Summary
This Current Report (8-K) filed by Johnson & Johnson (JNJ) on April 29, 2003, primarily addresses the company's use of non-GAAP financial disclosures within its Annual Report on Form 10-K for the fiscal year ended December 29, 2002. The filing includes Exhibit 99.15, which details the company's rationale for employing these non-GAAP measures and provides reconciliations to the corresponding Generally Accepted Accounting Principles (GAAP) figures. Investors should note that while the 8-K itself doesn't present new financial results, it highlights the company's commitment to transparency regarding its financial reporting practices. The accompanying exhibit is crucial for understanding how JNJ presents its performance outside of standard GAAP, offering insights into management's perspective on operational results. Shareholders reviewing the 2002 10-K should pay close attention to Exhibit 99.15 for a complete understanding of the financial data presented.
Key Highlights
- 1Johnson & Johnson is clarifying its use of non-GAAP financial disclosures in its 2002 Form 10-K.
- 2The filing includes an exhibit (99.15) explaining the reasons for using non-GAAP measures.
- 3Exhibit 99.15 provides reconciliations of non-GAAP disclosures to their GAAP equivalents.
- 4The purpose is to offer management's perspective on operational performance alongside GAAP reporting.
- 5This report is supplemental to the previously filed 2002 Annual Report on Form 10-K.
- 6The Chief Accounting Officer, Stephen J. Cosgrove, signed the report.