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Kenvue separation and discontinued operations (Tables) | 12 Months Ended
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Dec. 31, 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:
(Dollars in Millions) |  |  |  | 2023(1) | 2022 | 2021
Sales to customers |  |  |  | $10,036 | 14,953 | 15,035
Cost of products sold |  |  |  | 4,369 | 6,494 | 6,452
Gross profit |  |  |  | 5,667 | 8,459 | 8,583
Selling, marketing and administrative expenses |  |  |  | 3,085 | 4,519 | 4,542
Research and development expense |  |  |  | 258 | 468 | 437
Interest Income |  |  |  | (117) | — | —
Interest expense, net of portion capitalized |  |  |  | 199 | — | —
Other (income) expense, net |  |  |  | 1,092 | 1,060 | (37)
(Gain) on separation of Kenvue |  |  |  | (20,984) | — | —
Restructuring |  |  |  | — | 46 | 43
Earnings from Discontinued Operations Before Provision for Taxes on Income |  |  |  | 22,134 | 2,366 | 3,598
Provision for taxes on income |  |  |  | 307 | 795 | 521
Net earnings from Discontinued Operations |  |  |  | $21,827 | 1,571 | 3,077
(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 | 2021
Depreciation and Amortization | $383 | 641 | 739
Capital expenditures | $162 | 303 | 314
Details of assets and liabilities of discontinued operations were as follows:
| January 1, 2023 |
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 including accrued taxes on income | 644 |
Accrued rebates, returns and promotions | 838 |
Accrued compensation and employee related obligations | 279 |
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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