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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 April 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 (732524-0400
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 filerAccelerated 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 classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $1.00JNJNew York Stock Exchange
0.650% Notes Due May 2024JNJ24CNew York Stock Exchange
5.50% Notes Due November 2024JNJ24BPNew York Stock Exchange
1.150% Notes Due November 2028JNJ28New York Stock Exchange
1.650% Notes Due May 2035JNJ35New 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 April 22, 2022, 2,631,401,804 shares of Common Stock, $1.00 par value, were outstanding.





JOHNSON & JOHNSON AND SUBSIDIARIES
TABLE OF CONTENTS
 Page
 No.
  
  
  
  
  
  
  
  
  
  
  
  
  





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)
April 3, 2022January 2, 2022
ASSETS
Current assets:  
Cash and cash equivalents$10,463 14,487 
Marketable securities19,925 17,121 
Accounts receivable, trade, less allowances for doubtful accounts and credit losses $234 (2021, $230)
15,594 15,283 
Inventories (Note 2)10,990 10,387 
Prepaid expenses and other3,452 3,701 
Total current assets60,424 60,979 
Property, plant and equipment at cost47,702 47,679 
Less: accumulated depreciation(29,001)(28,717)
Property, plant and equipment, net18,701 18,962 
Intangible assets, net (Note 3)44,420 46,392 
Goodwill (Note 3)34,935 35,246 
Deferred taxes on income (Note 5)9,936 10,223 
Other assets9,939 10,216 
Total assets$178,355 182,018 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:  
Loans and notes payable$4,297 3,766 
Accounts payable9,309 11,055 
Accrued liabilities13,006 13,612 
Accrued rebates, returns and promotions12,972 12,095 
Accrued compensation and employee related obligations2,098 3,586 
Accrued taxes on income (Note 5)1,708 1,112 
Total current liabilities43,390 45,226 
Long-term debt (Note 4)28,851 29,985 
Deferred taxes on income (Note 5)6,424 7,487 
Employee related obligations (Note 6)8,739 8,898 
Long-term taxes payable (Note 5)5,745 5,713 
Other liabilities10,497 10,686 
Total liabilities$103,646 107,995 
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)(13,757)(13,058)
Retained earnings124,380 123,060 
Less: common stock held in treasury, at cost (490,459,000 and 490,878,000 shares)
39,034 39,099 
Total shareholders’ equity74,709 74,023 
Total liabilities and shareholders' equity$178,355 182,018 
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 First Quarter Ended
April 3,
2022
Percent
to Sales
April 4,
2021
Percent
to Sales
Sales to customers (Note 9)$23,426 100.0 %$22,321 100.0 %
Cost of products sold7,598 32.4 7,063 31.7 
Gross profit15,828 67.6 15,258 68.3 
Selling, marketing and administrative expenses5,938 25.4 5,432 24.3 
Research and development expense3,462 14.8 3,178 14.2 
In-process research and development610 2.6   
Interest income(22)(0.1)(15)(0.1)
Interest expense, net of portion capitalized10 0.0 63 0.3 
Other (income) expense, net(102)(0.4)(882)(3.9)
Restructuring (Note 12)70 0.3 53 0.2 
Earnings before provision for taxes on income5,862 25.0 7,429 33.3 
Provision for taxes on income (Note 5)713 3.0 1,232 5.5 
NET EARNINGS $5,149 22.0 %$6,197 27.8 %
NET EARNINGS PER SHARE (Note 8)    
Basic$1.96  $2.35  
Diluted$1.93  $2.32  
AVG. SHARES OUTSTANDING    
Basic2,629.2  2,631.6  
Diluted2,666.5  2,672.7  


See Notes to Consolidated Financial Statements



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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; Dollars in Millions)
Fiscal First Quarter Ended
April 3, 2022April 4, 2021
Net earnings $5,149 6,197 
Other comprehensive income (loss), net of tax
Foreign currency translation(554)276 
Securities:
  Unrealized holding gain (loss) arising during period(13) 
  Reclassifications to earnings  
  Net change(13) 
Employee benefit plans:
  Prior service cost amortization during period(53)(41)
  Gain (loss) amortization during period217 274 
  Net change164 233 
Derivatives & hedges:
  Unrealized gain (loss) arising during period(195)(522)
  Reclassifications to earnings(101)(73)
  Net change(296)(595)
Other comprehensive income (loss)(699)(86)
Comprehensive income $4,450 6,111 
See Notes to Consolidated Financial Statements
The tax effects in other comprehensive income for the fiscal first quarter were as follows for 2022 and 2021, respectively: Foreign Currency Translation: $145 million and $319 million; Securities: $3 million in 2022; Employee Benefit Plans: $19 million and $66 million; Derivatives & Hedges: $78 million and $157 million.
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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; Dollars in Millions)



Fiscal First Quarter Ended April 3, 2022
TotalRetained
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 earnings5,149 5,149 — — — 
Cash dividends paid ($1.06 per share)
(2,787)(2,787)— — — 
Employee compensation and stock option plans600 (1,042)— — 1,642 
Repurchase of common stock(1,577)— — — (1,577)
Other comprehensive income (loss), net of tax(699)— (699)— — 
Balance, April 3, 2022$74,709 124,380 (13,757)3,120 (39,034)






Fiscal First Quarter Ended April 4, 2021
TotalRetained
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 earnings6,197 6,197 — — — 
Cash dividends paid ($1.01 per share)
(2,659)(2,659)— — — 
Employee compensation and stock option plans542 (920)— — 1,462 
Repurchase of common stock(1,438)— — — (1,438)
Other comprehensive income (loss), net of tax(86)— (86)— — 
Balance, April 4, 2021$65,834 116,508 (15,328)3,120 (38,466)




See Notes to Consolidated Financial Statements
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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in Millions)
 Fiscal Three Months Ended
April 3,
2022
April 4,
2021
CASH FLOWS FROM OPERATING ACTIVITIES  
Net earnings $5,149 6,197 
Adjustments to reconcile net earnings to cash flows from operating activities:  
Depreciation and amortization of property and intangibles1,769 1,894 
Stock based compensation278 307 
Asset write-downs610 14 
Net gain on sale of assets/businesses(168)(580)
Deferred tax provision(926)(730)
Credit losses and accounts receivable allowances 6 (13)
Changes in assets and liabilities, net of effects from acquisitions and divestitures:  
Increase in accounts receivable(427)(1,604)
Increase in inventories(600)(695)
Decrease in accounts payable and accrued liabilities(2,817)(2,336)
Decrease in other current and non-current assets995 2,522 
Increase/(Decrease) in other current and non-current liabilities110 (902)
NET CASH FLOWS FROM OPERATING ACTIVITIES3,979 4,074 
CASH FLOWS FROM INVESTING ACTIVITIES  
Additions to property, plant and equipment(607)(677)
Proceeds from the disposal of assets/businesses, net (Note 10)248 603 
Acquisitions, net of cash acquired (Note 10)(252) 
Purchases of investments(9,018)(5,994)
Sales of investments6,303 5,233 
Credit support agreements activity, net(249)751 
Other (primarily licenses and milestones)(59)(101)
NET CASH USED BY INVESTING ACTIVITIES(3,634)(185)
CASH FLOWS FROM FINANCING ACTIVITIES  
Dividends to shareholders(2,787)(2,659)
Repurchase of common stock(1,577)(1,438)
Proceeds from short-term debt3,019 23 
Repayment of short-term debt(856)(475)
Proceeds from long-term debt, net of issuance costs 1 
Repayment of long-term debt(2,132)(1,001)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net321 236 
Credit support agreements activity, net(235)212 
Other(138)(24)
NET CASH USED BY FINANCING ACTIVITIES(4,385)(5,125)
Effect of exchange rate changes on cash and cash equivalents16 (78)
Decrease in cash and cash equivalents(4,024)(1,314)
Cash and Cash equivalents, beginning of period14,487 13,985 
CASH AND CASH EQUIVALENTS, END OF PERIOD$10,463 12,671 
Acquisitions
Fair value of assets acquired$255  
Fair value of liabilities assumed and noncontrolling interests(3) 
Net cash paid for acquisitions$252  
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 April 3, 2022 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, inventory and related reserves, accrued rebates and associated reserves, and the carrying value of the goodwill and other long-lived assets along with the Company’s on-going vaccine development and distribution efforts. While there was not a material impact to the Company’s consolidated financial statements as of and for the quarter ended April 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 first quarter of 2022 that impacted the Company.

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

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




NOTE 2 — INVENTORIES
(Dollars in Millions)April 3, 2022January 2, 2022
Raw materials and supplies$1,679 1,592 
Goods in process2,629 2,287 
Finished goods6,682 6,508 
Total inventories$10,990 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)April 3, 2022January 2, 2022
Intangible assets with definite lives:  
Patents and trademarks — gross$37,960 38,572 
Less accumulated amortization(20,492)(20,088)
Patents and trademarks — net17,468 18,484 
Customer relationships and other intangibles — gross22,910 23,011 
Less accumulated amortization(12,147)(11,925)
Customer relationships and other intangibles — net(1)
10,763 11,086 
Intangible assets with indefinite lives:  
Trademarks6,947 6,985 
Purchased in-process research and development(2)
9,242 9,837 
Total intangible assets with indefinite lives16,189 16,822 
Total intangible assets — net$44,420 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.

Goodwill as of April 3, 2022 was allocated by segment of business as follows:
(Dollars in Millions)Consumer HealthPharmaceuticalMedTechTotal
Goodwill at January 2, 2022$9,810 10,580 14,856 35,246 
Goodwill, related to acquisitions  73 73 
Currency translation/Other(195)(170)(19)(384)
Goodwill at April 3, 2022$9,615 10,410 14,910 34,935 

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 first quarters ended April 3, 2022 and April 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)
20222023202420252026
$4,6004,6004,4003,6003,000

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 April 3, 2022, the cumulative amount of cash collateral paid by the Company under the CSA amounted to $1.1 billion 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 April 3, 2022, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $42.5 billion, $37.4 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 April 3, 2022, the balance of deferred net loss on derivatives included in accumulated other comprehensive income was $632 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 first quarters ended in 2022 and 2021, net of tax:
April 3, 2022April 4, 2021
(Dollars in Millions)SalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) ExpenseSalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (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$   (531)      
    Derivatives designated as hedging instruments   531       
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   45     40  
   Amount of gain or (loss) recognized in AOCI   45