XML 65 R40.htm IDEA: XBRL DOCUMENT
v3.20.4

Pensions and Other Benefit Plans (Tables) | 12 Months Ended
--- | ---
Jan. 03, 2021
Retirement Benefits [Abstract] |
Components of Net Periodic Benefit Cost | Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for 2020, 2019 and 2018 include the following components:
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost |  | $ | 1,380 |  |  | 1,163 |  |  | 1,283 |  |  | 287 |  |  | 274 |  |  | 269 |
Interest cost |  | 955 |  |  | 1,096 |  |  | 996 |  |  | 133 |  |  | 185 |  |  | 148 |
Expected return on plan assets |  | (2,461) |  |  | (2,322) |  |  | (2,212) |  |  | (7) |  |  | (6) |  |  | (7) |
Amortization of prior service cost |  | 2 |  |  | 4 |  |  | 3 |  |  | (31) |  |  | (31) |  |  | (31) |
Recognized actuarial losses (gains) |  | 891 |  |  | 579 |  |  | 852 |  |  | 142 |  |  | 129 |  |  | 123 |
Curtailments and settlements |  | 23 |  |  | 73 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 790 |  |  | 593 |  |  | 923 |  |  | 524 |  |  | 551 |  |  | 502 |
Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation | The following table represents the weighted-average actuarial assumptions:
|  | Retirement Plans |  | Other Benefit Plans
Worldwide Benefit Plans |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost discount rate |  | 2.82 | % |  | 3.63 |  |  | 3.20 |  |  | 3.04 |  |  | 4.45 |  |  | 3.85 |
Interest cost discount rate |  | 3.13 | % |  | 4.13 |  |  | 3.60 |  |  | 3.08 |  |  | 4.25 |  |  | 3.62 |
Rate of increase in compensation levels |  | 4.00 | % |  | 3.99 |  |  | 3.98 |  |  | 4.25 |  |  | 4.29 |  |  | 4.29 |
Expected long-term rate of return on plan assets |  | 8.12 | % |  | 8.31 |  |  | 8.46 |  |  |  |  |  |  |
Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 2.14 | % |  | 2.91 |  |  | 3.76 |  |  | 2.23 |  |  | 3.39 |  |  | 4.40 |
Rate of increase in compensation levels |  | 4.00 | % |  | 4.01 |  |  | 3.97 |  |  | 4.27 |  |  | 4.29 |  |  | 4.29 |
Assumed Health Care Cost Trend Rates | The following table displays the assumed health care cost trend rates, for all individuals:
Health Care Plans |  | 2020 |  | 2019
Health care cost trend rate assumed for next year |  | 5.68 | % |  | 5.87 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend) |  | 4.49 | % |  | 4.50 | %
Year the rate reaches the ultimate trend rate |  | 2040 |  |  | 2040 |
Schedule of Net Funded Status | The following table sets forth information related to the benefit obligation and the fair value of plan assets at fiscal year-end 2020 and 2019 for the Company’s defined benefit retirement plans and other post-retirement plans:
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation — beginning of year |  | $ | 37,188 |  |  | 31,670 |  |  | 5,076 |  |  | 4,480 |
Service cost |  | 1,380 |  |  | 1,163 |  |  | 287 |  |  | 274 |
Interest cost |  | 955 |  |  | 1,096 |  |  | 133 |  |  | 185 |
Plan participant contributions |  | 61 |  |  | 63 |  |  | — |  |  | — |
Amendments(1) |  | (1,780) |  |  | — |  |  | — |  |  | — |
Actuarial (gains) losses(2) |  | 5,716 |  |  | 5,178 |  |  | (75) |  |  | 562 |
Divestitures & acquisitions |  | (88) |  |  | (278) |  |  | — |  |  | — |
Curtailments, settlements & restructuring |  | (24) |  |  | (172) |  |  | — |  |  | — |
Benefits paid from plan |  | (1,111) |  |  | (1,555) |  | (3) | (396) |  |  | (431) |
Effect of exchange rates |  | 1,003 |  |  | 23 |  |  | 3 |  |  | 6 |
Projected benefit obligation — end of year |  | $ | 43,300 |  |  | 37,188 |  |  | 5,028 |  |  | 5,076 |
Change in Plan Assets |  |  |  |  |  |  |  |
Plan assets at fair value — beginning of year |  | $ | 32,201 |  |  | 26,818 |  |  | 115 |  |  | 180 |
Actual return on plan assets |  | 5,524 |  |  | 6,185 |  |  | 14 |  |  | 19 |
Company contributions |  | 870 |  |  | 908 |  |  | 357 |  |  | 347 |
Plan participant contributions |  | 61 |  |  | 63 |  |  | — |  |  | — |
Settlements |  | (13) |  |  | (16) |  |  | — |  |  | — |
Divestitures & acquisitions |  | (84) |  |  | (274) |  |  | — |  |  | — |
Benefits paid from plan assets |  | (1,111) |  |  | (1,555) |  | (3) | (396) |  |  | (431) |
Effect of exchange rates |  | 747 |  |  | 72 |  |  | — |  |  | — |
Plan assets at fair value — end of year |  | $ | 38,195 |  |  | 32,201 |  |  | 90 |  |  | 115 |
Funded status — end of year |  | $ | (5,105) |  |  | (4,987) |  |  | (4,938) |  |  | (4,961) |
Amounts Recognized in the Company’s Balance Sheet consist of the following: |  |  |  |  |  |  |  |
Non-current assets |  | $ | 656 |  |  | 551 |  |  | — |  |  | — |
Current liabilities |  | (125) |  |  | (113) |  |  | (418) |  |  | (397) |
Non-current liabilities |  | (5,636) |  |  | (5,425) |  |  | (4,520) |  |  | (4,564) |
Total recognized in the consolidated balance sheet — end of year |  | $ | (5,105) |  |  | (4,987) |  |  | (4,938) |  |  | (4,961) |
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 10,860 |  |  | 8,835 |  |  | 1,463 |  |  | 1,685 |
Prior service cost (credit)(1) |  | (1,797) |  |  | (8) |  |  | (44) |  |  | (75) |
Unrecognized net transition obligation |  | — |  |  | — |  |  | — |  |  | — |
Total before tax effects |  | $ | 9,063 |  |  | 8,827 |  |  | 1,419 |  |  | 1,610 |
Accumulated Benefit Obligations — end of year |  | $ | 40,356 |  |  | 33,416 |  |  |  |  |
(1)In January 2021, the Company announced that, effective on January 1, 2026, all eligible U.S. non-union employees, regardless of hire date, will earn benefits under the Retirement Value formula. This amendment does not affect the benefits accrued under the Final Average Pay formula for service before January 1, 2026. (2)The actuarial losses for retirement plans in 2020 and 2019 was primarily related to decreases in discount rates. (3)In 2019, the Company offered a voluntary lump-sum payment option for certain eligible former employees who are vested participants of the U.S. Qualified Defined Benefit Pension Plan. The distribution of the lump-sums was completed by the end of fiscal 2019. The amount distributed in 2019 was approximately $514 million.
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income |  |  |  |  |  |  |  |
Net periodic benefit cost |  | $ | 790 |  |  | 593 |  |  | 524 |  |  | 551 |
Net actuarial (gain) loss |  | 2,616 |  |  | 1,084 |  |  | (81) |  |  | 550 |
Amortization of net actuarial loss |  | (891) |  |  | (579) |  |  | (142) |  |  | (129) |
Prior service cost (credit) |  | (1,780) |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit |  | (2) |  |  | (4) |  |  | 31 |  |  | 31 |
Effect of exchange rates |  | 293 |  |  | 1 |  |  | 1 |  |  | 1 |
Total loss/(income) recognized in other comprehensive income, before tax |  | $ | 236 |  |  | 502 |  |  | (191) |  |  | 453 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 1,026 |  |  | 1,095 |  |  | 333 |  |  | 1,004 |
Information Related to the Benefit Obligation and the Fair Value of Plan Assets | The following table displays the funded status of the Company's U.S. Qualified & Non-Qualified pension plans and international funded and unfunded pension plans at December 31, 2020 and December 31, 2019, respectively:
| U.S. Plans | International Plans
| Qualified Plans | Non-Qualified Plans | Funded Plans | Unfunded Plans
(Dollars in Millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019
Plan Assets | $ | 25,554 |  | 21,398 |  | — |  | — |  | 12,641 |  | 10,803 |  | — |  | — |
Projected Benefit Obligation | 25,466 |  | 22,034 |  | 2,748 |  | 2,544 |  | 14,541 |  | 12,132 |  | 545 |  | 478 |
Accumulated Benefit Obligation | 24,158 |  | 19,831 |  | 2,495 |  | 2,115 |  | 13,210 |  | 11,040 |  | 493 |  | 430 |
Over (Under) Funded Status |  |  |  |  |  |  |  |
Projected Benefit Obligation | $ | 88 |  | (636) |  | (2,748) |  | (2,544) |  | (1,900) |  | (1,329) |  | (545) |  | (478) |
Accumulated Benefit Obligation | 1,396 |  | 1,567 |  | (2,495) |  | (2,115) |  | (569) |  | (237) |  | (493) |  | (430) |
Projected Future Benefit Payments from Company's Retirement and Other Benefit Plans | The following table displays the projected future benefit payments from the Company’s retirement and other benefit plans:
(Dollars in Millions) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026-2030
Projected future benefit payments |  |  |  |  |  |  |  |  |  |  |  |
Retirement plans |  | $ | 1,257 |  |  | 1,292 |  |  | 1,388 |  |  | 1,424 |  |  | 1,494 |  |  | 8,795 |
Other benefit plans |  | $ | 427 |  |  | 440 |  |  | 453 |  |  | 465 |  |  | 417 |  |  | 2,273 |
Projected Future Minimum Contributions to the Company's U.S. and International Unfunded Retirement Plans | The following table displays the projected future minimum contributions to the unfunded retirement plans. These amounts do not include any discretionary contributions that the Company may elect to make in the future.
(Dollars in Millions) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026-2030
Projected future contributions |  | $ | 110 |  |  | 116 |  |  | 121 |  |  | 130 |  |  | 136 |  |  | 787 |
Company' Retirement Plan Asset Allocation and Target Allocations | The Company’s retirement plan asset allocation at the end of 2020 and 2019 and target allocations for 2021 are as follows:
|  | Percent of Plan Assets |  | Target Allocation
|  | 2020 |  | 2019 |  | 2021
Worldwide Retirement Plans |  |  |  |  |  |
Equity securities |  | 66 | % |  | 74 | % |  | 67 | %
Debt securities |  | 34 |  |  | 26 |  |  | 33 |
Total plan assets |  | 100 | % |  | 100 | % |  | 100 | %
Schedule of Defined Benefit Plans Disclosures | The following table sets forth the Retirement Plans' investments measured at fair value as of December 31, 2020 and December 31, 2019:
|  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs(1) |  | Investments Measured at Net Asset Value |  |  |  |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  |  |  |  | Total Assets
(Dollars in Millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Short-term investment funds |  | $ | 127 |  |  | 119 |  |  | 763 |  |  | 405 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 890 |  |  | 524 |
Government and agency securities |  | — |  |  | — |  |  | 5,023 |  |  | 4,140 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,023 |  |  | 4,140 |
Debt instruments |  | — |  |  | — |  |  | 3,931 |  |  | 3,452 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,931 |  |  | 3,452 |
Equity securities |  | 14,375 |  |  | 12,483 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,377 |  |  | 12,485 |
Commingled funds |  | — |  |  | — |  |  | 4,690 |  |  | 3,338 |  |  | 160 |  |  | 181 |  |  | 8,236 |  |  | 7,580 |  |  | 13,086 |  |  | 11,099 |
Other assets |  | — |  |  | — |  |  | 11 |  |  | 9 |  |  | 21 |  |  | 19 |  |  | 856 |  |  | 473 |  |  | 888 |  |  | 501 |
Investments at fair value |  | $ | 14,502 |  |  | 12,602 |  |  | 14,420 |  |  | 11,346 |  |  | 181 |  |  | 200 |  |  | 9,092 |  |  | 8,053 |  |  | 38,195 |  |  | 32,201 |
(1) The activity for the Level 3 assets is not significant for all years presented.

X
- Definition Information related to the benefit obligation and the fair value of plan assets. + References No definition available. + Details
Name: | jnj_InformationRelatedToBenefitObligationAndFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | jnj_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of estimated future employer contributions. + References No definition available. + Details
Name: | jnj_ScheduleOfEstimatedFutureEmployerContributionsTableTextBlock
Namespace Prefix: | jnj_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration