Kenvue Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Kenvue Inc. has officially submitted its 2023 10-K annual report, detailing its financial performance and operational activities for the fiscal year ending December 31, 2023.</b>

AI Summary

Kenvue Inc. (KVUE) filed a Annual Report (10-K) with the SEC on March 1, 2024. Kenvue Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 2, 2023, to December 31, 2023. Key dates include the IPO on May 8, 2023. The company's principal business address is 199 Grandview Road, Skillman, NJ 08558. Kenvue Inc. operates in the Perfumes, Cosmetics & Other Toilet Preparations industry (SIC 2844).

Why It Matters

For investors and stakeholders tracking Kenvue Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kenvue's financial health, operational performance, and strategic positioning for the fiscal year 2023, including details around its IPO. Investors and analysts can use this report to assess the company's financial stability, growth prospects, and potential risks in the consumer health sector.

Risk Assessment

Risk Level: medium — Kenvue Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the company is relatively new as a public entity following its IPO in May 2023, meaning its long-term performance trends are still developing.

Analyst Insight

Monitor Kenvue's upcoming quarterly reports and investor calls for insights into its post-IPO performance and strategic execution within the competitive consumer health market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of Report)
• 2024-03-01 — Filing Date (As of Date)
• 2023-01-02 — Fiscal Year Start (Reporting Period Start)
• 2023-05-08 — IPO Date (Key Event Date)

Key Players & Entities

• Kenvue Inc. (company) — Filer name
• 0001944048 (company) — Central Index Key
• 2844 (regulator) — Standard Industrial Classification
• 199 Grandview Road, Skillman, NJ 08558 (company) — Business Address
• JNTL, Inc. (company) — Former Company Name
• 20220825 (company) — Date of Name Change
• 001-41697 (regulator) — SEC File Number
• 2023-05-08 (dollar_amount) — IPO Date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially filed with the SEC.
• 2023-05-08: IPO Date — Significant event marking Kenvue's transition to a public company.

Key Financial Figures

• $0.01 K — ich registered Common Stock, Par Value $0.01 KVUE New York Stock Exchange Indicate b
• $0.01 — , 1,914,581,851 shares of Common Stock, $0.01 par value, were outstanding. DOCUMENT
• $15.4 billion — raordinary power of everyday care. With $15.4 billion in net sales in 2023, we are the world'

Filing Documents

• kvue-20231231.htm (10-K) — 3250KB
• exhibit44-descriptionofsec.htm (EX-4.4) — 35KB
• exhibit1010-formoftransiti.htm (EX-10.10) — 162KB
• exhibit1019-formofglobalpe.htm (EX-10.19) — 101KB
• exhibit10ormofglobalnonqua.htm (EX-10.20) — 119KB
• exhibit1021-formofglobalre.htm (EX-10.21) — 103KB
• exhibit21-kenvueincsubsidi.htm (EX-21) — 67KB
• exhibit23-consentofindepen.htm (EX-23) — 2KB
• a20234qex311ceocertificati.htm (EX-31.1) — 9KB
• a20234qex312cfocertificati.htm (EX-31.2) — 9KB
• a20234qex321ceocertificati.htm (EX-32.1) — 6KB
• a20234qex322cfocertificati.htm (EX-32.2) — 5KB
• exhibit97-incentivecompens.htm (EX-97) — 30KB
• kvue-20231231_g1.jpg (GRAPHIC) — 90KB
• 0001944048-24-000057.txt (&nbsp;) — 18806KB
• kvue-20231231.xsd (EX-101.SCH) — 88KB
• kvue-20231231_cal.xml (EX-101.CAL) — 124KB
• kvue-20231231_def.xml (EX-101.DEF) — 576KB
• kvue-20231231_lab.xml (EX-101.LAB) — 1225KB
• kvue-20231231_pre.xml (EX-101.PRE) — 933KB
• kvue-20231231_htm.xml (XML) — 3556KB

Business

Business 5 Company Overview 5 Brands and Product Portfolio 6 Brand Marketing 6 Product Development and Innovation 6 Supply Chain and Manufacturing 7 Competition 8 Environmental, Social , and Governance 8 Human Capital 10 Intellectual Property 11 Government Regulations 12 Seasonality 17 A vailable Information 17 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 57 I tem 1C. C ybersecurity 57 Item 2.

Properties

Properties 58 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6. [Reserved] 60 Item 7. Managemen t ' s Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 75 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 76 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 135 Item 9A.

Controls and Procedures

Controls and Procedures 136 Item 9B. Other Information 136 Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 136 Part III. Item 10. Directors, Executive Officers and Corporate Governance 137 Item 11.

Executive Compensation

Executive Compensation 137 Item 12.

Security Ownership of Certain Beneficial Owners and Management and R elated Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and R elated Stockholder Matters 137 Item 13. Certain Relationships and Related Transactions and Director Independence 137 Item 14. Principal Accountant Fees and Services 137 Part IV. Item 15. Exhibits and Financial Statement Schedules 138 Item 16. Form 10-K Summary 140

Signatures

Signatures 141 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and Kenvue Inc.'s ("Kenvue," the "Company" or "we") 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. 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 and financial performance impact of planned acquisitions and dispositions our strategy for growth and cost savings product development activities regulatory approvals market position; expenditures; and the effects of the Separation (as defined in Item 1, "Business") on our business. Because forward-looking statements are based on current beliefs, expectations, and assumptions regarding future events, they are subject to risks, uncertainties, and changes that are difficult to predict and many of which are outside of our control. You should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual results and financial condition could vary materially from expectations and projections expressed or implied in our forward-looking statements. Risks and uncertainties include but are not limited to: Our ability to expand globally, implement our digital-first approach and respond appropriately to competitive pressure, including pressure from private-label brands and generic non-branded products, market trends, costs and cost-saving initiatives, and customer and consumer preferences; The rapidly changing retail landscape, includin

BUSINESS

Item 1. BUSINESS Company Overview At Kenvue, our purpose is to realize the extraordinary power of everyday care. With $15.4 billion in net sales in 2023, we are the world's largest pure-play consumer health company by revenue. We seek to deliver sustainable profitable growth through delivering science-backed innovative products, solutions and experiences centered around consumer health. With a presence in more than 165 countries worldwide and an over 135-year legacy, we are a global leader at the intersection of healthcare and consumer goods. We operate our business through three reportable business segments: 1) Self Care, 2) Skin Health and Beauty, and 3) Essential Health. Our differentiated portfolio comprises a range of products that include iconic brands and widely recognized household names such as Tylenol , Neutrogena , Listerine , Johnson's , BAND-AID Brand Adhesive Bandages, Aveeno , Zyrtec , and Nicorette . This broad portfolio allows us to provide holistic consumer health solutions to our consumers across a spectrum of product categories and hold leading positions across numerous large and attractive categories globally. These comprehensive solutions are backed by science and several of our brands have a long history of recommendations by healthcare professionals, which further reinforces our consumers' confidence in our brands. Our brand portfolio and global scale across four regions—1) North America, 2) Asia Pacific ("APAC"), 3) Europe, Middle East, and Africa ("EMEA"), and 4) Latin America ("LATAM")—and is well balanced geographically with approximately half of its net sales generated outside North America in 2023. We aim to leverage our flexible distribution network, consumer health thought leadership and data-driven customer partnerships to continue to drive joint value creation for us and our retail customers. Underpinned by Kenvue's Healthy Lives Mission, our comprehensive Environmental, Social, and Governance ("ESG") strategy, our core capabi

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View this 10-K filing on SEC EDGAR