Kenvue separation and discontinued operations (Tables)

12 Months Ended

Dec. 29, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

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

(Dollars in Millions)	2023(1)	2022
Sales to customers	$10,036	14,953
Cost of products sold	4,369	6,494
Gross profit	5,667	8,459
Selling, marketing and administrative expenses	3,085	4,519
Research and development expense	258	468
Interest Income	(117)	—
Interest expense, net of portion capitalized	199	—
Other (income) expense, net	1,092	1,060
(Gain) on separation of Kenvue	(20,984)	—
Restructuring	—	46
Earnings from Discontinued Operations Before Provision for Taxes on Income	22,134	2,366
Provision for taxes on income	307	795
Net earnings from Discontinued Operations	$21,827	1,571

(1)The Company ceased consolidating the results of the Consumer Health business on August 23, 2023, the date of the exchange offer, but continued to reflect any separation costs incurred as part of discontinued operations through the end of the fiscal fourth quarter.

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

(Dollars in Millions)	2023(1)	2022
Depreciation and Amortization	$383	641
Capital expenditures	$162	303