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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
     
  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended July 3, 2022

or
     
  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from            to
Commission file number 1-3215
Johnson & Johnson
(Exact name of registrant as specified in its charter)
New Jersey
  22-1024240
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

One Johnson & Johnson Plaza
New Brunswick, New Jersey 08933
(Address of principal executive offices)
Registrant’s telephone number, including area code (732) 524-0400
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company

If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No






SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, Par Value $1.00 JNJ New York Stock Exchange
0.650% Notes Due May 2024 JNJ24C New York Stock Exchange
5.50% Notes Due November 2024 JNJ24BP New York Stock Exchange
1.150% Notes Due November 2028 JNJ28 New York Stock Exchange
1.650% Notes Due May 2035 JNJ35 New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
On July 22, 2022, 2,629,179,895 shares of Common Stock, $1.00 par value, were outstanding.



























JOHNSON & JOHNSON AND SUBSIDIARIES
TABLE OF CONTENTS
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q and Johnson & Johnson's other publicly available documents contain forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Management and representatives of Johnson & Johnson and its subsidiaries (the Company) also may from time to time make forward-looking statements. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and other words of similar meaning in conjunction with, among other things: discussions of future operations, expected operating results, financial performance; impact of planned acquisitions and dispositions; impact and timing of restructuring initiatives including associated cost savings and other benefits; the Company's strategy for growth; product development activities; regulatory approvals; market position and expenditures.
Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of the Company's control. Investors should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, the Company’s actual results and financial condition could vary materially from expectations and projections expressed or implied in its forward-looking statements. Investors are therefore cautioned not to rely on these forward-looking statements. Risks and uncertainties include, but are not limited to:
Risks Related to Product Development, Market Success and Competition
Challenges and uncertainties inherent in innovation and development of new and improved products and technologies on which the Company’s continued growth and success depend, including uncertainty of clinical outcomes, additional analysis of existing clinical data, obtaining regulatory approvals, health plan coverage and customer access, and initial and continued commercial success;
Challenges to the Company’s ability to obtain and protect adequate patent and other intellectual property rights for new and existing products and technologies in the United States and other important markets;
The impact of patent expirations, typically followed by the introduction of competing generic, biosimilar or other products and resulting revenue and market share losses;
Increasingly aggressive and frequent challenges to the Company’s patents by competitors and others seeking to launch competing generic, biosimilar or other products and increased receptivity of courts, the United States Patent and Trademark Office and other decision makers to such challenges, potentially resulting in loss of market exclusivity and rapid decline in sales for the relevant product sooner than expected;
Competition in research and development of new and improved products, processes and technologies, which can result in product and process obsolescence;
Competition to reach agreement with third parties for collaboration, licensing, development and marketing agreements for products and technologies;
Competition based on cost-effectiveness, product performance, technological advances and patents attained by competitors; and
Allegations that the Company’s products infringe the patents and other intellectual property rights of third parties, which could adversely affect the Company’s ability to sell the products in question and require the payment of money damages and future royalties.
Risks Related to Product Liability, Litigation and Regulatory Activity
Product efficacy or safety concerns, whether or not based on scientific evidence, potentially resulting in product withdrawals, recalls, regulatory action on the part of the United States Food and Drug Administration (or international counterparts), declining sales, reputational damage, increased litigation expense and share price impact;
The impact, including declining sales and reputational damage, of significant litigation or government action adverse to the Company, including product liability claims and allegations related to pharmaceutical marketing practices and contracting strategies;
The impact of an adverse judgment or settlement and the adequacy of reserves related to legal proceedings, including patent litigation, product liability, personal injury claims, securities class actions, government investigations, employment and other legal proceedings;



Increased scrutiny of the healthcare industry by government agencies and state attorneys general resulting in investigations and prosecutions, which carry the risk of significant civil and criminal penalties, including, but not limited to, debarment from government business;
Failure to meet compliance obligations in compliance agreements with governments or government agencies, which could result in significant sanctions;
Potential changes to applicable laws and regulations affecting United States and international operations, including relating to: approval of new products; licensing and patent rights; sales and promotion of healthcare products; access to, and reimbursement and pricing for, healthcare products and services; environmental protection; and sourcing of raw materials;
Compliance with local regulations and laws that may restrict the Company’s ability to manufacture or sell its products in relevant markets, including requirements to comply with medical device reporting regulations and other requirements such as the European Union’s Medical Devices Regulation;
Changes in domestic and international tax laws and regulations, increasing audit scrutiny by tax authorities around the world and exposures to additional tax liabilities potentially in excess of existing reserves; and
The issuance of new or revised accounting standards by the Financial Accounting Standards Board and regulations by the Securities and Exchange Commission.
Risks Related to the Company’s Strategic Initiatives, Healthcare Market Trends and the Planned Separation of the Company’s Consumer Health Business
Pricing pressures resulting from trends toward healthcare cost containment, including the continued consolidation among healthcare providers and other market participants, trends toward managed care, the shift toward governments increasingly becoming the primary payers of healthcare expenses, significant new entrants to the healthcare markets seeking to reduce costs and government pressure on companies to voluntarily reduce costs and price increases;
Restricted spending patterns of individual, institutional and governmental purchasers of healthcare products and services due to economic hardship and budgetary constraints;
Challenges to the Company’s ability to realize its strategy for growth including through externally sourced innovations, such as development collaborations, strategic acquisitions, licensing and marketing agreements, and the potential heightened costs of any such external arrangements due to competitive pressures;
The potential that the expected strategic benefits and opportunities from any planned or completed acquisition or divestiture by the Company may not be realized or may take longer to realize than expected;
The potential that the expected benefits and opportunities related to past and ongoing restructuring actions may not be realized or may take longer to realize than expected;
The Company’s ability to consummate the planned separation of the Company’s Consumer Health business on a timely basis or at all;
The Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the planned separation; and
The New Consumer Health Company’s ability to succeed as a standalone publicly traded company.
Risks Related to Economic Conditions, Financial Markets and Operating Internationally
The risks associated with global operations on the Company and its customers and suppliers, including foreign governments in countries in which the Company operates;
The impact of inflation and fluctuations in interest rates and currency exchange rates and the potential effect of such fluctuations on revenues, expenses and resulting margins;
Potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs and potential drug reimportation legislation;
The impact on international operations from financial instability in international economies, sovereign risk, possible imposition of governmental controls and restrictive economic policies, and unstable international governments and legal systems;
The impact of global public health crises and pandemics, including the novel coronavirus (COVID-19) pandemic;
Changes to global climate, extreme weather and natural disasters that could affect demand for the Company’s products and services, cause disruptions in manufacturing and distribution networks, alter the availability of goods and services within the supply chain, and affect the overall design and integrity of the Company’s products and operations; and



The impact of armed conflicts and terrorist attacks in the United States and other parts of the world, including social and economic disruptions and instability of financial and other markets.
Risks Related to Supply Chain and Operations
Difficulties and delays in manufacturing, internally, through third-party providers or otherwise within the supply chain, that may lead to voluntary or involuntary business interruptions or shutdowns, product shortages, withdrawals or suspensions of products from the market, and potential regulatory action;
Interruptions and breaches of the Company’s information technology systems or those of the Company’s vendors, which could result in reputational, competitive, operational or other business harm as well as financial costs and regulatory action;
Reliance on global supply chains and production and distribution processes that are complex and subject to increasing regulatory requirements that may adversely affect supply, sourcing and pricing of materials used in the Company’s products; and
The potential that the expected benefits and opportunities related to restructuring actions contemplated for the global supply chain may not be realized or may take longer to realize than expected, including due to any required approvals from applicable regulatory authorities.

Investors also should carefully read the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 2022, for a description of certain risks that could, among other things, cause the Company’s actual results to differ materially from those expressed in its forward-looking statements. Investors should understand that it is not possible to predict or identify all such factors and should not consider the risks described above to be a complete statement of all potential risks and uncertainties. The Company does not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments.


Table of Content
Part I — FINANCIAL INFORMATION

Item 1 — FINANCIAL STATEMENTS

JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in Millions Except Share and Per Share Data)
July 3, 2022 January 2, 2022
ASSETS
Current assets:    
Cash and cash equivalents $ 10,983  14,487 
Marketable securities 21,585  17,121 
Accounts receivable, trade, less allowances $223 (2021, $230)
16,139  15,283 
Inventories (Note 2) 11,437  10,387 
Prepaid expenses and other 3,703  3,701 
Total current assets 63,847  60,979 
Property, plant and equipment at cost 47,144  47,679 
Less: accumulated depreciation (28,790) (28,717)
Property, plant and equipment, net 18,354  18,962 
Intangible assets, net (Note 3) 42,408  46,392 
Goodwill (Note 3) 34,166  35,246 
Deferred taxes on income (Note 5) 9,514  10,223 
Other assets 9,435  10,216 
Total assets $ 177,724  182,018 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:    
Loans and notes payable $ 4,305  3,766 
Accounts payable 9,765  11,055 
Accrued liabilities 12,607  13,612 
Accrued rebates, returns and promotions 13,447  12,095 
Accrued compensation and employee related obligations 2,717  3,586 
Accrued taxes on income (Note 5) 1,980  1,112 
Total current liabilities 44,821  45,226 
Long-term debt (Note 4) 28,292  29,985 
Deferred taxes on income (Note 5) 5,015  7,487 
Employee related obligations (Note 6) 8,553  8,898 
Long-term taxes payable (Note 5) 4,162  5,713 
Other liabilities 10,524  10,686 
Total liabilities $ 101,367  107,995 
Commitments and Contingencies (Note 11)
Shareholders’ equity:    
Common stock — par value $1.00 per share (authorized 4,320,000,000 shares; issued 3,119,843,000 shares)
$ 3,120  3,120 
Accumulated other comprehensive income (loss) (Note 7) (13,843) (13,058)
Retained earnings 126,216  123,060 
Less: common stock held in treasury, at cost (490,811,000 and 490,878,000 shares)
39,136  39,099 
Total shareholders’ equity 76,357  74,023 
Total liabilities and shareholders' equity $ 177,724  182,018 
See Notes to Consolidated Financial Statements
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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited; Dollars & Shares in Millions Except Per Share Amounts)
  Fiscal Second Quarter Ended
July 3,
2022
Percent
to Sales
July 4,
2021
Percent
to Sales
Sales to customers (Note 9) $ 24,020  100.0  % $ 23,312  100.0  %
Cost of products sold 7,919  33.0  7,587  32.5 
Gross profit 16,101  67.0  15,725  67.5 
Selling, marketing and administrative expenses 6,226  25.9  6,073  26.1 
Research and development expense 3,703  15.4  3,394  14.6 
Interest income (64) (0.3) (12) (0.1)
Interest expense, net of portion capitalized 38  0.2  40  0.2 
Other (income) expense, net 273  1.1  (488) (2.1)
Restructuring (Note 12) 85  0.4  56  0.2 
Earnings before provision for taxes on income 5,840  24.3  6,662  28.6 
Provision for taxes on income (Note 5) 1,026  4.3  384  1.7 
NET EARNINGS $ 4,814  20.0  % $ 6,278  26.9  %
NET EARNINGS PER SHARE (Note 8)        
Basic $ 1.83    $ 2.38   
Diluted $ 1.80    $ 2.35   
AVG. SHARES OUTSTANDING        
Basic 2,629.6    2,632.5   
Diluted 2,667.9    2,671.6   


See Notes to Consolidated Financial Statements


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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited; Dollars & Shares in Millions Except Per Share Amounts)
Fiscal Six Months Ended
July 3,
2022
Percent
to Sales
July 4,
2021
Percent
to Sales
Sales to customers (Note 9) $ 47,446  100.0  % $ 45,633  100.0  %
Cost of products sold 15,517  32.7  14,650  32.1 
Gross profit 31,929  67.3  30,983  67.9 
Selling, marketing and administrative expenses 12,164  25.6  11,505  25.2 
Research and development expense 7,165  15.1  6,572  14.4 
In-process research and development 610  1.3  0 0.0
Interest income (86) (0.2) (27) 0.0
Interest expense, net of portion capitalized 48  0.1  103  0.2 
Other (income) expense, net 171  0.4  (1,370) (3.0)
Restructuring (Note 12) 155  0.3  109  0.2 
Earnings before provision for taxes on income 11,702  24.7  14,091  30.9 
Provision for taxes on income (Note 5) 1,739  3.7  1,616  3.6 
NET EARNINGS $ 9,963  21.0  % $ 12,475  27.3  %
NET EARNINGS PER SHARE (Note 8)        
Basic $ 3.79    $ 4.74   
Diluted $ 3.73    $ 4.67   
AVG. SHARES OUTSTANDING        
Basic 2,629.4    2,632.0   
Diluted 2,669.2    2,674.0   
See Notes to Consolidated Financial Statements


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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; Dollars in Millions)
Fiscal Second Quarter Ended Fiscal Six Months Ended
July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021
Net earnings $ 4,814  6,278  $ 9,963  12,475 
Other comprehensive income (loss), net of tax
Foreign currency translation (151) (135) (705) 141 
Securities:
  Unrealized holding gain (loss) arising during period (20) (1) (33) (1)
  Reclassifications to earnings —  —  —  — 
  Net change (20) (1) (33) (1)
Employee benefit plans:
  Prior service cost amortization during period (20) (41) (73) (82)
  Gain (loss) amortization during period 86  275  303  549 
  Net change 66  234  230  467 
Derivatives & hedges:
  Unrealized gain (loss) arising during period 145  400  (50) (122)
  Reclassifications to earnings (126) (270) (227) (343)
  Net change 19  130  (277) (465)
Other comprehensive income (loss) (86) 228  (785) 142 
Comprehensive income $ 4,728  6,506  $ 9,178  12,617 
See Notes to Consolidated Financial Statements
The tax effects in other comprehensive income for the fiscal second quarter were as follows for 2022 and 2021, respectively: Foreign Currency Translation: $533 million and $90 million; Securities: $6 million in 2022; Employee Benefit Plans: $84 million and $66 million; Derivatives & Hedges: $5 million and $33 million.
The tax effects in other comprehensive income for the fiscal six months were as follows for 2022 and 2021, respectively: Foreign Currency Translation: $678 million and $229 million; Securities: $9 million in 2022; Employee Benefit Plans: $65 million and $132 million; Derivatives & Hedges: $73 million and $124 million.
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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; Dollars in Millions)



Fiscal Second Quarter Ended July 3, 2022
Total Retained
Earnings
Accumulated
Other
Comprehensive
Income
Common Stock
Issued Amount
Treasury
Stock
Amount
Balance, April 3, 2022 $ 74,709  124,380  (13,757) 3,120  (39,034)
Net earnings 4,814  4,814  —  —  — 
Cash dividends paid ($1.13 per share)
(2,971) (2,971) —  —  — 
Employee compensation and stock option plans 864  (7) —  —  871 
Repurchase of common stock (973) —  —  —  (973)
Other comprehensive income (loss), net of tax (86) —  (86) —  — 
Balance, July 3, 2022 $ 76,357  126,216  (13,843) 3,120  (39,136)



Fiscal Six Months Ended July 3, 2022
Total Retained
Earnings
Accumulated
Other
Comprehensive
Income
Common Stock
Issued Amount
Treasury
Stock
Amount
Balance, January 2, 2022 $ 74,023  123,060  (13,058) 3,120  (39,099)
Net earnings 9,963  9,963  —  —  — 
Cash dividends paid ($2.19 per share)
(5,758) (5,758) —  —  — 
Employee compensation and stock option plans 1,464  (1,049) —  —  2,513 
Repurchase of common stock (2,550) —  —  —  (2,550)
Other comprehensive income (loss), net of tax (785) —  (785) —  — 
Balance, July 3, 2022 $ 76,357  126,216  (13,843) 3,120  (39,136)


















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Fiscal Second Quarter Ended July 4, 2021


Total Retained
Earnings
Accumulated
Other
Comprehensive
Income
Common Stock
Issued Amount
Treasury
Stock
Amount
Balance, April 4, 2021 $ 65,834  116,508  (15,328) 3,120  (38,466)
Net earnings 6,278  6,278  —  —  — 
Cash dividends paid ($1.06 per share)
(2,791) (2,791) —  —  — 
Employee compensation and stock option plans 662  159  —  —  503 
Repurchase of common stock (631) —  —  —  (631)
Other comprehensive income (loss), net of tax 228  —  228  —  — 
Balance, July 4, 2021 $ 69,580  120,154  (15,100) 3,120  (38,594)


Fiscal Six Months Ended July 4, 2021

Total Retained
Earnings
Accumulated
Other
Comprehensive
Income
Common Stock
Issued Amount
Treasury
Stock
Amount
Balance, January 3, 2021 $ 63,278  113,890  (15,242) 3,120  (38,490)
Net earnings 12,475  12,475  —  —  — 
Cash dividends paid ($2.07 per share)
(5,450) (5,450) —  —  — 
Employee compensation and stock option plans 1,204  (761) —  —  1,965 
Repurchase of common stock (2,069) —  —  —  (2,069)
Other comprehensive income (loss), net of tax 142  —  142  —  — 
Balance, July 4, 2021 $ 69,580  120,154  (15,100) 3,120  (38,594)


See Notes to Consolidated Financial Statements
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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in Millions)
  Fiscal Six Months Ended
July 3,
2022
July 4,
2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net earnings $ 9,963  12,475 
Adjustments to reconcile net earnings to cash flows from operating activities:    
Depreciation and amortization of property and intangibles 3,513  3,733 
Stock based compensation 644  661 
Asset write-downs 747  26 
Net gain on sale of assets/businesses (213) (601)
Deferred tax provision (2,349) (685)
Credit losses and accounts receivable allowances (3) (52)
Changes in assets and liabilities, net of effects from acquisitions and divestitures:    
Increase in accounts receivable (1,386) (1,566)
Increase in inventories (1,257) (818)
Decrease in accounts payable and accrued liabilities (1,170) (4,050)
Decrease in other current and non-current assets 3,527  1,415 
Decrease in other current and non-current liabilities (2,456) (1,150)
NET CASH FLOWS FROM OPERATING ACTIVITIES 9,560  9,388 
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (1,470) (1,490)
Proceeds from the disposal of assets/businesses, net (Note 10) 314  654 
Acquisitions, net of cash acquired (Note 10) (523) — 
Purchases of investments (22,048) (12,264)
Sales of investments 17,634  12,453 
Credit support agreements activity, net (10) 441 
Other (primarily licenses and milestones) (170) (398)
NET CASH USED BY INVESTING ACTIVITIES (6,273) (604)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends to shareholders (5,758) (5,450)
Repurchase of common stock (2,550) (2,069)
Proceeds from short-term debt 4,371  498 
Repayment of short-term debt (2,201) (689)
Proceeds from long-term debt, net of issuance costs
Repayment of long-term debt (2,132) (1,451)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 820  543 
Credit support agreements activity, net 813  130 
Other (11) 83 
NET CASH USED BY FINANCING ACTIVITIES (6,646) (8,404)
Effect of exchange rate changes on cash and cash equivalents (145) (33)
(Decrease)/Increase in cash and cash equivalents (3,504) 347 
Cash and Cash equivalents, beginning of period 14,487  13,985 
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 10,983  14,332 
Acquisitions
Fair value of assets acquired $ 621  — 
Fair value of liabilities assumed and noncontrolling interests (98) — 
Net cash paid for acquisitions $ 523  — 
See Notes to Consolidated Financial Statements
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 — The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of Johnson & Johnson and its subsidiaries (the Company) and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented.

Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures.

Use of Estimates
The extent to which COVID-19 impacts the Company’s business and financial results will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the extent to which it will impact worldwide macroeconomic conditions including interest rates, inflation, employment rates and health insurance coverage, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts COVID-19 as of July 3, 2022 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s allowance for credit losses, inventory and related reserves, accrued rebates and associated reserves, and the carrying value of the goodwill and other assets. While there was not a material impact to the Company’s consolidated financial statements as of and for the quarter ended July 3, 2022, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods.

New Accounting Standards
The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022. There were no new material accounting standards issued in the fiscal second quarter of 2022 that impacted the Company.

Recently Adopted Accounting Standards
There were no new material accounting standards adopted in the fiscal second quarter of 2022.

Reclassification
Certain prior period amounts have been reclassified to conform to current year presentation.




NOTE 2 — INVENTORIES
(Dollars in Millions) July 3, 2022 January 2, 2022
Raw materials and supplies $ 1,696  1,592 
Goods in process 2,324  2,287 
Finished goods 7,417  6,508 
Total inventories $ 11,437  10,387 


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NOTE 3 — INTANGIBLE ASSETS AND GOODWILL

Intangible assets that have finite useful lives are amortized over their estimated useful lives. The latest annual impairment assessment of goodwill and indefinite lived intangible assets was completed in the fiscal fourth quarter of 2021. Future impairment tests for goodwill and indefinite lived intangible assets will be performed annually in the fiscal fourth quarter, or sooner, if warranted.
(Dollars in Millions) July 3, 2022 January 2, 2022
Intangible assets with definite lives:    
Patents and trademarks — gross $ 36,885  38,572 
Less accumulated amortization (20,336) (20,088)
Patents and trademarks — net 16,549  18,484 
Customer relationships and other intangibles — gross 22,558  23,011 
Less accumulated amortization (12,269) (11,925)
Customer relationships and other intangibles — net(1)
10,289  11,086 
Intangible assets with indefinite lives:    
Trademarks 6,794  6,985 
Purchased in-process research and development(2)
8,776  9,837 
Total intangible assets with indefinite lives 15,570  16,822 
Total intangible assets — net $ 42,408  46,392 
(1)The majority is comprised of customer relationships
(2)In the fiscal first quarter of 2022, the Company recorded an intangible asset impairment charge of approximately $0.6 billion related to an in-process research and development asset, bermekimab (JnJ-77474462), an investigational drug for the treatment of Atopic Dermatitis (AD) and Hidradenitis Suppurativa (HS). Additional information regarding efficacy of the AD indication became available which led the Company to the decision to terminate the development of bermekimab for AD. The Company acquired all rights to bermekimab from XBiotech, Inc.in the fiscal year 2020. The remaining reduction was driven by assets that reached commercialization and are now classified as having definite lives.

Goodwill as of July 3, 2022 was allocated by segment of business as follows:
(Dollars in Millions) Consumer Health Pharmaceutical MedTech Total
Goodwill at January 2, 2022 $ 9,810  10,580  14,856  35,246 
Goodwill, related to acquisitions —  —  195  195 
Currency translation/Other (665) (545) (65) (1,275)
Goodwill at July 3, 2022 $ 9,145  10,035  14,986  34,166 

The weighted average amortization period for patents and trademarks is 12 years. The weighted average amortization period for customer relationships and other intangible assets is 21 years. The amortization expense of amortizable intangible assets included in cost of products sold was $1.1 billion and $1.2 billion for the fiscal second quarters ended July 3, 2022 and July 4, 2021, respectively. The amortization expense of amortizable intangible assets included in cost of products sold was $2.2 billion and $2.4 billion for the fiscal six months ended July 3, 2022 and July 4, 2021, respectively. Intangible asset write-downs are included in Other (income) expense, net.

The estimated amortization expense for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions)
2022 2023 2024 2025 2026
$4,400 4,400 4,200 3,400 2,800

See Note 10 to the Consolidated Financial Statements for additional details related to acquisitions and divestitures.

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NOTE 4 — FAIR VALUE MEASUREMENTS

The Company uses forward foreign exchange contracts to manage its exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of future intercompany product and third-party purchases of materials denominated in a foreign currency. The Company uses cross currency interest rate swaps to manage currency risk primarily related to borrowings. Both types of derivatives are designated as cash flow hedges.

Additionally, the Company uses interest rate swaps as an instrument to manage interest rate risk related to fixed rate borrowings. These derivatives are designated as fair value hedges. The Company uses cross currency interest rate swaps and forward foreign exchange contracts designated as net investment hedges. Additionally, the Company uses forward foreign exchange contracts to offset its exposure to certain foreign currency assets and liabilities. These forward foreign exchange contracts are not designated as hedges, and therefore, changes in the fair values of these derivatives are recognized in earnings, thereby offsetting the current earnings effect of the related foreign currency assets and liabilities.

The Company does not enter into derivative financial instruments for trading or speculative purposes, or that contain credit risk related contingent features. The Company maintains credit support agreements (CSA) with certain derivative counterparties establishing collateral thresholds based on respective credit ratings and netting agreements. As of July 3, 2022, the cumulative amount of cash collateral received by the Company under the CSA amounted to $233.0 million net, related to net investment and cash flow hedges. On an ongoing basis, the Company monitors counter-party credit ratings. The Company considers credit non-performance risk to be low, because the Company primarily enters into agreements with commercial institutions that have at least an investment grade credit rating. Refer to the table on significant financial assets and liabilities measured at fair value contained in this footnote for receivables and payables with these commercial institutions. As of July 3, 2022, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $46.7 billion, $37.2 billion and $10.0 billion, respectively. As of January 2, 2022, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $45.8 billion, $37.4 billion and $10.0 billion respectively.

All derivative instruments are recorded on the balance sheet at fair value. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction, and if so, the type of hedge transaction.

The designation as a cash flow hedge is made at the entrance date of the derivative contract. At inception, all derivatives are expected to be highly effective. Foreign exchange contracts designated as cash flow hedges are accounted for under the forward method and all gains/losses associated with these contracts will be recognized in the income statement when the hedged item impacts earnings. Changes in the fair value of these derivatives are recorded in accumulated other comprehensive income until the underlying transaction affects earnings and are then reclassified to earnings in the same account as the hedged transaction.

Gains and losses associated with interest rate swaps and changes in fair value of hedged debt attributable to changes in interest rates are recorded to interest expense in the period in which they occur. Gains and losses on net investment hedges are accounted for through the currency translation account within accumulated other comprehensive income. The portion excluded from effectiveness testing is recorded through interest (income) expense using the spot method. On an ongoing basis, the Company assesses whether each derivative continues to be highly effective in offsetting changes of hedged items. If and when a derivative is no longer expected to be highly effective, hedge accounting is discontinued.

The Company designated its Euro denominated notes issued in May 2016 with due dates ranging from 2022 to 2035 as a net investment hedge of the Company's investments in certain of its international subsidiaries that use the Euro as their functional currency in order to reduce the volatility caused by changes in exchange rates.

As of July 3, 2022, the balance of deferred net loss on derivatives included in accumulated other comprehensive income was $613 million after-tax. For additional information, see the Consolidated Statements of Comprehensive Income and Note 7. The Company expects that substantially all of the amounts related to forward foreign exchange contracts will be reclassified into earnings over the next 12 months as a result of transactions that are expected to occur over that period. The maximum length of time over which the Company is hedging transaction exposure is 18 months, excluding interest rate contracts and net investment hedge contracts. The amount ultimately realized in earnings may differ as foreign exchange rates change. Realized gains and losses are ultimately determined by actual exchange rates at maturity of the derivative.

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The following table is a summary of the activity related to derivatives and hedges for the fiscal second quarters ended in 2022 and 2021, net of tax:
July 3, 2022 July 4, 2021
(Dollars in Millions) Sales Cost of Products Sold R&D Expense Interest (Income) Expense Other (Income) Expense Sales Cost of Products Sold R&D Expense Interest (Income) Expense Other (Income) Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
    Hedged items $ —  —  —  (241) —  —  —  —  (6) — 
    Derivatives designated as hedging instruments —  —  —  241  —  —  —  —  — 
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing —  —  —  44  —  —  —  —  40  — 
   Amount of gain or (loss) recognized in AOCI —  —  —  44  —  —  —  —  40  — 
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (17) (6) 42  —  (39) 11  14  104  — 
   Amount of gain or (loss) recognized in AOCI (25) 35  69  —  (38) (3) (50) 119  — 
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income —  —  —  102  —  —  —  99  — 
   Amount of gain or (loss) recognized in AOCI $ —  —  —  60  —  —  —  —  286  — 














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The following table is a summary of the activity related to derivatives and hedges for the fiscal six months ended in 2022 and 2021, net of tax:


July 3, 2022 July 4, 2021
(Dollars in Millions) Sales Cost of Products Sold R&D Expense Interest (Income) Expense Other (Income) Expense Sales Cost of Products Sold R&D Expense Interest (Income) Expense Other (Income) Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
 Hedged items $ —  —  —  (772) —  —  —  —  (6) — 
 Derivatives designated as hedging instruments —  —  —  772  —  —  —  —  — 
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing —  —  —  89  —  —  —  —  80  — 
   Amount of gain or (loss) recognized in AOCI —  —  —  89  —  —  —  —  80  — 
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (34) (58) 65  —  (57) 28  48  (9) — 
   Amount of gain or (loss) recognized in AOCI (3) (59) 102  —  (111) (6) (243) 43  —  25 
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income —  —  —  222  —  —  —  —  191  — 
   Amount of gain or (loss) recognized in AOCI $ —  —  —  (68) —  —  —  —  (21) — 







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As of July 3, 2022, and January 2, 2022, the following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges
Line item in the Consolidated Balance Sheet in which the hedged item is included Carrying Amount of the Hedged Liability
Cumulative Amount of Fair Value Hedging Gain/ (Loss) Included in the Carrying Amount of the Hedged Liability
(Dollars in Millions) July 3, 2022 January 2, 2022 July 3, 2022 January 2, 2022
Long-term Debt $ 9,035  9,793  (1,010) (142)


The following table is the effect of derivatives not designated as hedging instruments for the fiscal second quarters ended 2022 and 2021:
Gain/(Loss)
Recognized In
Income on Derivative
Gain/(Loss)
Recognized In
Income on Derivative
(Dollars in Millions) Location of Gain /(Loss) Recognized in Income on Derivative Fiscal Second Quarter Ended Fiscal Six Months Ended
Derivatives Not Designated as Hedging Instruments July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021
Foreign Exchange Contracts Other (income) expense $ 73  (21) 102  (37)


The following table is the effect of net investment hedges for the fiscal second quarters ended in 2022 and 2021:
Gain/(Loss)
Recognized In
Accumulated
OCI
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income Into Income Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions) July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021
Debt $ 202  (45) Interest (income) expense —  — 
Cross Currency interest rate swaps $ 313  (70) Interest (income) expense —  — 

The following table is the effect of net investment hedges for the fiscal six months ended in 2022 and 2021
Gain/(Loss)
Recognized In
Accumulated OCI
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income Into Income Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions) July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021
Debt $ 270  164  Interest (income) expense —  — 
Cross Currency interest rate swaps $ 873  291  Interest (income) expense —  — 

The Company holds equity investments with readily determinable fair values and equity investments without readily determinable fair values. The Company has elected to measure equity investments that do not have readily determinable fair
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values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
The following table is a summary of the activity related to equity investments:
(Dollars in Millions) January 2, 2022 July 3, 2022
Carrying Value
Changes in Fair Value Reflected in Net Income (1)
Sales/ Purchases/Other (2)
Carrying Value Non Current Other Assets
Equity Investments with readily determinable value $ 1,884  (508) (36) 1,340  1,340 
Equity Investments without readily determinable value $ 500  (14) 35  521  521 
(1) Recorded in Other Income/Expense
(2) Other includes impact of currency

For equity investments without readily determinable market values, there was a decrease of $14 million in the fair value reflected in net income as a result of impairments.

Subsequent to the fiscal second quarter ended July 3, 2022, the Company sold all of its shares in argenx SE for proceeds of $0.6 billion.

Fair value is the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement determined using assumptions that market participants would use in pricing an asset or liability. In accordance with ASC 820, a three-level hierarchy was established to prioritize the inputs used in measuring fair value. The levels within the hierarchy are described below with Level 1 inputs having the highest priority and Level 3 inputs having the lowest.

The fair value of a derivative financial instrument (i.e., forward foreign exchange contracts, interest rate contracts) is the aggregation by currency of all future cash flows discounted to its present value at the prevailing market interest rates and subsequently converted to the U.S. Dollar at the current spot foreign exchange rate. The Company does not believe that fair values of these derivative instruments materially differ from the amounts that could be realized upon settlement or maturity, or that the changes in fair value will have a material effect on the Company’s results of operations, cash flows or financial position. The Company also holds equity investments which are classified as Level 1 and debt securities which are classified as Level 2. The Company holds acquisition related contingent liabilities based upon certain regulatory and commercial events, which are classified as Level 3, whose values are determined using discounted cash flow methodologies or similar techniques for which the determination of fair value requires significant judgment or estimations.

The following three levels of inputs are used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets and liabilities.
Level 2 — Significant other observable inputs.
Level 3 — Significant unobservable inputs.

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The Company’s significant financial assets and liabilities measured at fair value as of July 3, 2022 and January 2, 2022 were as follows:
  July 3, 2022   January 2, 2022
(Dollars in Millions) Level 1 Level 2 Level 3 Total
Total(1)
Derivatives designated as hedging instruments:          
Assets:          
Forward foreign exchange contracts $ —  1,314  —  1,314  540 
Interest rate contracts (2)
—  1,979  —  1,979  796 
Total —  3,293  —  3,293  1,336 
Liabilities:          
Forward foreign exchange contracts —  1,513  —  1,513  881 
Interest rate contracts (2)
—  1,540  —  1,540  979 
Total —  3,053  —  3,053  1,860 
Derivatives not designated as hedging instruments:          
Assets:          
Forward foreign exchange contracts —  47  —  47  24 
Liabilities:          
Forward foreign exchange contracts —  44  —  44  28 
Other Investments:
Equity investments (3)
1,340  —  —  1,340  1,884 
Debt securities (4)
—  21,123  —  21,123  19,727 
Other Liabilities
Contingent consideration (5)
$ —  —  536  536  533 

Gross to Net Derivative Reconciliation July 3, 2022 January 2, 2022
(Dollars in Millions)
Total Gross Assets $ 3,340  1,360 
Credit Support Agreement (CSA) (3,226) (1,285)
Total Net Asset 114  75 
Total Gross Liabilities 3,097  1,888 
Credit Support Agreement (CSA) (2,993) (1,855)
Total Net Liabilities $ 104  33 

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Summarized information about changes in liabilities for contingent consideration is as follows:
July 3, 2022 July 4, 2021
(Dollars in Millions)
Beginning Balance $ 533  $ 633 
Changes in estimated fair value (6)
(88)
Additions 91  — 
Payments —  (48)
Ending Balance $ 536  $ 593 

(1)2021 assets and liabilities are all classified as Level 2 with the exception of equity investments of $1,884 million, which are classified as Level 1 and contingent consideration of $533 million, classified as Level 3.
(2) Includes cross currency interest rate swaps and interest rate swaps.
(3)    Classified as non-current other assets.
(4)    Classified within cash equivalents and current marketable securities.
(5)    Includes $519 million and $520 million, classified as non-current other liabilities as of July 3, 2022 and January 2, 2022, respectively. Includes $17 million and $13 million classified as current liabilities as of July 3, 2022 and January 2, 2022, respectively.
(6) Ongoing fair value adjustment amounts are primarily recorded in Research and Development expense.

The Company's cash, cash equivalents and current marketable securities as of July 3, 2022 comprised:
(Dollars in Millions) Carrying Amount Gain/( Loss) Estimated Fair Value Cash & Cash Equivalents Current Marketable Securities
Cash $ 3,337  —  3,337  3,337  — 
Non-U.S. sovereign securities(1)
538  (1) 537  —  538 
U.S. reverse repurchase agreements 2,112  —  2,112  2,112  — 
Corporate debt securities(1)
2,443  (8) 2,435  240  2,203 
Money market funds 1,968  —  1,968  1,968  — 
Time deposits(1)
1,047  —  1,047  1,047  — 
   Subtotal 11,445  (9) 11,436  8,704  2,741 
Unrealized Loss
U.S. Gov't securities 20,919  (45) 20,874  2,251  18,623 
Other sovereign securities —  — 
Corporate debt securities 247  (1) 246  28  218 
   Subtotal available for sale debt(2)
$ 21,169  (46) 21,123  2,279  18,844 
Total cash, cash equivalents and current marketable securities $ 32,614  (55) 32,559  10,983  21,585 
(1) Held to maturity investments are reported at amortized cost and gains or losses are reported in earnings.
(2) Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.

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As of the fiscal year ended January 2, 2022 the carrying amount was approximately the same as the estimated fair value.

Fair value of government securities and obligations and corporate debt securities was estimated using quoted broker prices and significant other observable inputs.

The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months from the date of purchase as current marketable securities. Available for sale securities with stated maturities of greater than one year from the date of purchase are available to fund current operations and are classified as cash equivalents and current marketable securities.

The contractual maturities of the available for sale securities as of July 3, 2022 are as follows:
(Dollars in Millions) Cost Basis Fair Value
Due within one year $ 21,155  21,109 
Due after one year through five years 14  14 
Due after five years through ten years —  — 
Total debt securities $ 21,169  21,123 
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Financial Instruments not measured at Fair Value:
The following financial liabilities are held at carrying amount on the consolidated balance sheet as of July 3, 2022:
(Dollars in Millions) Carrying Amount Estimated Fair Value
Financial Liabilities    
Current Debt $ 4,305  4,304 
Non-Current Debt    
6.73% Debentures due 2023
250  263 
3.375% Notes due 2023
802  805 
0.650% Notes due 2024 (750MM Euro 1.0408)
774  766 
5.50% Notes due 2024 (500MM GBP 1.2143)
605  647 
2.625% Notes due 2025
749  745 
0.550% Notes due 2025 940  872 
2.45% Notes due 2026
1,995  1,950 
2.95% Notes due 2027
911  899 
0.95% Notes due 2027
1,423  1,264 
2.90% Notes due 2028
1,496  1,462 
1.150% Notes due 2028 (750MM Euro 1.0408)
776  735 
6.95% Notes due 2029
298  372 
1.30% Notes due 2030
1,646  1,404 
4.95% Debentures due 2033
498  554 
4.375% Notes due 2033
855  895 
1.650% Notes due 2035 (1.5B Euro 1.0408)
1,554  1,370 
3.55% Notes due 2036
885  848 
5.95% Notes due 2037
993  1,181 
3.625% Notes due 2037
1,381  1,328 
3.40% Notes due 2038
992  898 
5.85% Debentures due 2038
697  817 
4.50% Debentures due 2040
540  546 
2.10% Notes due 2040
876  647 
4.85% Notes due 2041
297  312 
4.50% Notes due 2043
496  506 
3.70% Notes due 2046
1,975  1,830 
3.75% Notes due 2047
863  806 
3.50% Notes due 2048
743  677 
2.25% Notes due 2050
864  599 
2.45% Notes due 2060
1,108  773 
Other 10  10 
Total Non-Current Debt $ 28,292  26,781 

The weighted average effective interest rate on non-current debt is 3.04%.

The excess of the estimated fair value over the carrying value of debt was $3.2 billion at January 2, 2022.

The current debt balance as of July 3, 2022 includes $3.8 billion of commercial paper which has a weighted average interest rate of 0.98% and a weighted average maturity of approximately two months.
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Fair value of the non-current debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.

NOTE 5 — INCOME TAXES

The worldwide effective income tax rates for the fiscal six months quarters of 2022 and 2021 were 14.9% and 11.5%, respectively. This increase in the consolidated tax rate as compared to the prior year fiscal quarter is primarily due to the Company reorganizing the ownership structure of certain wholly-owned international subsidiaries in the second fiscal quarter of 2021. As part of this reorganization, the Company increased the tax basis of certain assets to fair value in accordance with the applicable local regulations. Accordingly the Company recorded a local deferred tax benefit of approximately $2.3 billion which was partially offset by a related increase in the U.S. GILTI deferred tax liability of approximately $1.7 billion. The net impact of this reorganization was approximately $0.6 billion net benefit or a 4.4% decrease to the effective tax rate of the fiscal six months of 2021.

Additionally, the Company had lower income in higher tax jurisdictions, primarily in the U.S., compared to the same period in the prior year and certain one-time tax costs. This lower income in the fiscal six months of 2022 was primarily caused by a mark to market adjustment to the Company’s investment portfolio, the impairment of the Bermekimab AD IPR&D (for further information see Note 3 to the Consolidated Financial Statements), both at the U.S. statutory rate, and litigation expenses. The impact of the income mix was partially offset by incremental tax costs directly related to the planned separation of the Company’s Consumer Health business (for further information see Note 1 to the Consolidated Financial Statements).

The Company also had additional tax benefits received from stock-based compensation that were either exercised or vested during each of the fiscal second quarters. Additionally, the Company’s tax rate benefited from certain provisions of the Tax Cuts and Jobs Act of 2017 that became effective in fiscal 2022.

As of July 3, 2022, the Company had approximately $3.4 billion of liabilities from unrecognized tax benefits. The Company conducts business and files tax returns in numerous countries and currently has tax audits in progress in a number of jurisdictions. With respect to the United States, the IRS has completed its audit for the tax years through 2012 and is currently auditing tax years 2013 through 2016. In other major jurisdictions where the Company conducts business, the years that remain open to tax audit go back to the year 2008. The Company believes it is possible that tax audits may be completed over the next twelve months by taxing authorities in some jurisdictions outside of the United States. However, the Company is not able to provide a reasonably reliable estimate of the timing of any other future tax payments relating to uncertain tax positions.

Subsequent to July 3, 2022, as part of the planned separation of the Company’s Consumer Health business the Company has recognized approximately $0.3 billion in incremental tax costs due to the reorganization of certain international subsidiaries which will be recorded in the fiscal third quarter.


NOTE 6 — PENSIONS AND OTHER BENEFIT PLANS

Components of Net Periodic Benefit Cost
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans include the following components:
Fiscal Second Quarter Ended Fiscal Six Months Ended
  Retirement Plans Other Benefit Plans Retirement Plans Other Benefit Plans
(Dollars in Millions) July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021
Service cost $ 319  327  80  77  640  680  160  154 
Interest cost 229  193  27  21  459  386  53  41 
Expected return on plan assets (693) (647) (2) (2) (1,392) (1,327) (4) (4)
Amortization of prior service cost/(credit) (46) (45) (2) (7) (92) (90) (3) (15)
Recognized actuarial losses 167  316  31  37  329  630  61  75 
Curtailments and settlements —  —  —  —  —  — 
Net periodic benefit cost/(credit) $ (24) 144  134  126  (55) 280  267  251 
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The service cost component of net periodic benefit cost is presented in the same line items on the Consolidated Statement of Earnings where other employee compensation costs are reported, including Cost of products sold, Research and development expense, and Selling, marketing and administrative expenses. All other components of net periodic benefit cost are presented as part of Other (income) expense, net on the Consolidated Statement of Earnings.

Company Contributions
For the fiscal six months ended July 3, 2022, the Company contributed $54 million and $10 million to its U.S. and international retirement plans, respectively. The Company plans to continue to fund its U.S. defined benefit plans to comply with the Pension Protection Act of 2006. International plans are funded in accordance with local regulations.


NOTE 7 — ACCUMULATED OTHER COMPREHENSIVE INCOME

Components of other comprehensive income (loss) consist of the following:
  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 2, 2022 $ (10,017) (3) (2,702) (336) (13,058)
Net change (705) (33) 230  (277) (785)
July 3, 2022 $ (10,722) (36) (2,472) (613) (13,843)

Amounts in accumulated other comprehensive income are presented net of the related tax impact. Foreign currency translation is not adjusted for income taxes where it relates to permanent investments in international subsidiaries. For additional details on comprehensive income see the Consolidated Statements of Comprehensive Income.

Details on reclassifications out of Accumulated Other Comprehensive Income:
Gain/(Loss) On Securities - reclassifications released to Other (income) expense, net.
Employee Benefit Plans - reclassifications are included in net periodic benefit cost. See Note 6 for additional details.
Gain/(Loss) On Derivatives & Hedges - reclassifications to earnings are recorded in the same account as the underlying transaction. See Note 4 for additional details.
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NOTE 8 — EARNINGS PER SHARE

The following is a reconciliation of basic net earnings per share to diluted net earnings per share:
  Fiscal Second Quarter Ended Fiscal Six Months Ended
(Shares in Millions) July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021
Basic net earnings per share $ 1.83  2.38  3.79  4.74 
Average shares outstanding — basic 2,629.6  2,632.5  2,629.4  2,632.0 
Potential shares exercisable under stock option plans 143.7  141.9  141.8  126.0 
Less: shares which could be repurchased under treasury stock method (105.4) (102.8) (102.0) (84.0)
Average shares outstanding — diluted 2,667.9  2,671.6  2,669.2  2,674.0 
Diluted net earnings per share $ 1.80  2.35  3.73  4.67 

The diluted net earnings per share calculation for both the fiscal second quarter ended July 3, 2022 and July 4, 2021 included all shares related to stock options, as the exercise price of all options was less than the average market value of the Company’s stock.

The diluted net earnings per share calculation for the fiscal six months ended July 3, 2022 included all shares related to stock options, as the exercise price of all options was less than the average market value of the Company’s stock. The diluted net earnings per share calculation for the fiscal six months ended July 4, 2021 excluded 14 million shares related to stock options, as the exercise price of these options was greater than the average market value of the Company's stock.


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NOTE 9 — SEGMENTS OF BUSINESS AND GEOGRAPHIC AREAS

SALES BY SEGMENT OF BUSINESS
  Fiscal Second Quarter Ended Fiscal Six Months Ended
(Dollars in Millions) July 3,
2022
July 4,
2021
Percent
Change
July 3,
2022
July 4,
2021
Percent Change
CONSUMER HEALTH (1)
     
OTC
     U.S. $ 663  675  (1.8) % $ 1,333  1,274  4.6  %
     International 818  752  8.8  1,609  1,425  12.9 
     Worldwide 1,482  1,426  3.8  2,943  2,699  9.0 
Skin Health/Beauty
     U.S. 629  659  (4.5) 1,173  1,293  (9.2)
     International 497  511  (2.8) 965  1,040  (7.2)
     Worldwide 1,126  1,170  (3.7) 2,138  2,333  (8.3)
Oral Care
     U.S. 170  165  3.4  313  328  (4.6)
     International 224  260  (14.1) 447  514  (13.0)
     Worldwide 394  426  (7.3) 760  843  (9.7)
Baby Care
     U.S. 88  97  (9.1) 173  193  (10.3)
     International 287  290  (1.0) 557  583  (4.4)
     Worldwide 375  387  (3.1) 730  776  (5.9)
Women's Health
     U.S. 8.9  8.1 
     International 228  227  0.1  452  446  1.3 
     Worldwide 230  230  0.2  458  452  1.4 
Wound Care/Other
     U.S. 133  153  (12.7) 245  268  (8.6)
     International 65  64  1.7  117  125  (6.6)
     Worldwide 197  216  (8.4) 361  393  (8.0)
TOTAL CONSUMER HEALTH
     U.S. 1,687  1,751  (3.6) 3,244  3,362  (3.5)
     International 2,118  2,103  0.6