Kenvue Separation

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Kenvue Separation

Note 13— Kenvue separation

The results of the Consumer Health business (previously reported as a separate business segment) have been reflected as discontinued operations in the Company’s consolidated statements of earnings as Net earnings from discontinued operations, net of taxes through August 23, 2023, the date of the exchange offer. Prior periods have been recast to reflect this presentation.

Details of Net Earnings from Discontinued Operations, net of taxes are as follows:

	Fiscal First Quarter Ended
(Dollars in Millions)	April 2, 2023
Sales to customers	$3,852
Cost of products sold	1,708
Gross profit	2,144
Selling, marketing and administrative expenses	1,232
Research and development expense	108
Interest Income	(37)
Interest expense, net of portion capitalized	3
Other (income) expense, net	288
Earnings from Discontinued Operations Before Provision for Taxes on Income	550
Provision for taxes on income	127
Net earnings from Discontinued Operations	$423

The following table presents depreciation, amortization and capital expenditures of the discontinued operations related to Kenvue:

	Fiscal First Quarter Ended
(Dollars in Millions)		April 2, 2023
Depreciation and Amortization		$153
Capital expenditures		$47