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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson and Johnson | NYSE:JNJ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.92 | -0.63% | 145.90 | 147.175 | 145.95 | 146.70 | 6,182,984 | 01:00:00 |
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þ
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended April 3, 2016
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from to
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NEW JERSEY
(State or other jurisdiction of
incorporation or organization)
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22-1024240
(I.R.S. Employer
Identification No.)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
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No.
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EX-31.1
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EX-32.1
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EX-101 INSTANCE DOCUMENT
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EX-101 SCHEMA DOCUMENT
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EX-101 CALCULATION LINKBASE DOCUMENT
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EX-101 LABELS LINKBASE DOCUMENT
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EX-101 PRESENTATION LINKBASE DOCUMENT
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EX-101 DEFINITION LINKBASE DOCUMENT
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April 3, 2016
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January 3, 2016
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ASSETS
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|||||||
Current assets:
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|||
Cash and cash equivalents
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$
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13,861
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13,732
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Marketable securities
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25,994
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24,644
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Accounts receivable, trade, less allowances for doubtful accounts $278 (2015, $268)
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11,406
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10,734
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Inventories (Note 2)
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8,170
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8,053
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Prepaid expenses and other
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3,307
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3,047
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Total current assets
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62,738
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60,210
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Property, plant and equipment at cost
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37,430
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36,648
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Less: accumulated depreciation
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(21,466
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)
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(20,743
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)
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Property, plant and equipment, net
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15,964
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15,905
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Intangible assets, net (Note 3)
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25,840
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25,764
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Goodwill (Note 3)
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21,848
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21,629
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Deferred taxes on income
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5,678
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5,490
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Other assets
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4,163
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4,413
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Total assets
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$
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136,231
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133,411
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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|||||||
Current liabilities:
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Loans and notes payable
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$
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3,116
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7,004
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Accounts payable
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5,965
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6,668
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Accrued liabilities
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4,996
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5,411
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Accrued rebates, returns and promotions
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5,259
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5,440
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Accrued compensation and employee related obligations
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1,830
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2,474
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Accrued taxes on income
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968
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750
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Total current liabilities
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22,134
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27,747
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Long-term debt (Note 4)
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20,233
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12,857
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Deferred taxes on income
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2,877
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2,562
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Employee related obligations
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8,591
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8,854
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Other liabilities
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9,749
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10,241
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Total liabilities
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63,584
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62,261
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Shareholders’ equity:
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Common stock — par value $1.00 per share (authorized 4,320,000,000 shares; issued 3,119,843,000 shares)
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$
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3,120
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3,120
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Accumulated other comprehensive income (loss) (Note 7)
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(12,391
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)
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(13,165
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)
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Retained earnings
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104,990
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103,879
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Less: common stock held in treasury, at cost (368,138,000 and 364,681,000 shares)
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23,072
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22,684
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Total shareholders’ equity
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72,647
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71,150
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Total liabilities and shareholders' equity
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$
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136,231
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133,411
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Fiscal First Quarters Ended
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||||||||||||
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April 3,
2016 |
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Percent
to Sales
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March 29,
2015 |
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Percent
to Sales
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||||||
Sales to customers (Note 9)
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$
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17,482
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100.0
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%
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$
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17,374
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100.0
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%
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Cost of products sold
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5,329
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30.5
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5,282
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30.4
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Gross profit
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12,153
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69.5
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12,092
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69.6
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Selling, marketing and administrative expenses
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4,688
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26.8
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4,847
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27.9
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Research and development expense
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2,013
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11.5
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1,899
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10.9
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Interest income
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(83
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)
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(0.5
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)
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(19
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)
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(0.1
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)
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Interest expense, net of portion capitalized
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160
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0.9
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138
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0.8
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Other (income) expense, net
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(39
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)
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(0.2
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)
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(348
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)
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(2.0
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)
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Restructuring (Note 12)
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120
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0.7
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—
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—
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Earnings before provision for taxes on income
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5,294
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30.3
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5,575
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32.1
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Provision for taxes on income (Note 5)
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1,002
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5.7
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1,255
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7.2
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NET EARNINGS
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$
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4,292
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24.6
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%
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$
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4,320
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24.9
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%
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NET EARNINGS PER SHARE (Note 8)
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Basic
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$
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1.56
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$
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1.55
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Diluted
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$
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1.54
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$
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1.53
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CASH DIVIDENDS PER SHARE
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$
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0.75
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$
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0.70
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AVG. SHARES OUTSTANDING
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||||||
Basic
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2,757.2
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2,782.6
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Diluted
|
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2,795.4
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2,826.0
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Fiscal First Quarters Ended
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|||||
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April 3, 2016
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March 29, 2015
|
|||
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|||
Net earnings
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$
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4,292
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|
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4,320
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|||
Other comprehensive income (loss), net of tax
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Foreign currency translation
|
879
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(2,563
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)
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Securities:
|
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Unrealized holding gain (loss) arising during period
|
(56
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)
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115
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|
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Reclassifications to earnings
|
(82
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)
|
|
(57
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)
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Net change
|
(138
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)
|
|
58
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|
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Employee benefit plans:
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Prior service cost amortization during period
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(4
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)
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(5
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)
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Gain (loss) amortization during period
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106
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|
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159
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Net change
|
102
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|
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154
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|
|
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Derivatives & hedges:
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Unrealized gain (loss) arising during period
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(191
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)
|
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(195
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)
|
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Reclassifications to earnings
|
122
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|
|
(32
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)
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Net change
|
(69
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)
|
|
(227
|
)
|
|
|
|
|
|
|||
Other comprehensive income (loss)
|
774
|
|
|
(2,578
|
)
|
|
|
|
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|
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Comprehensive income
|
$
|
5,066
|
|
|
1,742
|
|
|
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The tax effects in other comprehensive income for the fiscal first quarters were as follows for 2016 and 2015, respectively: Securities: $74 million and $32 million; Employee Benefit Plans: $48 million and $76 million; Derivatives & Hedges: $37 million and $122 million.
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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in Millions)
|
|||||||
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Fiscal Three Months Ended
|
|||||
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April 3,
2016 |
|
March 29,
2015 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|||
Net earnings
|
|
$
|
4,292
|
|
|
4,320
|
|
Adjustments to reconcile net earnings to cash flows from operating activities:
|
|
|
|
|
|||
Depreciation and amortization of property and intangibles
|
|
891
|
|
|
895
|
|
|
Stock based compensation
|
|
205
|
|
|
204
|
|
|
Asset write-downs
|
|
82
|
|
|
—
|
|
|
Net gain on sale of assets/businesses
|
|
—
|
|
|
(38
|
)
|
|
Deferred tax provision
|
|
393
|
|
|
545
|
|
|
Accounts receivable allowances
|
|
(1
|
)
|
|
(21
|
)
|
|
Changes in assets and liabilities, net of effects from acquisitions and divestitures:
|
|
|
|
|
|||
Increase in accounts receivable
|
|
(389
|
)
|
|
(765
|
)
|
|
Increase in inventories
|
|
(190
|
)
|
|
(276
|
)
|
|
Decrease in accounts payable and accrued liabilities
|
|
(2,333
|
)
|
|
(2,451
|
)
|
|
Increase in other current and non-current assets
|
|
(802
|
)
|
|
(562
|
)
|
|
(Decrease)/Increase in other current and non-current liabilities
|
|
(385
|
)
|
|
1,021
|
|
|
|
|
|
|
|
|||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
|
1,763
|
|
|
2,872
|
|
|
|
|
|
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|||
Additions to property, plant and equipment
|
|
(639
|
)
|
|
(543
|
)
|
|
Proceeds from the disposal of assets/businesses, net
|
|
25
|
|
|
110
|
|
|
Acquisitions, net of cash acquired
|
|
(5
|
)
|
|
(233
|
)
|
|
Purchases of investments
|
|
(10,062
|
)
|
|
(7,162
|
)
|
|
Sales of investments
|
|
9,145
|
|
|
6,050
|
|
|
Other
|
|
(1
|
)
|
|
(11
|
)
|
|
|
|
|
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|||
NET CASH USED BY INVESTING ACTIVITIES
|
|
(1,537
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)
|
|
(1,789
|
)
|
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|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|||
Dividends to shareholders
|
|
(2,069
|
)
|
|
(1,946
|
)
|
|
Repurchase of common stock
|
|
(2,389
|
)
|
|
(2,198
|
)
|
|
Proceeds from short-term debt
|
|
95
|
|
|
589
|
|
|
Retirement of short-term debt
|
|
(4,172
|
)
|
|
(193
|
)
|
|
Proceeds from long-term debt, net of issuance costs
|
|
7,435
|
|
|
3
|
|
|
Retirement of long-term debt
|
|
(14
|
)
|
|
(16
|
)
|
|
Proceeds from the exercise of stock options/excess tax benefits
|
|
936
|
|
|
584
|
|
|
Other
|
|
—
|
|
|
(50
|
)
|
|
|
|
|
|
|
|||
NET CASH USED BY FINANCING ACTIVITIES
|
|
(178
|
)
|
|
(3,227
|
)
|
|
|
|
|
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
81
|
|
|
(391
|
)
|
|
Increase/(Decrease) in cash and cash equivalents
|
|
129
|
|
|
(2,535
|
)
|
|
Cash and Cash equivalents, beginning of period
|
|
13,732
|
|
|
14,523
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
$
|
13,861
|
|
|
11,988
|
|
|
|
|
|
|
|||
Acquisitions
|
|
|
|
|
|||
Fair value of assets acquired
|
|
$
|
7
|
|
|
476
|
|
Fair value of liabilities assumed and noncontrolling interests
|
|
(2
|
)
|
|
(243
|
)
|
|
Net cash paid for acquisitions
|
|
5
|
|
|
233
|
|
(Dollars in Millions)
|
|
April 3, 2016
|
|
January 3, 2016
|
|||
Raw materials and supplies
|
|
$
|
957
|
|
|
936
|
|
Goods in process
|
|
1,930
|
|
|
2,241
|
|
|
Finished goods
|
|
5,283
|
|
|
4,876
|
|
|
Total inventories
|
|
$
|
8,170
|
|
|
8,053
|
|
(Dollars in Millions)
|
|
April 3, 2016
|
|
January 3, 2016
|
|||
Intangible assets with definite lives:
|
|
|
|
|
|||
Patents and trademarks — gross
|
|
$
|
8,351
|
|
|
8,299
|
|
Less accumulated amortization
|
|
4,879
|
|
|
4,745
|
|
|
Patents and trademarks — net
|
|
3,472
|
|
|
3,554
|
|
|
Customer relationships and other intangibles — gross
|
|
17,848
|
|
|
17,583
|
|
|
Less accumulated amortization
|
|
6,062
|
|
|
5,816
|
|
|
Customer relationships and other intangibles — net
|
|
11,786
|
|
|
11,767
|
|
|
Intangible assets with indefinite lives:
|
|
|
|
|
|||
Trademarks
|
|
7,172
|
|
|
7,023
|
|
|
Purchased in-process research and development
|
|
3,410
|
|
|
3,420
|
|
|
Total intangible assets with indefinite lives
|
|
10,582
|
|
|
10,443
|
|
|
Total intangible assets — net
|
|
$
|
25,840
|
|
|
25,764
|
|
(Dollars in Millions)
|
|
Consumer
|
|
Pharm
|
|
Med Devices
|
|
Total
|
|||||
Goodwill, net at January 3, 2016
|
|
$
|
7,240
|
|
|
2,889
|
|
|
11,500
|
|
|
21,629
|
|
Goodwill, related to acquisitions
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
Goodwill, related to divestitures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Currency translation/Other
|
|
172
|
|
|
23
|
|
(1)
|
23
|
|
|
218
|
|
|
Goodwill, net at April 3, 2016
|
|
$
|
7,412
|
|
|
2,912
|
|
|
11,524
|
|
|
21,848
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Gain/(Loss)
Recognized In
Accumulated
OCI
(1)
|
|
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(1)
|
|
Gain/(Loss)
Recognized In
Other
Income/Expense
(2)
|
|||||||||||||
(Dollars in Millions)
|
|
Fiscal First Quarters Ended
|
|||||||||||||||||
Cash Flow Hedges By Income Statement Caption
|
|
April 3, 2016
|
|
March 29, 2015
|
|
April 3, 2016
|
|
March 29, 2015
|
|
April 3, 2016
|
|
March 29, 2015
|
|||||||
Sales to customers
(3)
|
|
$
|
—
|
|
|
(92
|
)
|
|
(18
|
)
|
|
(41
|
)
|
|
—
|
|
|
(1
|
)
|
Cost of products sold
(3)
|
|
(44
|
)
|
|
(168
|
)
|
|
(21
|
)
|
|
69
|
|
|
(4
|
)
|
|
—
|
|
|
Research and development expense
(3)
|
|
(107
|
)
|
|
4
|
|
|
(95
|
)
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
Interest (income)/Interest expense, net
(4)
|
|
12
|
|
|
(36
|
)
|
|
8
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
Other (income) expense, net
(3) (5)
|
|
(52
|
)
|
|
97
|
|
|
4
|
|
|
23
|
|
|
(3
|
)
|
|
—
|
|
|
Total
|
|
$
|
(191
|
)
|
|
(195
|
)
|
|
(122
|
)
|
|
32
|
|
|
(7
|
)
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2016
|
|
|
|
January 3, 2016
|
||||||||||
(Dollars in Millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Total
(1)
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
(7)
|
|
$
|
—
|
|
|
319
|
|
|
—
|
|
|
319
|
|
|
452
|
|
Interest rate contracts
(2)(4)(7)
|
|
—
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|
28
|
|
|
Total
|
|
—
|
|
|
369
|
|
|
—
|
|
|
369
|
|
|
480
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
(8)
|
|
—
|
|
|
554
|
|
|
—
|
|
|
554
|
|
|
358
|
|
|
Interest rate contracts
(3)(4)(8)
|
|
—
|
|
|
210
|
|
|
—
|
|
|
210
|
|
|
241
|
|
|
Equity collar contracts
(8)(9)
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
Total
|
|
—
|
|
|
784
|
|
|
—
|
|
|
784
|
|
|
599
|
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
(7)
|
|
—
|
|
|
44
|
|
|
—
|
|
|
44
|
|
|
33
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
(8)
|
|
—
|
|
|
35
|
|
|
—
|
|
|
35
|
|
|
41
|
|
|
Available For Sale Other Investments:
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity investments
(5)(10)
|
|
1,096
|
|
|
—
|
|
|
—
|
|
|
1,096
|
|
|
1,494
|
|
|
Debt securities
(6)
|
|
$
|
—
|
|
|
10,131
|
|
|
—
|
|
|
10,131
|
|
|
8,316
|
|
(1)
|
2015 assets and liabilities are all classified as Level 2 with the exception of equity investments of
$1,494 million
, which are classified as Level 1.
|
(2)
|
Includes
$43 million
and
$20 million
of non-current other assets for
April 3, 2016
and January 3, 2016, respectively.
|
(3)
|
Includes
$210 million
and
$239 million
of non-current other liabilities for
April 3, 2016
and January 3, 2016, respectively.
|
(4)
|
Includes cross currency interest rate swaps and interest rate swaps.
|
(5)
|
Classified as non-current other assets. The carrying amount of the equity investments were
$494 million
and
$528 million
as of
April 3, 2016
and January 3, 2016, respectively. The unrealized gains were
$635 million
and
$979 million
as of
April 3, 2016
and January 3, 2016, respectively. The unrealized losses were
$33 million
and
$13 million
as of
April 3, 2016
and January 3, 2016, respectively.
|
(6)
|
Classified as current marketable securities.
|
(7)
|
Classified as other current assets.
|
(8)
|
Classified as accounts payable.
|
(9)
|
Includes
$5 million
of non-current other liabilities for April 3, 2016.
|
(10)
|
Includes
$180 million
of current other assets for April 3, 2016.
|
|
April 3, 2016
|
|||||||||||||||||
(Dollars in Millions)
|
Carrying Amount
|
|
Unrecognized Gain
|
|
Unrecognized Loss
|
|
Estimated Fair Value
|
|
Cash & Cash Equivalents
|
|
Current Marketable Securities
|
|||||||
Cash
|
$
|
1,721
|
|
|
—
|
|
|
—
|
|
|
1,721
|
|
|
1,721
|
|
|
|
|
U.S. Gov't Securities
(1)
|
12,540
|
|
|
3
|
|
|
—
|
|
|
12,543
|
|
|
649
|
|
|
11,891
|
|
|
Other Sovereign Securities
(1)
|
2,647
|
|
|
—
|
|
|
—
|
|
|
2,647
|
|
|
1,929
|
|
|
718
|
|
|
U.S. Reverse repurchase agreements
(1)
|
4,007
|
|
|
—
|
|
|
—
|
|
|
4,007
|
|
|
4,007
|
|
|
|
||
Other Reverse repurchase agreements
(1)
|
996
|
|
|
—
|
|
|
—
|
|
|
996
|
|
|
996
|
|
|
|
||
Corporate debt securities
(1)
|
4,925
|
|
|
1
|
|
|
—
|
|
|
4,926
|
|
|
1,851
|
|
|
3,074
|
|
|
Money market funds
|
1,609
|
|
|
—
|
|
|
—
|
|
|
1,609
|
|
|
1,609
|
|
|
|
||
Time deposits
(1)
|
1,099
|
|
|
—
|
|
|
—
|
|
|
1,099
|
|
|
1,099
|
|
|
|
||
Subtotal
|
29,544
|
|
|
4
|
|
|
—
|
|
|
29,548
|
|
|
13,861
|
|
|
15,683
|
|
|
|
|
|
Unrealized Gain
|
|
Unrealized Loss
|
|
|
|
|
|
|
|||||||
Gov't securities
|
8,835
|
|
|
106
|
|
|
—
|
|
|
8,941
|
|
|
—
|
|
|
8,941
|
|
|
Corporate debt securities
|
1,182
|
|
|
10
|
|
|
(2
|
)
|
|
1,190
|
|
|
—
|
|
|
1,190
|
|
|
Equity investments
|
30
|
|
|
160
|
|
|
(10
|
)
|
|
180
|
|
|
—
|
|
|
180
|
|
|
Subtotal Available for Sale
(2)
|
$
|
10,047
|
|
|
276
|
|
|
(12
|
)
|
|
10,311
|
|
|
—
|
|
|
10,311
|
|
Total cash, cash equivalents and current marketable securities
|
|
|
|
|
|
|
|
|
|
|
|
|
13,861
|
|
|
25,994
|
|
(Dollars in Millions)
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|||
|
|
|
|
|
|||
Financial Liabilities
|
|
|
|
|
|||
|
|
|
|
|
|||
Current Debt
|
|
$
|
3,116
|
|
|
3,116
|
|
|
|
|
|
|
|||
Non-Current Debt
|
|
|
|
|
|||
5.55% Debentures due 2017
|
|
1,000
|
|
|
1,063
|
|
|
1.125% Notes due 2017
|
|
705
|
|
|
709
|
|
|
5.15% Debentures due 2018
|
|
899
|
|
|
976
|
|
|
1.65% Notes due 2018
|
|
610
|
|
|
621
|
|
|
4.75% Notes due 2019 (1B Euro 1.1395)
|
|
1,134
|
|
|
1,327
|
|
|
1.875% Notes due 2019
|
|
513
|
|
|
527
|
|
|
0.89% Notes due 2019
|
|
299
|
|
|
300
|
|
|
1.125% Notes due 2019
|
|
698
|
|
|
700
|
|
|
3% Zero Coupon Convertible Subordinated Debentures due in 2020
|
|
128
|
|
|
193
|
|
|
2.95% Debentures due 2020
|
|
545
|
|
|
581
|
|
|
3.55% Notes due 2021
|
|
447
|
|
|
497
|
|
|
2.45% Notes due 2021
|
|
348
|
|
|
369
|
|
|
1.65% Notes due 2021
|
|
997
|
|
|
1,016
|
|
|
6.73% Debentures due 2023
|
|
249
|
|
|
321
|
|
|
3.375% Notes due 2023
|
|
808
|
|
|
891
|
|
|
2.05% Notes due 2023
|
|
497
|
|
|
502
|
|
|
5.50% Notes due 2024 (500 MM GBP 1.4373)
|
|
711
|
|
|
912
|
|
|
2.45% Notes due 2026
|
|
1,988
|
|
|
2,003
|
|
|
6.95% Notes due 2029
|
|
296
|
|
|
432
|
|
|
4.95% Debentures due 2033
|
|
497
|
|
|
613
|
|
|
4.375% Notes due 2033
|
|
857
|
|
|
986
|
|
|
3.55% Notes due 2036
|
|
986
|
|
|
1,034
|
|
|
5.95% Notes due 2037
|
|
990
|
|
|
1,334
|
|
|
5.85% Debentures due 2038
|
|
695
|
|
|
946
|
|
|
4.50% Debentures due 2040
|
|
537
|
|
|
622
|
|
|
4.85% Notes due 2041
|
|
296
|
|
|
365
|
|
|
4.50% Notes due 2043
|
|
495
|
|
|
577
|
|
|
3.70% Notes due 2046
|
|
1,969
|
|
|
2,090
|
|
|
Other
|
|
39
|
|
|
39
|
|
|
Total Non-Current Debt
|
|
$
|
20,233
|
|
|
22,546
|
|
|
|
Fiscal First Quarters Ended
|
|||||||||||
|
|
Retirement Plans
|
|
Other Benefit Plans
|
|||||||||
(Dollars in Millions)
|
|
April 3, 2016
|
|
March 29, 2015
|
|
April 3, 2016
|
|
March 29, 2015
|
|||||
Service cost
|
|
$
|
226
|
|
|
248
|
|
|
55
|
|
|
64
|
|
Interest cost
|
|
233
|
|
|
249
|
|
|
40
|
|
|
47
|
|
|
Expected return on plan assets
|
|
(492
|
)
|
|
(455
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
Amortization of prior service cost/(credit)
|
|
1
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
Recognized actuarial losses
|
|
124
|
|
|
187
|
|
|
34
|
|
|
50
|
|
|
Curtailments and settlements
|
|
1
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
Net periodic benefit cost
|
|
$
|
93
|
|
|
233
|
|
|
119
|
|
|
151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Foreign
|
|
Gain/(Loss)
|
|
Employee
|
|
Gain/(Loss)
|
|
Total Accumulated
|
||||||
|
|
Currency
|
|
On
|
|
Benefit
|
|
On Derivatives
|
|
Other Comprehensive
|
||||||
(Dollars in Millions)
|
|
Translation
|
|
Securities
|
|
Plans
|
|
& Hedges
|
|
Income (Loss)
|
||||||
January 3, 2016
|
|
$
|
(8,435
|
)
|
|
604
|
|
|
(5,298
|
)
|
|
(36
|
)
|
|
(13,165
|
)
|
Net change
|
|
879
|
|
|
(138
|
)
|
|
102
|
|
|
(69
|
)
|
|
774
|
|
|
April 3, 2016
|
|
$
|
(7,556
|
)
|
|
466
|
|
|
(5,196
|
)
|
|
(105
|
)
|
|
(12,391
|
)
|
|
|
Fiscal First Quarters Ended
|
|||||
(Shares in Millions)
|
|
April 3, 2016
|
|
March 29, 2015
|
|||
Basic net earnings per share
|
|
$
|
1.56
|
|
|
1.55
|
|
Average shares outstanding — basic
|
|
2,757.2
|
|
|
2,782.6
|
|
|
Potential shares exercisable under stock option plans
|
|
144.4
|
|
|
154.1
|
|
|
Less: shares which could be repurchased under treasury stock method
|
|
(108.2
|
)
|
|
(113.0
|
)
|
|
Convertible debt shares
|
|
2.0
|
|
|
2.3
|
|
|
Average shares outstanding — diluted
|
|
2,795.4
|
|
|
2,826.0
|
|
|
Diluted net earnings per share
|
|
$
|
1.54
|
|
|
1.53
|
|
|
|
|
|
|
|
|
Fiscal First Quarters Ended
|
||||||||
(Dollars in Millions)
|
|
April 3,
2016 |
|
March 29,
2015 |
|
Percent
Change
|
||||
|
|
|
|
|
|
|
||||
Consumer
|
|
|
|
|
|
|
||||
United States
|
|
$
|
1,358
|
|
|
1,359
|
|
|
(0.1
|
)%
|
International
|
|
1,837
|
|
|
2,031
|
|
|
(9.6
|
)
|
|
Total
|
|
3,195
|
|
|
3,390
|
|
|
(5.8
|
)
|
|
Pharmaceutical
|
|
|
|
|
|
|
||||
United States
|
|
4,937
|
|
|
4,371
|
|
|
12.9
|
|
|
International
|
|
3,241
|
|
|
3,355
|
|
|
(3.4
|
)
|
|
Total
|
|
8,178
|
|
|
7,726
|
|
|
5.9
|
|
|
Medical Devices
|
|
|
|
|
|
|
||||
United States
|
|
3,026
|
|
|
2,962
|
|
|
2.2
|
|
|
International
|
|
3,083
|
|
|
3,296
|
|
|
(6.5
|
)
|
|
Total
|
|
6,109
|
|
|
6,258
|
|
|
(2.4
|
)
|
|
Worldwide
|
|
|
|
|
|
|
||||
United States
|
|
9,321
|
|
|
8,692
|
|
|
7.2
|
|
|
International
|
|
8,161
|
|
|
8,682
|
|
|
(6.0
|
)
|
|
Total
|
|
$
|
17,482
|
|
|
17,374
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarters Ended
|
||||||||
(Dollars in Millions)
|
|
April 3,
2016 |
|
March 29,
2015 |
|
Percent
Change
|
||||
Consumer
|
|
$
|
566
|
|
|
644
|
|
|
(12.1
|
)%
|
Pharmaceutical
(1)
|
|
3,344
|
|
|
2,962
|
|
|
12.9
|
|
|
Medical Devices
(2)
|
|
1,576
|
|
|
2,221
|
|
|
(29.0
|
)
|
|
Segments operating profit
|
|
5,486
|
|
|
5,827
|
|
|
(5.9
|
)
|
|
Less: Expense not allocated to segments
(3)
|
|
192
|
|
|
252
|
|
|
|
||
Worldwide income before tax
|
|
$
|
5,294
|
|
|
5,575
|
|
|
(5.0
|
)%
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarters Ended
|
||||||||
(Dollars in Millions)
|
|
April 3, 2016
|
|
March 29, 2015
|
|
Percent
Change
|
||||
United States
|
|
$
|
9,321
|
|
|
8,692
|
|
|
7.2
|
%
|
Europe
|
|
3,847
|
|
|
4,040
|
|
|
(4.8
|
)
|
|
Western Hemisphere, excluding U.S.
|
|
1,331
|
|
|
1,639
|
|
|
(18.8
|
)
|
|
Asia-Pacific, Africa
|
|
2,983
|
|
|
3,003
|
|
|
(0.7
|
)
|
|
Total
|
|
$
|
17,482
|
|
|
17,374
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
(Dollars in Millions)
|
Severance
|
Asset Write-offs
|
Other
|
Total
|
||||||
Reserve balance, January 3, 2016
|
$
|
484
|
|
—
|
|
17
|
|
501
|
|
|
|
|
|
|
|
||||||
Current year activity:
|
|
|
|
|
||||||
Charges
|
—
|
|
99
|
|
38
|
|
137
|
|
||
Cash payments
|
(17
|
)
|
—
|
|
(52
|
)
|
(69
|
)
|
||
Settled without cash
|
—
|
|
(99
|
)
|
—
|
|
(99
|
)
|
||
|
|
|
|
|
||||||
Reserve balance, April 3, 2016*
|
$
|
467
|
|
$
|
—
|
|
3
|
|
470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions)
|
|
April 3, 2016
|
|
March 29, 2015
|
|
Total
Change
|
|
Operations
Change
|
|
Currency
Change
|
|||||||
Total Immunology
|
|
$
|
2,910
|
|
|
$
|
2,463
|
|
|
18.1
|
%
|
|
20.5
|
%
|
|
(2.4
|
)%
|
REMICADE
®
|
|
1,779
|
|
|
1,600
|
|
|
11.2
|
|
|
13.4
|
|
|
(2.2
|
)
|
||
SIMPONI
®
/ SIMPONI ARIA
®
|
|
390
|
|
|
300
|
|
|
30.0
|
|
|
33.7
|
|
|
(3.7
|
)
|
||
STELARA
®
|
|
735
|
|
|
549
|
|
|
33.9
|
|
|
36.0
|
|
|
(2.1
|
)
|
||
Other Immunology
|
|
6
|
|
|
14
|
|
|
(57.1
|
)
|
|
(48.4
|
)
|
|
(8.7
|
)
|
||
Total Infectious Diseases
|
|
776
|
|
|
975
|
|
|
(20.4
|
)
|
|
(18.2
|
)
|
|
(2.2
|
)
|
||
EDURANT
®
|
|
119
|
|
|
91
|
|
|
30.8
|
|
|
34.1
|
|
|
(3.3
|
)
|
||
OLYSIO
®
/ SOVRIAD
®
|
|
32
|
|
|
234
|
|
|
(86.3
|
)
|
|
(85.7
|
)
|
|
(0.6
|
)
|
||
PREZISTA
®
/ PREZCOBIX
®
/ REZOLSTA
®
|
|
452
|
|
|
427
|
|
|
5.9
|
|
|
8.0
|
|
|
(2.1
|
)
|
||
Other Infectious Diseases
|
|
173
|
|
|
223
|
|
|
(22.4
|
)
|
|
(19.0
|
)
|
|
(3.4
|
)
|
||
Total Neuroscience
|
|
1,549
|
|
|
1,618
|
|
|
(4.3
|
)
|
|
(1.4
|
)
|
|
(2.9
|
)
|
||
CONCERTA
®
/ methylphenidate
|
|
231
|
|
|
224
|
|
|
3.1
|
|
|
6.3
|
|
|
(3.2
|
)
|
||
INVEGA
®
/ paliperidone
|
|
86
|
|
|
155
|
|
|
(44.5
|
)
|
|
(43.0
|
)
|
|
(1.5
|
)
|
||
INVEGA SUSTENNA
®
/XEPLION
®
/INVEGA
®
TRINZA™
|
|
513
|
|
|
411
|
|
|
24.8
|
|
|
27.3
|
|
|
(2.5
|
)
|
||
RISPERDAL CONSTA
®
|
|
231
|
|
|
254
|
|
|
(9.1
|
)
|
|
(6.5
|
)
|
|
(2.6
|
)
|
||
Other Neuroscience
|
|
488
|
|
|
574
|
|
|
(15.0
|
)
|
|
(11.5
|
)
|
|
(3.5
|
)
|
||
Total Oncology
|
|
1,354
|
|
|
1,108
|
|
|
22.2
|
|
|
26.3
|
|
|
(4.1
|
)
|
||
IMBRUVICA
®
|
|
261
|
|
|
116
|
|
|
*
|
|
*
|
|
**
|
|||||
VELCADE
®
|
|
304
|
|
|
339
|
|
|
(10.3
|
)
|
|
(5.4
|
)
|
|
(4.9
|
)
|
||
ZYTIGA
®
|
|
558
|
|
|
556
|
|
|
0.4
|
|
|
3.4
|
|
|
(3.0
|
)
|
||
Other Oncology
|
|
231
|
|
|
97
|
|
|
*
|
|
*
|
|
**
|
|||||
Cardiovascular / Metabolism / Other
|
|
1,589
|
|
|
1,562
|
|
|
1.7
|
|
|
3.6
|
|
|
(1.9
|
)
|
||
XARELTO
®
|
|
567
|
|
|
441
|
|
|
28.6
|
|
|
28.6
|
|
|
—
|
|
||
INVOKANA
®
/ INVOKAMET
®
|
|
325
|
|
|
278
|
|
|
16.9
|
|
|
17.8
|
|
|
(0.9
|
)
|
||
PROCRIT
®
/ EPREX
®
|
|
274
|
|
|
269
|
|
|
1.9
|
|
|
4.1
|
|
|
(2.2
|
)
|
||
Other
|
|
423
|
|
|
574
|
|
|
(26.3
|
)
|
|
(22.5
|
)
|
|
(3.8
|
)
|
||
Total Pharmaceutical Sales
|
|
$
|
8,178
|
|
|
$
|
7,726
|
|
|
5.9
|
%
|
|
8.5
|
%
|
|
(2.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions)
|
|
April 3, 2016
|
|
March 29, 2015
|
|
Total
Change
|
|
Operations
Change
|
|
Currency
Change
|
|||||||
Orthopaedics
|
|
$
|
2,341
|
|
|
$
|
2,328
|
|
|
0.6
|
%
|
|
3.0
|
%
|
|
(2.4
|
)%
|
Hips
|
|
342
|
|
|
333
|
|
|
2.7
|
%
|
|
5.4
|
|
|
(2.7
|
)
|
||
Knees
|
|
389
|
|
|
376
|
|
|
3.5
|
%
|
|
5.7
|
|
|
(2.2
|
)
|
||
Trauma
|
|
642
|
|
|
656
|
|
|
(2.1
|
)%
|
|
0.4
|
|
|
(2.5
|
)
|
||
Spine & Other
|
|
968
|
|
|
963
|
|
|
0.5
|
%
|
|
2.8
|
|
|
(2.3
|
)
|
||
Surgery
|
|
2,228
|
|
|
2,256
|
|
|
(1.2
|
)
|
|
2.3
|
|
|
(3.5
|
)
|
||
Advanced
|
|
816
|
|
|
770
|
|
|
6.0
|
%
|
|
9.7
|
|
|
(3.7
|
)
|
||
General
|
|
1,070
|
|
|
1,133
|
|
|
(5.6
|
)%
|
|
(2.1
|
)
|
|
(3.5
|
)
|
||
Specialty
|
|
342
|
|
|
353
|
|
|
(3.1
|
)%
|
|
(0.1
|
)
|
|
(3.0
|
)
|
||
Vision Care
|
|
640
|
|
|
631
|
|
|
1.4
|
|
|
4.1
|
|
|
(2.7
|
)
|
||
Cardiovascular
|
|
443
|
|
|
529
|
|
|
(16.3
|
)
|
|
(14.4
|
)
|
|
(1.9
|
)
|
||
Diabetes Care
|
|
429
|
|
|
484
|
|
|
(11.4
|
)
|
|
(8.2
|
)
|
|
(3.2
|
)
|
||
Diagnostics***
|
|
28
|
|
|
30
|
|
|
**
|
|
|
**
|
|
|
**
|
|
||
Total Medical Devices Sales
|
|
$
|
6,109
|
|
|
$
|
6,258
|
|
|
(2.4
|
)%
|
|
0.5
|
%
|
|
(2.9
|
)%
|
|
|
Income Before Tax
|
|
Percent of Segment Sales
|
||||||||||
(Dollars in Millions)
|
|
April 3, 2016
|
|
March 29, 2015
|
|
April 3, 2016
|
|
March 29, 2015
|
||||||
Consumer
|
|
$
|
566
|
|
|
$
|
644
|
|
|
17.7
|
%
|
|
19.0
|
%
|
Pharmaceutical
|
|
3,344
|
|
|
2,962
|
|
|
40.9
|
|
|
38.3
|
|
||
Medical Devices
|
|
1,576
|
|
|
2,221
|
|
|
25.8
|
|
|
35.5
|
|
||
Segment operating profit
|
|
5,486
|
|
|
5,827
|
|
|
31.4
|
|
|
33.5
|
|
||
Less: Expenses not allocated to segments
(1)
|
|
192
|
|
|
252
|
|
|
|
|
|
|
|
||
Worldwide income before tax
|
|
$
|
5,294
|
|
|
$
|
5,575
|
|
|
30.3
|
%
|
|
32.1
|
%
|
Period
|
|
Total Number
of Shares Purchased
(1)
|
|
Avg. Price
Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
(3)
|
|||
January 4, 2016 through January 31, 2016
|
|
3,210,626
|
|
|
99.12
|
|
|
—
|
|
|
—
|
February 1, 2016 through February 28, 2016
|
|
8,685,070
|
|
|
102.08
|
|
|
8,610,932
|
|
|
—
|
February 29, 2016 through April 3, 2016
|
|
11,174,646
|
|
|
107.09
|
|
|
6,984,200
|
|
|
—
|
Total
|
|
23,070,342
|
|
|
|
|
15,595,132
|
|
|
|
|
JOHNSON & JOHNSON
(Registrant)
|
|
|
Date: May 9, 2016
|
By /s/ D. J. CARUSO
|
|
D. J. CARUSO
|
|
Executive Vice President, Chief Financial Officer (Principal Financial Officer)
|
|
|
Date: May 9, 2016
|
By /s/ R. A. KAPUSTA
|
|
R. A. KAPUSTA
|
|
Controller (Principal Accounting Officer)
|
1 Year Johnson and Johnson Chart |
1 Month Johnson and Johnson Chart |
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