Kenvue Separation

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

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 Second Quarter Ended	Fiscal Six Months Ended
(Dollars in Millions)	July 2, 2023	July 2, 2023
Sales to customers	$4,011	$7,863
Cost of products sold	1,750	3,458
Gross profit	2,261	4,405
Selling, marketing and administrative expenses	1,269	2,501
Research and development expense	126	234
Interest Income	(42)	(79)
Interest expense, net of portion capitalized	128	131
Other (income) expense, net	324	612


Earnings from Discontinued Operations Before Provision for Taxes on Income	456	1,006
Provision for taxes on income	688	815
Net (loss)/earnings from Discontinued Operations	$(232)	$191

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

Fiscal Second Quarter Ended

Fiscal Six Months Ended

(Dollars in Millions)

July 2, 2023

Depreciation and Amortization

$149

$302

Capital expenditures

$92

$139