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Kenvue Separation (Tables) | 9 Months Ended
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Oct. 01, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | 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(1) |  | October 2, 2022 |  | October 1, 2023(1) |  | October 2, 2022
Sales to customers |  | $ | 2,173 |  |  | 3,795 |  |  | 10,036 |  |  | 11,186 |
Cost of products sold |  | 911 |  |  | 1,635 |  |  | 4,369 |  |  | 4,812 |
Gross profit |  | 1,262 |  |  | 2,160 |  |  | 5,667 |  |  | 6,374 |
Selling, marketing and administrative expenses |  | 584 |  |  | 1,114 |  |  | 3,085 |  |  | 3,346 |
Research and development expense |  | 24 |  |  | 112 |  |  | 258 |  |  | 337 |
Interest Income |  | (37) |  |  | — |  |  | (117) |  |  | — |
Interest expense, net of portion capitalized (Note 4) |  | 67 |  |  | — |  |  | 199 |  |  | — |
Other (income) expense, net |  | 406 |  |  | 267 |  |  | 1,018 |  |  | 649 |
Gain on separation of Kenvue |  | (20,984) |  |  | — |  |  | (20,984) |  |  | — |
Restructuring |  | — |  |  | 17 |  |  | — |  |  | 37 |
Earnings from Discontinued Operations Before Provision for Taxes on Income |  | 21,202 |  |  | 650 |  |  | 22,208 |  |  | 2,005 |
(Benefit from)/Provision for taxes on income (Note 5) |  | (517) |  |  | 502 |  |  | 298 |  |  | 727 |
Net earnings from Discontinued Operations |  | 21,719 |  |  | 148 |  |  | 21,910 |  |  | 1,278 |
(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 third quarter. The following table presents depreciation, amortization and capital expenditures of the discontinued operations related to Kenvue:
|  | Fiscal Nine Months Ended
(Dollars in Millions) |  | October 1, 2023 |  | October 2, 2022
Depreciation and Amortization |  | 383 |  |  | 482 |
Capital expenditures |  | 162 |  |  | 178 |
Details of assets and liabilities of discontinued operations are as follows:
| January 1, 2023 |
Assets |  |
Current assets |  |
Cash and cash equivalents | $ | 1,238 |  |
Accounts receivable trade, less allowances for doubtful accounts | 2,121 |  |
Inventories | 2,215 |  |
Prepaid expenses and other receivables | 256 |  |
Total current assets of discontinued operations | 5,830 |  |
Property, plant and equipment, net | 1,821 |  |
Intangible assets, net | 9,836 |  |
Goodwill | 9,184 |  |
Deferred taxes on income | 176 |  |
Other assets | 390 |  |
Total noncurrent assets of discontinued operations | $ | 21,407 |  |
Liabilities |  |
Loans and notes payable | $ | 15 |  |
Accounts payable | 1,814 |  |
Accrued liabilities | 737 |  |
Accrued rebates, returns and promotions | 838 |  |
Accrued compensation and employee related obligations | 279 |  |
Accrued taxes on income | (93) |  |
Total current liabilities of discontinued operations | 3,590 |  |
Long-term debt | 2 |  |
Deferred taxes on income | 2,383 |  |
Employee related obligations | 225 |  |
Other liabilities | 291 |  |
Total noncurrent liabilities of discontinued operations | $ | 2,901 |  |

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