Skip to content
AnalystLens

JOHNSON & JOHNSON Annual Report (Amendment), Year Ended Dec 29, 2002

Filing Date
Filed June 26, 2003
Period End
December 29, 2002
Security
JNJ
In the record · 2016–202610-K1110-Q338-K134

JNJ filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jun ’17Jun ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Abstract

Summary

Summary of the 10-K/A filed June 26, 2003. Cited figures are marked; the original filing is the authoritative source.

This 10-K/A amendment from Johnson & Johnson (fiscal year ended December 29, 2002) is not a full annual report.

Its operative content is limited to the Form 11-K financial statements for four employee savings and retirement plans, which the company files as exhibits. The filing states that Parts I and II are incorporated by reference from the 2002 annual report to shareowners, so the primary business, revenue, earnings, and segment results are not contained in this document. The filing does disclose that roughly 2.97 billion common shares were outstanding as of February 25, 2003, and that the aggregate market value of non-affiliate voting stock was approximately $156 billiona as of June 28, 2002.

The largest plan, the Johnson & Johnson Savings Plan, held net assets of about $4.19 billionb at December 31, 2002, down from $4.37 billion a year earlier, a decline of roughly $185 million. The decrease was driven primarily by net investment depreciation of about $506 million, largely reflecting weak equity markets. Of the plan's assets, the J&J Stock Fund held about $1.57 billion and the ESOP trust fund about $498 million, so company stock remained a major component of employee retirement savings.

The Retirement Savings Plan (Puerto Rico) held about $100 millionc, and the Union Represented Employees plan about $35 million. The ALZA Tax Deferral Investment Plan held about $134 million, reflecting the 2001 merger with ALZA. For investors, the central takeaway is that this filing offers little on the company's operating performance.

It mainly documents employee benefit plan balances and shows that the 2002 equity market downturn reduced retirement asset values, with company-stock exposure a notable feature. Investors seeking financial results, guidance, or risk factors should consult the 2002 annual report to shareowners and the original 10-K.

02—Key points

Key Highlights

  1. Filing type is a 10-K/A amendment whose substantive content is Form 11-K financial statements for four employee savings plans; core business results are incorporated by reference from the 2002 shareowner report.
  2. Approximately 2,969,972,365 common shares outstanding as of February 25, 2003.
  3. Aggregate market value of non-affiliate voting stock was approximately $156 billion as of June 28, 2002.
  4. Johnson & Johnson Savings Plan net assets fell to about $4.19 billion at year-end 2002 from $4.37 billion, a decline of about $185 million.
  5. Net depreciation in fair value of plan investments of about $506 million in 2002 drove the decline, reflecting weak equity markets.
  6. The J&J Stock Fund (~$1.57 billion) and ESOP trust (~$498 million) remained major holdings, indicating significant employee concentration in company stock.
  7. The ALZA Tax Deferral Investment Plan's net assets fell to about $134 million, and the Retirement Savings Plan held about $100 million, reflecting plan-level performance and the 2001 ALZA merger.

03—Questions

Frequently Asked Questions

  1. Does this filing contain Johnson & Johnson's annual financial results?

    No. Parts I and II, which would contain the business description and financial results, are incorporated by reference from the 2002 annual report to shareowners. This 10-K/A primarily attaches Form 11-K financial statements for employee savings plans.

  2. Why did the Johnson & Johnson Savings Plan's net assets decline in 2002?

    Net assets fell from about $4.37 billion to $4.19 billion, mainly due to roughly $506 million of net investment depreciation. Benefits paid of about $165 million and administrative and interest costs also contributed, partly offset by about $498 million in additions from contributions and investment income.

  3. How much of the employee savings plan assets are invested in Johnson & Johnson stock?

    The J&J Stock Fund held about $1.57 billion and the ESOP trust fund about $498 million at December 31, 2002. Together these represent a substantial share of the main savings plan's roughly $4.2 billion in net assets, though the exact percentage of total plan assets is not stated in the filing.

  4. What is the significance of the ALZA plan in this filing?

    The ALZA Corporation Tax Deferral Investment Plan's assets reflect the June 2001 merger between Johnson & Johnson and ALZA. Its net assets declined to about $134 million in 2002, and the company does not anticipate further employer contributions to the plan, though its future has not been determined.

  5. Where should investors look for the company's business and financial performance details?

    Investors should refer to the original 2002 Form 10-K and the Annual Report to Shareowners for fiscal 2002, which contain the business overview, financial statements, and risk discussion that this amendment incorporates by reference.

04—Continue

← View all 10-K filings