Common stock, stock option plans and stock compensation agreements (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule Valuation Assumptions

The average fair value of options granted was $27.85, $23.23 and $20.86, in fiscal years 2023, 2022 and 2021, respectively. The fair value was estimated based on the weighted average assumptions of:

	2023		2022		2021
Risk-free rate	3.74	%	1.98	%	0.83	%
Expected volatility	17.69	%	18.00	%	18.59	%
Expected life (in years)	7.0		7.0		7.0
Expected dividend yield	2.90	%	2.70	%	2.50	%

Summary of Stock Option Activity

A summary of option activity under the Plan as of December 31, 2023, is presented below:

(Shares in Thousands)	Outstanding Shares	Weighted Average Exercise Price	Aggregate Intrinsic Value (Dollars in Millions)
Shares at January 1, 2023	118,672	$134.95	$4,949
Options granted	16,320	162.75
Options exercised	(12,386)	109.48
Options canceled/forfeited*	(10,368)	155.62
Shares at December 31, 2023	112,238	$139.88	$2,239

Summary of Options Outstanding

The following table summarizes stock options outstanding and exercisable at December 31, 2023:

(Shares in Thousands)	Outstanding			Exercisable
Exercise Price Range	Options	Average Life(1)	Weighted Average Exercise Price	Options	Weighted Average Exercise Price
$90.44 - $101.87	20,774	1.4	$99.21	20,774	$99.21
$115.67 - $129.51	19,368	3.6	122.49	19,368	122.49
$131.94 - $151.41	27,391	5.6	142.84	26,676	142.61
$162.70 - $162.75	13,928	9.1	162.75	6	162.75
$164.62 - $165.89	30,777	7.6	165.29	174	165.12
	112,238	5.5	$139.88	66,998	$123.39

(1) Average contractual life remaining in years.

Summary of Restricted Share Units

A summary of the restricted share units and performance share units activity under the Plans as of December 31, 2023 is presented below:

(Shares in Thousands)	Outstanding Restricted Share Units	Outstanding Performance Share Units
Shares at January 1, 2023	13,616	2,357
Granted	5,910	828
Issued	(4,329)	(785)
Canceled/forfeited/adjusted*	(2,259)	(363)
Shares at December 31, 2023	12,938	2,037

*includes 1,421 shares of restricted share units and 264 shares of performance share units cancelled as a result of the conversion of Johnson & Johnson restricted share units and performance share units held by Kenvue employees into Kenvue restricted share units