Kenvue Separation

9 Months Ended

Sep. 29, 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 Third Quarter Ended	Fiscal Nine Months Ended
(Dollars in Millions)	October 1, 2023	October 1, 2023
Sales to customers	$2,173	$10,036
Cost of products sold	911	4,369
Gross profit	1,262	5,667
Selling, marketing and administrative expenses	584	3,085
Research and development expense	24	258
Interest Income	(37)	(117)
Interest expense, net of portion capitalized	67	199
Other (income) expense, net	406	1,018
Gain on separation of Kenvue	(20,984)	(20,984)

Earnings from Discontinued Operations Before Provision for Taxes on Income	21,202	22,208
(Benefit from) Provision for taxes on income	(517)	298
Net earnings from Discontinued Operations	$21,719	$21,910

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

Fiscal Third Quarter Ended

Fiscal Nine Months Ended

(Dollars in Millions)

October 1, 2023

Depreciation and Amortization

$81

$383

Capital expenditures

$23

$162