Johnson and Johnson 2011 Annual Report Download - page 55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 53
LEVEL3GAINSANDLOSSES
The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years ended January 1, 2012 and
January 2, 2011:
Debt Equity Commingled Insurance Other Total
(Dollars in Millions) Instruments Securities Funds Contracts Assets Level 3
Balance January 3, 2010 $ 5 15 26 32 82 160
Realized gains (losses) (1) ——(3) 1 (3)
Unrealized gains (losses) 144—(3) 6
Purchases, sales, issuances and settlements, net 855—220
Balance January 2, 2011 13 24 35 29 82 183
Realized gains (losses) —3—1—4
Unrealized gains (losses) 1 (2) (6) (2) (17) (26)
Purchases, sales, issuances and settlements, net (5) (9) 4 (3) —(13)
Balance January 1, 2012 $ 9 16 33 25 65 148
11. Savings Plan
The Company has voluntary 401(k) savings plans designed to
enhance the existing retirement programs covering eligible employ-
ees. The Company matches a percentage of each employee’s
contributions consistent with the provisions of the plan for which
he/she is eligible. Total Company matching contributions to the
plans were $157 million, $157 million and $163 million in 2011, 2010
and 2009, respectively.
12. Capital and Treasury Stock
Changes in treasury stock were:
(Amounts in Millions Except Treasury Treasury Stock
Stock Shares in Thousands) Shares Amount
Balance at December 28, 2008 350,665 $19,033
Employee compensation and stock option plans (22,257) (1,383)
Repurchase of common stock 37,114 2,130
Balance at January 3, 2010 365,522 19,780
Employee compensation and stock option plans (28,866) (1,794)
Repurchase of common stock 45,090 2,797
Balance at January 2, 2011 381,746 20,783
Employee compensation and stock option plans (26,007) (1,649)
Repurchase of common stock 39,741 2,525
Balance at January 1, 2012 395,480 $21,659
Aggregate shares of Common Stock issued were approximately
3,119,843,000 shares at the end of 2011, 2010 and 2009.
Cash dividends paid were $2.25 per share in 2011, compared
with dividends of $2.11 per share in 2010, and $1.93 per share
in 2009.
13. Accumulated Other Comprehensive Income
Components of other comprehensive income/(loss) consist of
the following:
Total
Gains/ Accumulated
Foreign Gains/ (Losses) on Other
Currency (Losses) on Employee Derivatives Comprehensive
(Dollars in Millions) Translation Securities Benefit Plans & Hedges Income/(Loss)
December 28, 2008 $(1,871) 25 (3,230) 121 (4,955)
2009 changes
Unrealized gain (loss) —(52) —38
Net amount reclassed
to net earnings —(3) —(14)
Net 2009 changes 1,363 (55) 565 24 1,897
January 3, 2010 $ (508) (30) (2,665) 145 (3,058)
2010 changes
Unrealized gain (loss) —99 —(333)
Net amount reclassed
to net earnings —(45) —288
Net 2010 changes (461) 54 (21) (45) (473)
January 2, 2011 $ (969) 24 (2,686) 100 (3,531)
2011 changes
Unrealized gain (loss) —565 —(500)
Net amount reclassed
to net earnings —(141) —232
Net 2011 changes (557) 424 (1,700) (268) (2,101)
January 1, 2012 $(1,526) 448 (4,386) (168) (5,632)
The tax effect on the unrealized gains/(losses) on equity securities
was expense of $241 million in 2011, expense of $13 million in
2010 and income of $14 million in 2009. The tax effect related to
employee benefit plans was $915 million, $11 million and $302 mil-
lion in 2011, 2010 and 2009, respectively. The tax effect on the
gains/(losses) on derivatives and hedges was income of $90 million
in 2011 and expense of $54 million and $78 million in 2010 and
2009, respectively. See Note 6 for additional information relating
to derivatives and hedging.
The currency translation adjustments are not adjusted for
income taxes as they relate to permanent investments in
international subsidiaries.