8-K/AOther Events

JOHNSON & JOHNSON 8-K/A Report (Apr 30, 2002)

Filed April 30, 2002For Securities:JNJ

Summary

Johnson & Johnson (JNJ) filed an amendment to its Current Report (8-K/A) on April 30, 2002, primarily to disclose unaudited financial information for the 11-year period ended December 30, 2001. The core of this filing relates to J&J's retroactive adoption of EITF Issue No. 01-09, which standardizes the accounting treatment for consideration provided by vendors to customers or resellers. This adoption impacts how sales incentives and similar arrangements are presented in financial statements. The filing includes detailed consolidated statements of earnings for the eleven-year period ending December 30, 2001, along with segment data for the three years prior. Additionally, unaudited quarterly financial data for fiscal year 2001 is provided. Investors should note that this is an accounting standards update and not indicative of new operational developments or performance trends, but rather a retrospective adjustment to financial reporting.

Key Highlights

  • 1Johnson & Johnson retroactively adopted EITF Issue No. 01-09 regarding accounting for vendor consideration given to customers or resellers.
  • 2The filing includes unaudited consolidated financial statements of earnings for the 11-year period ended December 30, 2001.
  • 3Segment of business data for the three-year period ended December 30, 2001, is also provided.
  • 4Unaudited quarterly financial data for the fiscal year 2001 is being filed.
  • 5This 8-K/A amendment is primarily informational, detailing an accounting standard change and the associated financial data restatement.
  • 6The adoption of EITF 01-09 aims to standardize the accounting for sales incentives and related vendor programs.

Frequently Asked Questions

EITF Issue No. 01-09, 'Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products,' provides guidance on how companies should account for payments, discounts, or other incentives offered to customers or resellers. Johnson & Johnson is adopting this standard to ensure consistent and comparable financial reporting for these types of transactions, as it codifies existing EITF consensuses on related matters like sales incentives.

No, this filing is primarily an accounting update related to the adoption of a new accounting standard (EITF 01-09). It does not signal a change in the company's operational performance or underlying business trends. Instead, it represents a retrospective adjustment to how historical financial data is presented to align with the new accounting guidance.

The filing includes unaudited consolidated statements of earnings for an 11-year period ending December 30, 2001. It also provides segment data for the three years prior to that date and unaudited quarterly financial data for the fiscal year 2001. This information is presented to reflect the impact of adopting EITF 01-09.

The detailed financial statements, including the consolidated statements of earnings and segment data, are filed as Exhibit 99.15 to this Form 8K-A. The unaudited quarterly financial data for fiscal year 2001 is filed as Exhibit 99.2O.