months ended March 30, 2025 and March 31, 2024 was as follows:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
Foreign currency translation
$(9)$(2)
Gain on derivatives and hedges(1)10 
Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss$(10)$8 
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The classification of stock-based compensation expense for the fiscal three months ended March 30, 2025 and March 31, 2024 was as follows:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Cost of sales$8 $36 
Selling, general, and administrative expenses36 45 
Total stock-based compensation expense(1)
$44 $81 
(1) The decrease in stock-based compensation expense was driven by the vesting of stock-based awards that were converted into Kenvue awards on August 23, 2023 in connection with the Separation from J&J, which had a higher grant date fair value and shorter expense attribution period as compared to stock-based awards outstanding as of March 30, 2025, as well as the vesting of RSUs granted as part of the Founder Shares (as defined in Note 14, “Segments of Business”). During the fiscal three months ended March 30, 2025, the Company also made a refinement to the methodology of its stock-based compensation expense allocations.
v3.25.1
Relationship with J&J (Tables)
 3 Months Ended
Mar. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
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 Condensed Consolidated Financial Statements:

(Dollars in Millions)March 30, 2025December 29, 2024
Prepaid expenses and other receivables$116 $109 
Accounts payable and Accrued liabilities
$261 $270 
Other assets$80 $78 
Other liabilities$149 $143 

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Cost of sales$47 $62 
Selling, general, and administrative expenses$15 $63 
v3.25.1
Other Operating Expense, Net and Other Expense, Net (Tables)
 3 Months Ended
Mar. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
Other operating expense, net for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Royalty income (4)(9)
Impact of Deferred Markets(1)
12 15 
Other(2)
5 4 
Total other operating expense, net$13 $10 
(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) Other consists primarily of litigation expense, losses on disposals of fixed assets, and other miscellaneous operating (income) expenses.
Schedule of Other Nonoperating Income (Expense)
Other expense, net for the fiscal three months ended March 30, 2025 and March 31, 2024 consisted of:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025
March 31, 2024
Currency losses (gains) on transactions$6 $(4)
Losses on investments— 31 
Other(1)
— 1 
Total other expense, net$6 $28 
(1) Other consists primarily of net periodic benefit costs other than service cost components and miscellaneous non-operating (income) expenses.
v3.25.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 30, 2025
Earnings Per Share [Abstract]  
Reconciliation of Basic Net Earnings per Share to Diluted Net Earnings per Share
Net income per share for the fiscal three months ended March 30, 2025 and March 31, 2024 was calculated as follows:

Fiscal Three Months Ended
(In Millions, Except Per Share Data)
March 30, 2025March 31, 2024
Net income $322 $296 
Basic weighted average number of shares outstanding 1,914 1,915 
Dilutive effects of stock-based awards
11 5 
Diluted weighted average number of shares outstanding1,925 1,920 
Net income per share:
Basic $0.17 $0.15 
Diluted $0.17 $0.15 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 30, 2025
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 March 30, 2025 and December 29, 2024:

March 30, 2025December 29, 2024
(Dollars in Millions)Carrying ValueLevel 1Level 2Level 3Carrying ValueLevel 1Level 2Level 3
Assets:
Forward foreign exchange contracts$53 $— $53 $— $81 $— $81 $— 
Cross currency swap contracts
19 — 19 — 71 — 71 — 
Total assets
$72 $— $72 $— $152 $— $152 $— 
Liabilities:
Forward foreign exchange contracts$(47)$— $(47)$— $(76)$— $(76)$— 
Cross currency swap contracts
(16)— (16)— (1)— (1)— 
Total liabilities
$(63)$— $(63)$— $(77)$— $(77)$— 
Net amount presented in Prepaid expenses and other receivables:
$32 $— $32 $— $52 $— $52 $— 
Net amount presented in Accounts payable:
$(17)$— $(17)$— $(13)$— $(13)$— 
Net amount presented in Other assets:
$3 $— $3 $— $36 $— $36 $— 
Net amount presented in Other liabilities:
$(9)$— $(9)$— $— $— $— $— 
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 March 30, 2025 and December 29, 2024:

March 30, 2025December 29, 2024
(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
$3,528 $— $3,528 $3,570 $— $3,570 
Fair value hedges$28 $— $28 $30 $— $30 
Net investment hedges$— $1,900 $1,900 $— $1,900 $1,900 
Undesignated hedging instruments
$540 $— $540 $574 $— $574 
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 income (loss) and the gains and losses reclassified into earnings for the fiscal three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
Loss recognized in Other comprehensive income (loss)$(6)$(11)
(Loss) gain reclassified from Other comprehensive income (loss) into earnings$(4)$1 

The following table presents a summary of the gains and losses reclassified from Other comprehensive income (loss) into earnings related to the forward foreign exchange contracts designated as cash flows hedges for the fiscal three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
March 30, 2025March 31, 2024
(Dollars in Millions)Net salesCost of salesOther expense, netNet salesCost of salesOther expense, net
Gain (loss) reclassified from Other comprehensive income (loss) into earnings$— $(11)$7 $— $(6)$7 
The following table is a summary of the gains and losses recognized within Other comprehensive income (loss) related to the cross currency swap contracts designated as net investment hedges for the fiscal three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
(Loss) gain recognized in CTA within Other comprehensive income (loss)$(56)$47 
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 three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)
March 30, 2025March 31, 2024
Gain (loss) recognized in Other expense, net$— $(3)
v3.25.1
Segments of Business (Tables)
 3 Months Ended
Mar. 30, 2025
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 SegmentsProduct Categories
Self Care
Cough, Cold, and Allergy
Pain Care
Other Self Care (Digestive Health, Smoking Cessation, Eye Care, and Other)
Skin Health and BeautyFace and Body Care
Hair, Sun, and Other
Essential HealthOral 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 three months ended March 30, 2025 and March 31, 2024 were as follows:

Fiscal Three Months Ended
Product Categories
March 30, 2025March 31, 2024
Cough, Cold, and Allergy16 %15 %
Pain Care 13 13 
Other Self Care 16 16 
Face and Body Care18 18 
Hair, Sun, and Other
8 9 
Oral Care10 10 
Baby Care9 9 
Other Essential Health10 10 
Total100 %100 %
Schedule of Segment Net Sales and Adjusted Operating Income
Segment net sales and Segment adjusted operating income for the fiscal three months ended March 30, 2025 and March 31, 2024 were as follows:

Fiscal Three Months Ended
March 30, 2025March 31, 2024
(Dollars in Millions)
Self Care
Skin Health and Beauty
Essential Health
Total
Self Care
Skin Health and Beauty
Essential HealthTotal
Net sales$1,667 $977 $1,097 $3,741 $1,698 $1,054 $1,142 $3,894 
Segment adjusted Cost of sales(1)
587 413 496 1,496 569 456 524 1,549 
Other segment expense items(2)
514 472 362 1,348 528 452 354 1,334 
Segment adjusted operating income(3)
$566 $92 $239 $897 $601 $146 $264 $1,011 
Reconciliation to Income before taxes
Less:
Depreciation(4)
73 75 
Amortization of intangible assets(5)
63 74 
Separation-related costs(6)
38 67 
Restructuring expenses and operating model optimization initiatives(7)
67 50 
Impairment charges(8)
— 68 
Conversion of stock-based awards(9)
3 22 
Founder Shares(10)
3 8 
Other operating expense, net13 10 
General corporate/unallocated expenses79 87 
Operating income$558 $550 
Other expense, net6 28 
Interest expense, net94 95 
Income before taxes$458 $427 
(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 (as defined below), operating model optimization initiatives, and general corporate/unallocated expenses.
(2) Other segment expense items for each reportable segment include brand support, employee-related costs, shipping and handling costs, research and development costs, and certain other operating expenses (income).
(3) Effective in the fiscal three months ended June 30, 2024, the Company adjusted the allocation for certain Research and development costs within Selling, general, and administrative expenses to align with segment financial results as measured by the Company, including the CODM. Accordingly, the Company has updated its segment disclosures to reflect the updated presentation in all prior periods. Total Adjusted operating income did not change as a result of this update.
(4) Depreciation consists of depreciation of property, plant, and equipment and amortization of integration and development costs capitalized in connection with cloud computing arrangements.
(5) Relates to the amortization of definite-lived intangible assets (primarily trademarks, trade names, and customers lists) over their estimated useful lives.
(6) See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Separation-Related Costs,” for additional information regarding Separation-related costs.
(7) Restructuring expenses and operating model optimization initiatives relate to the 2024 Multi-Year Restructuring Initiative (as defined in Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives”). See Note 15, “Restructuring Expenses and Operating Model Optimization Initiatives” for additional information.
(8) Impairment charges for the fiscal three months ended March 31, 2024 relate to the impact of a $68 million non-cash impairment charge recorded on the held for sale asset associated with the Company’s former corporate headquarters in Skillman, New Jersey. See Note 1, “Description of the Company and Summary of Significant Accounting Policies—Assets Held for Sale,” for more information.
(9) Segment adjusted operating income excludes the impact of the conversion of stock-based awards that occurred on August 23, 2023. 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 three months ended March 30, 2025 and March 31, 2024 relating to employee services provided prior to the Separation.
(10) 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.
Depreciation and amortization by reportable segment for the fiscal three months ended March 30, 2025 and March 31, 2024 were as follows:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Self Care$49 $45 
Skin Health and Beauty29 49 
Essential Health58 55 
Total depreciation and amortization(1)
$136 $149 
(1) Depreciation consists of depreciation of property, plant, and equipment and amortization of integration and development costs capitalized in connection with cloud computing arrangements. Amortization relates to the amortization of intangible assets.
v3.25.1
Restructuring Expenses and Operating Model Optimization Initiatives (Tables)
 3 Months Ended
Mar. 30, 2025
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 three months ended March 30, 2025 and March 31, 2024:

Fiscal Three Months Ended
(Dollars in Millions)March 30, 2025March 31, 2024
Restructuring expenses
$60 $41 
Cost of sales6 6 
Selling, general, and administrative expenses1 3 
Total pre-tax restructuring expenses and other charges
$67 $50 
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 three months ended March 30, 2025 and March 31, 2024 and inception-to- date through March 30, 2025:

Fiscal Three Months Ended
Inception-To-Date Through March 30, 2025
(Dollars in Millions)March 30, 2025March 31, 2024
Employee-related costs(1)
$25 $35 $131 
Information technology and project-related costs(2)
40 13 139 
Other implementation costs(3)
2 2 18 
Total pre-tax restructuring expenses and other charges
$67 $50 $288 
(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.
Schedule of Restructuring Reserve
The following table summarizes the activity related to accrued restructuring expenses and other charges for the 2024 Multi-Year Restructuring Initiative during the fiscal three months ended March 30, 2025:

(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 29, 2024
$25 $65 $3 $93 
Charges to earnings
25 40 2 67 
Cash payments
(24)(64)(1)(89)
Non-cash charges
— — — — 
Accrued restructuring expenses and other charges as of March 30, 2025
$26 $41 $4 $71 
(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.
v3.25.1
Description of the Company and Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 30, 2025
USD ($)
Segment
Mar. 31, 2024
USD ($)
Dec. 29, 2024
USD ($)
Apr. 20, 2023
ft²
Business Acquisition [Line Items]        
Number of business segments | Segment 3      
Area of property (in square feet) | ft²       290,000
Research and development costs $ 99 $ 100    
Supplier finance program, obligation, current 276   $ 260  
Net income 322 296    
Accounts payable 2,332   2,254  
Skillman Fixed Asset Impairment        
Business Acquisition [Line Items]        
Fixed asset impairment   68    
Net Economic Benefit Arrangements | Parent        
Business Acquisition [Line Items]        
Net income 8 14    
Accounts payable 23   23  
Variable Interest Entity, Primary Beneficiary        
Business Acquisition [Line Items]        
Net income 5 $ 2    
Accounts payable $ 2   $ 3  
v3.25.1
Description of the Company and Summary of Significant Accounting Policies - Schedule of Separation-Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Separation-related costs $ 38 $ 67
Information technology and other    
Restructuring Cost and Reserve [Line Items]    
Separation-related costs 33 60
Legal entity name change    
Restructuring Cost and Reserve [Line Items]    
Separation-related costs $ 5 $ 7
v3.25.1
Description of the Company and Summary of Significant Accounting Policies - Consolidated Assets and Liabilities of Deferred Legal Entities (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Mar. 31, 2024
Dec. 31, 2023
Current assets        
Cash and cash equivalents $ 1,057 $ 1,070 $ 1,155 $ 1,382
Inventories 1,680 1,591    
Prepaid expenses and other receivables 505 494    
Total current assets 5,710 5,525    
Property, plant, and equipment, net 1,927 1,849    
Deferred taxes on income 199 184    
Other assets 699 726    
Total Assets 26,257 25,601    
Current liabilities        
Accounts payable 2,332 2,254    
Accrued liabilities 1,007 1,132    
Accrued rebates, returns, and promotions 744 727    
Total current liabilities 6,666 5,739    
Other liabilities 559 536    
Total liabilities 16,204 15,933    
Variable Interest Entity, Primary Beneficiary        
Current assets        
Cash and cash equivalents 129 99    
Trade receivables, less allowances for credit losses 77 70    
Inventories 21 16    
Prepaid expenses and other receivables 6 3    
Total current assets 233 188    
Property, plant, and equipment, net 4 3    
Deferred taxes on income 1 3    
Other assets 5 0    
Total Assets 243 194    
Current liabilities        
Accounts payable 2 3    
Accrued liabilities 12 11    
Accrued rebates, returns, and promotions 20 16    
Total current liabilities 34 30    
Other liabilities 3 0    
Total liabilities $ 37 $ 30    
v3.25.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 298 $ 274
Goods in process 96 101
Finished goods 1,286 1,216
Total inventories $ 1,680 $ 1,591
v3.25.1
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Definite-lived intangible assets:    
Gross Carrying Amount $ 7,506 $ 7,319
Accumulated Amortization (3,704) (3,548)
Net Carrying Amount 3,802 3,771
Indefinite-lived intangible assets:    
Net Carrying Amount 8,586 8,474
Gross Carrying Amount 12,290 12,022
Trademarks    
Indefinite-lived intangible assets:    
Gross Carrying Amount 4,724 4,648
Net Carrying Amount 4,724 4,648
Other intangibles    
Indefinite-lived intangible assets:    
Gross Carrying Amount 60 55
Net Carrying Amount 60 55
Patents and trademarks    
Definite-lived intangible assets:    
Gross Carrying Amount 4,224 4,110
Accumulated Amortization (1,873) (1,780)
Net Carrying Amount 2,351 2,330
Customer relationships    
Definite-lived intangible assets:    
Gross Carrying Amount 1,991 1,933
Accumulated Amortization (1,120) (1,074)
Net Carrying Amount 871 859
Other intangibles    
Definite-lived intangible assets:    
Gross Carrying Amount 1,291 1,276
Accumulated Amortization (711) (694)
Net Carrying Amount $ 580 $ 582
v3.25.1
Intangible Assets and Goodwill - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Impairment of intangible assets $ 0 $ 0
Amortization of intangible assets $ 63 $ 74
v3.25.1
Intangible Assets and Goodwill - Goodwill By Segment (Details)
$ in Millions
 3 Months Ended
Mar. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill as of December 29, 2024 $ 8,843
Currency translation 293
Goodwill as of March 30, 2025 9,136
Self Care  
Goodwill [Roll Forward]  
Goodwill as of December 29, 2024 5,054
Currency translation 216
Goodwill as of March 30, 2025 5,270
Skin Health and Beauty  
Goodwill [Roll Forward]  
Goodwill as of December 29, 2024 2,185
Currency translation 55
Goodwill as of March 30, 2025 2,240
Essential Health  
Goodwill [Roll Forward]  
Goodwill as of December 29, 2024 1,604
Currency translation 22
Goodwill as of March 30, 2025 $ 1,626
v3.25.1
Borrowings - Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Mar. 22, 2023
Debt Instrument [Line Items]      
Discounts and debt issuance costs $ (62) $ (64)  
Long-term debt 7,058 7,805  
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs (749) (750)  
Long-term debt 6,309 7,055  
Current portion of long-term debt—principal amount 750 750  
Commercial paper 1,680 800  
Discounts and debt issuance costs (5) (3)  
Other 4 5  
Total loans and notes payable 2,429 1,552  
Total debt 8,738 8,607  
Other      
Debt Instrument [Line Items]      
Other 120 119  
5.50% Senior Notes due 2025      
Debt Instrument [Line Items]      
Long-term debt $ 0 750  
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%    
Senior notes      
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 7,750
v3.25.1
Borrowings - Narrative (Details) - USD ($)
$ in Billions
Mar. 30, 2025
Dec. 29, 2024
Debt Disclosure [Abstract]    
Long-term debt, fair value $ 6.9 $ 7.5
v3.25.1
Borrowings - Interest Income and Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Debt Disclosure [Abstract]    
Interest expense $ 107 $ 109
Interest income (13) (14)
Interest expense, net $ 94 $ 95
v3.25.1
Accrued and Other Liabilities - Accrued Liabilities (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Other Liabilities Disclosure [Abstract]    
Accrued expenses $ 424 $ 368
Accrued compensation and benefits 186 325
Operating lease liabilities 37 36
Tam indemnification liability 82 82
Other accrued liabilities 278 321
Total accrued liabilities $ 1,007 $ 1,132
v3.25.1
Accrued and Other Liabilities - Other Liabilities (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Other Liabilities Disclosure [Abstract]    
Accrued income taxes $ 192 $ 185
Operating lease liabilities 76 76
Tax indemnification liability 149 143
Other accrued liabilities 142 132
Total other liabilities $ 559 $ 536
v3.25.1
Accumulated Other Comprehensive Loss - Components of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ 9,668 $ 11,211
Other comprehensive income (loss) before reclassifications 443 (299)
Amounts reclassified to the Condensed Consolidated Statement of Operations 4 1
Net current period Other comprehensive income (loss) 447 (298)
Ending balance 10,053 10,621
Derivatives and hedges (2) (21)
AOCI Attributable to Parent    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (6,146) (5,377)
Ending balance (5,699) (5,675)
Foreign currency translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (6,040) (5,257)
Other comprehensive income (loss) before reclassifications 452 (280)
Amounts reclassified to the Condensed Consolidated Statement of Operations 0 0
Net current period Other comprehensive income (loss) 452 (280)
Ending balance (5,588) (5,537)
Employee benefit plans    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (130) (167)
Other comprehensive income (loss) before reclassifications (4) 2
Amounts reclassified to the Condensed Consolidated Statement of Operations 1 1
Net current period Other comprehensive income (loss) (3) 3
Ending balance (133) (164)
Gain on Derivatives and Hedges    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 24 47
Other comprehensive income (loss) before reclassifications (5) (21)
Amounts reclassified to the Condensed Consolidated Statement of Operations 3 0
Net current period Other comprehensive income (loss) (2) (21)
Ending balance $ 22 $ 26
v3.25.1
Accumulated Other Comprehensive Loss - Provision (benefit) for Taxes Allocated to AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss $ (10) $ 8
Foreign currency translation    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss (9) (2)
Gain on Derivatives and Hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total (benefit) provision for taxes recognized in Accumulated other comprehensive loss $ (1) $ 10
v3.25.1
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense(1) $ 44 $ 81
Cost of sales    
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense(1) 8 36
Selling, general, and administrative expenses    
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense(1) $ 36 $ 45
v3.25.1
Relationship with J&J - Schedule of Balances with J&J Affiliates (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Dec. 29, 2024
Related Party Transaction [Line Items]      
Prepaid expenses and other receivables $ 505   $ 494
Other assets 699   726
Other liabilities 559   536
Cost of sales 1,573 $ 1,652  
Selling, general, and administrative expenses 1,537 1,573  
Johnson & Johnson      
Related Party Transaction [Line Items]      
Prepaid expenses and other receivables 116   109
Accounts payable and Accrued liabilities 261   270
Other assets 80   78
Other liabilities 149   $ 143
Cost of sales 47 62  
Selling, general, and administrative expenses $ 15 $ 63  
v3.25.1
Relationship with J&J - Narrative (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Johnson & Johnson    
Related Party Transaction [Line Items]    
Taxes payable $ 106 $ 104
v3.25.1
Other Operating Expense, Net and Other Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Royalty income $ (4) $ (9)
Impact of Deferred Markets 12 15
Other 5 4
Total other operating expense, net 13 10
Currency losses (gains) on transactions 6 (4)
Losses on investments 0 31
Other 0 1
Total other expense, net $ 6 $ 28
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Worldwide effective income tax rate (as a percent) 29.70% 30.70%
Unrecognized tax benefits $ 185  
v3.25.1
Net Income Per Share - Narrative (Details) - shares
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Dec. 29, 2024
Earnings Per Share [Abstract]      
Common stock issued (in shares) 1,933,067,203   1,924,977,000
Common stock outstanding (in shares) 1,918,858,759   1,913,768,000
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 41,800,000 57,600,000  
v3.25.1
Net Income Per Share - Net Income per Share Reconciliation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Reconciliation of basic net earnings per share to diluted net earnings per share    
Net income $ 322 $ 296
Basic weighted-average number of shares outstanding (in shares) 1,914 1,915
Dilutive effects of stock-based awards (in shares) 11 5
Diluted weighted-average number of shares outstanding (in shares) 1,925 1,920
Net income per share:    
Basic (in dollars per share) $ 0.17 $ 0.15
Diluted (in dollars per share) $ 0.17 $ 0.15
v3.25.1
Fair Value Measurements - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Financial assets and liabilities at fair value    
Derivatives designated as cash flow hedges : Assets $ 72 $ 152
Derivatives designated as cash flow hedges : Liabilities (63) (77)
Prepaid Expenses and Other Current Assets    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: 32 52
Accounts Payable    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: (17) (13)
Other Assets    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: 3 36
Other Liabilities    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: (9) 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 1 | Other Liabilities    
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 72 152
Derivatives designated as cash flow hedges : Liabilities (63) (77)
Level 2 | Prepaid Expenses and Other Current Assets    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: 32 52
Level 2 | Accounts Payable    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: (17) (13)
Level 2 | Other Assets    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: 3 36
Level 2 | Other Liabilities    
Financial assets and liabilities at fair value    
Net amount presented in Prepaid expenses and other receivables: (9) 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
Level 3 | Other Liabilities    
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 53 81
Derivatives designated as cash flow hedges : Liabilities (47) (76)
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 53 81
Derivatives designated as cash flow hedges : Liabilities (47) (76)
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 19 71
Derivatives designated as cash flow hedges : Liabilities (16) (1)
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 19 71
Derivatives designated as cash flow hedges : Liabilities (16) (1)
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
v3.25.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Dec. 29, 2024
Derivative [Line Items]      
Cash equivalents $ 131   $ 118
Derivatives and hedges (2) $ (21)  
Foreign Exchange Contract | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Net amount presented in Prepaid expenses and other receivables: $ (1)   $ 0
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    
v3.25.1
Fair Value Measurements - Notional Amount (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 29, 2024
Designated as Hedging Instrument | Cash Flow Hedging    
Derivative [Line Items]    
Derivative, notional amount $ 3,528 $ 3,570
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, notional amount 3,528 3,570
Designated as Hedging Instrument | Cash Flow Hedging | Cross currency swap contracts    
Derivative [Line Items]    
Derivative, notional amount 0 0
Designated as Hedging Instrument | Fair Value Hedging    
Derivative [Line Items]    
Derivative, notional amount 28 30
Designated as Hedging Instrument | Fair Value Hedging | Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, notional amount 28 30
Designated as Hedging Instrument | Fair Value Hedging | Cross currency swap contracts    
Derivative [Line Items]    
Derivative, notional amount 0 0
Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Derivative, notional amount 1,900 1,900
Designated as Hedging Instrument | Net Investment Hedging | Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, notional amount 0 0
Designated as Hedging Instrument | Net Investment Hedging | Cross currency swap contracts    
Derivative [Line Items]    
Derivative, notional amount 1,900 1,900
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative, notional amount 540 574
Not Designated as Hedging Instrument | Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, notional amount 540 574
Not Designated as Hedging Instrument | Cross currency swap contracts    
Derivative [Line Items]    
Derivative, notional amount $ 0 $ 0
v3.25.1
Fair Value Measurements - Summary of Gains and Losses on Forward Foreign Exchange Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Foreign Exchange Forward    
Derivative [Line Items]    
Loss recognized in Other comprehensive income (loss) $ (6) $ (11)
(Loss) gain reclassified from Other comprehensive income (loss) into earnings (4) 1
Net sales    
Derivative [Line Items]    
(Loss) gain reclassified from Other comprehensive income (loss) into earnings 0 0
Cost of sales    
Derivative [Line Items]    
(Loss) gain reclassified from Other comprehensive income (loss) into earnings (11) (6)
Other expense, net    
Derivative [Line Items]    
(Loss) gain reclassified from Other comprehensive income (loss) into earnings $ 7 $ 7
v3.25.1
Fair Value Measurements - Summary of Gains and Losses on Cross Currency Swaps (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Currency Swap    
Fair Value, Option, Quantitative Disclosures [Line Items]    
(Loss) gain recognized in CTA within Other comprehensive income (loss) $ (56) $ 47
v3.25.1
Fair Value Measurements - Activity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Other expense, net    
Derivative [Line Items]    
Gain (loss) recognized in Other expense, net $ 0 $ (3)
v3.25.1
Segments of Business - Schedule of Reportable Business Segments (Details)
 3 Months Ended
Mar. 30, 2025
Segment
Segment Reporting [Abstract]  
Number of business segments 3
v3.25.1
Segments of Business - Product Categories as a Percent of Net Sales (Details)
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total 100.00% 100.00%
Product Concentration Risk | Revenue Benchmark | Cough, Cold, and Allergy | Self Care    
Segment Reporting Information [Line Items]    
Total 16.00% 15.00%
Product Concentration Risk | Revenue Benchmark | Pain Care | Self Care    
Segment Reporting Information [Line Items]    
Total 13.00% 13.00%
Product Concentration Risk | Revenue Benchmark | Other Self Care | Self Care    
Segment Reporting Information [Line Items]    
Total 16.00% 16.00%
Product Concentration Risk | Revenue Benchmark | Face and Body Care | Skin Health and Beauty    
Segment Reporting Information [Line Items]    
Total 18.00% 18.00%
Product Concentration Risk | Revenue Benchmark | Hair, Sun, and Other | Skin Health and Beauty    
Segment Reporting Information [Line Items]    
Total 8.00% 9.00%
Product Concentration Risk | Revenue Benchmark | Oral Care | Essential Health    
Segment Reporting Information [Line Items]    
Total 10.00% 10.00%
Product Concentration Risk | Revenue Benchmark | Baby Care | Essential Health    
Segment Reporting Information [Line Items]    
Total 9.00% 9.00%
Product Concentration Risk | Revenue Benchmark | Other Essential Health | Essential Health    
Segment Reporting Information [Line Items]    
Total 10.00% 10.00%
v3.25.1
Segments of Business - Segment Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Sales by segment of business    
Sales to customers $ 3,741 $ 3,894
Depreciation 73 75
Amortization of intangible assets 63 74
Separation-related costs 38 67
Restructuring expenses and operating model optimization initiatives 67 50
Impairment charges 0 68
Conversion of stock-based awards 3 22
Founders Shares 3 8
Other operating expense, net 13 10
General corporate/unallocated expenses 79 87
Operating income 558 550
Other expense, net 6 28
Interest expense, net 94 95
Income before taxes 458 427
Skillman Fixed Asset Impairment    
Sales by segment of business    
Fixed asset impairment   68
Operating Segments    
Sales by segment of business    
Segment adjusted Cost of sales 1,496 1,549
Other segment expense items 1,348 1,334
Segment adjusted operating income 897 1,011
Self Care    
Sales by segment of business    
Sales to customers 1,667 1,698
Self Care | Operating Segments    
Sales by segment of business    
Segment adjusted Cost of sales 587 569
Other segment expense items 514 528
Segment adjusted operating income 566 601
Skin Health and Beauty    
Sales by segment of business    
Sales to customers 977 1,054
Skin Health and Beauty | Operating Segments    
Sales by segment of business    
Segment adjusted Cost of sales 413 456
Other segment expense items 472 452
Segment adjusted operating income 92 146
Essential Health    
Sales by segment of business    
Sales to customers 1,097 1,142
Essential Health | Operating Segments    
Sales by segment of business    
Segment adjusted Cost of sales 496 524
Other segment expense items 362 354
Segment adjusted operating income $ 239 $ 264
v3.25.1
Segments of Business - Depreciation and Amortization by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization $ 136 $ 149
Self Care    
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization 49 45
Skin Health and Beauty    
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization 29 49
Essential Health    
Segment Reporting Information [Line Items]    
Depreciation, Depletion and Amortization $ 58 $ 55
v3.25.1
Restructuring Expenses and Operating Model Optimization Initiatives - Narrative (Details)
$ in Millions
May 06, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring estimated cost $ 550
Restructuring expected annual cost $ 275
IT and project-related costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs, percent of total 50.00%
Employee-related costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs, percent of total 40.00%
Other implementation costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs, percent of total 10.00%
v3.25.1
Restructuring Expenses and Operating Model Optimization Initiatives - Summary of Pre-tax Restructuring Expenses and Other Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring expenses $ 60 $ 41
Cost of sales 1,573 1,652
Selling, general, and administrative expenses 1,537 1,573
Total pre-tax restructuring expenses and other charges 67  
2024 Multi-Year Restructuring Initiative    
Restructuring Cost and Reserve [Line Items]    
Restructuring expenses 60 41
Cost of sales 6 6
Selling, general, and administrative expenses 1 3
Total pre-tax restructuring expenses and other charges $ 67 $ 50
v3.25.1
Restructuring Expenses and Operating Model Optimization Initiatives - Pre-tax Restructuring Expenses and Other Charges by Type (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Total pre-tax restructuring expenses and other charges $ 67  
Restructuring charges recorded to date 288  
Employee-related costs    
Restructuring Cost and Reserve [Line Items]    
Total pre-tax restructuring expenses and other charges 25 $ 35
Restructuring charges recorded to date 131  
IT and project-related costs    
Restructuring Cost and Reserve [Line Items]    
Total pre-tax restructuring expenses and other charges 40 13
Restructuring charges recorded to date 139  
Other implementation costs    
Restructuring Cost and Reserve [Line Items]    
Total pre-tax restructuring expenses and other charges 2 2
Restructuring charges recorded to date 18  
2024 Multi-Year Restructuring Initiative    
Restructuring Cost and Reserve [Line Items]    
Total pre-tax restructuring expenses and other charges $ 67 $ 50
v3.25.1
Restructuring Expenses and Operating Model Optimization Initiatives - Schedule of Restructuring Reserve (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Restructuring Reserve [Roll Forward]    
Accrued restructuring expenses and other charges as of December 29, 2024 $ 93  
Charges to earnings 67  
Cash payments (89)  
Non-cash charges 0  
Accrued restructuring expenses and other charges as of March 30, 2025 71  
Employee-related costs    
Restructuring Reserve [Roll Forward]    
Accrued restructuring expenses and other charges as of December 29, 2024 25  
Charges to earnings 25 $ 35
Cash payments (24)  
Non-cash charges 0  
Accrued restructuring expenses and other charges as of March 30, 2025 26  
IT and project-related costs    
Restructuring Reserve [Roll Forward]    
Accrued restructuring expenses and other charges as of December 29, 2024 65  
Charges to earnings 40 13
Cash payments (64)  
Non-cash charges 0  
Accrued restructuring expenses and other charges as of March 30, 2025 41  
Other implementation costs    
Restructuring Reserve [Roll Forward]    
Accrued restructuring expenses and other charges as of December 29, 2024 3  
Charges to earnings 2 $ 2
Cash payments (1)  
Non-cash charges 0  
Accrued restructuring expenses and other charges as of March 30, 2025 $ 4