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Kenvue Separation (Tables)
 9 Months Ended
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 EndedFiscal 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 sold911 1,635 4,369 4,812 
Gross profit1,262 2,160 5,667 6,374 
Selling, marketing and administrative expenses584 1,114 3,085 3,346 
Research and development expense24 112 258 337 
Interest Income(37)— (117)— 
Interest expense, net of portion capitalized (Note 4)67 — 199 — 
Other (income) expense, net406 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 Income21,202 650 22,208 2,005 
(Benefit from)/Provision for taxes on income (Note 5)(517)502 298 727 
Net earnings from Discontinued Operations21,719 148 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, 2023October 2, 2022
Depreciation and Amortization383 482 
Capital expenditures162 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 accounts2,121 
Inventories 2,215 
Prepaid expenses and other receivables256 
Total current assets of discontinued operations5,830 
Property, plant and equipment, net 1,821 
Intangible assets, net 9,836 
Goodwill 9,184 
Deferred taxes on income 176 
Other assets390 
Total noncurrent assets of discontinued operations$21,407 
Liabilities
Loans and notes payable$15 
Accounts payable1,814 
Accrued liabilities737 
Accrued rebates, returns and promotions838 
Accrued compensation and employee related obligations279 
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 liabilities291 
Total noncurrent liabilities of discontinued operations$2,901