JOHNSON & JOHNSON — Annual Report 2007

Jun 28, 2007

11-K 1 y36425ae11vk.htm FORM 11-K 11-K PAGEBREAK

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

þ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2006

OR

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-3215

JOHNSON & JOHNSON SAVINGS PLAN FOR UNION REPRESENTED EMPLOYEES

(Full title of the Plan)

JOHNSON & JOHNSON ONE JOHNSON & JOHNSON PLAZA NEW BRUNSWICK, NEW JERSEY 08933

(Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office)

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REQUIRED INFORMATION

Item 4. Financial Statements and Exhibits

Financial statements prepared in accordance with the financial reporting requirements of ERISA filed herewith are listed below in lieu of the requirements of Items 1 to 3.

Report of Independent Registered Public Accounting Firm

Financial Statements:

Statements of Net Assets Available for Benefits

Statement of Changes in Net Assets Available for Benefits

Notes to Financial Statements

Supplemental Schedule*:

Schedule H, line 4i – Schedule of Assets (Held at End of Year)

• Other supplemental schedules required by Section 2520.103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not required or are not applicable.

Exhibits:

1. Consent of PricewaterhouseCoopers LLP, dated June 28, 2007

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SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

JOHNSON & JOHNSON SAVINGS PLAN FOR UNION REPRESENTED EMPLOYEES
By:	/s/ Kaye Foster-Cheek
	K. Foster-Cheek
	Chairman, Pension Committee

June 28, 2007

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JOHNSON & JOHNSON SAVINGS PLAN FOR UNION REPRESENTED EMPLOYEES

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

DECEMBER 31, 2006 AND 2005

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Johnson & Johnson Savings Plan for Union Represented Employees

Index to Financial Statements December 31, 2006 and 2005

	Page(s)
Report of Independent Registered Public Accounting Firm	1
Financial Statements:
Statements of Net Assets Available for Benefits	2
Statement of Changes in Net Assets Available for Benefits	3
Notes to Financial Statements	4 – 11
Supplemental Schedule*:
Schedule H, line 4i – Schedule of Assets (Held at
End of Year)	12

• Other supplemental schedules required by Section 2520.103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended, have been omitted because they are not required or are not applicable.

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Report of Independent Registered Public Accounting Firm

To the Participants, the Pension Committee and the Compensation & Benefits Committee of the Johnson & Johnson Savings Plan for Union Represented Employees:

In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Johnson & Johnson Savings Plan for Union Represented Employees (the “Plan”) at December 31, 2006 and 2005, and the changes in net assets available for benefits for the year ended December 31, 2006 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

As discussed in Note 2 to the financial statements, the Plan changed the manner in which it reports fully benefit-responsive investment contracts.

/s/ PricewaterhouseCoopers LLP Florham Park, New Jersey June 22, 2007

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Johnson & Johnson Savings Plan for Union Represented Employees

Statements of Net Assets Available for Benefits December 31, 2006 and 2005

	2006	2005
Assets
Interest in Johnson & Johnson Pension
and Savings Plans Master Trust, at fair value	$ 42,824,802	$ 38,437,036
Total investments	42,824,802	38,437,036
Receivables
Employee contributions	38,198	37,001
Employer contributions	11,141	11,510
Total receivables	49,339	48,511
Total assets	42,874,141	38,485,547
Liabilities
Accrued expenses	4,339	32,576
Total liabilities	4,339	32,576
Net assets
available for benefits, at fair value	42,869,802	38,452,971
Adjustment from fair value to contract value for
fully benefit-responsive investment contracts	17,034	15,248
Net assets available for benefits	$ 42,886,836	$ 38,468,219

The accompanying notes are an integral part of these financial statements.

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Johnson & Johnson Savings Plan for Union Represented Employees

Statement of Changes in Net Assets Available for Benefits December 31, 2006

Additions to net assets attributed to
Investment Income
Plan’s interest in the Johnson & Johnson Pension
and Savings Plans Master Trust net investment income	$ 4,402,178
Contributions
Employee contributions	3,132,059
Employer contributions	921,319
Total additions	8,455,556
Deductions from net assets attributed to
Payments to participants	3,929,307
Administrative expenses	107,632
Total deductions	4,036,939
Net increase	4,418,617
Net assets available for benefits
Beginning of year	38,468,219
End of year	$ 42,886,836

The accompanying notes are an integral part of these financial statements.

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

| 1. |
| --- |
| General |
| The Johnson & Johnson Savings Plan for Union Represented Employees (the “Plan”) is a
participant directed defined contribution plan which was established on January 1, 1993 by
Johnson & Johnson (“J&J” or the “Company”). The Plan was designed to enhance the existing
retirement program of eligible employees covered under collective bargaining agreements with
the Company. The funding of the Plan is made through employee and Company contributions.
The net assets of the Plan are held in the Johnson & Johnson Pension and Savings Plans
Master Trust (the “Trust”). Transactions in the Trust are executed by the trustee, State
Street Trust Company (“State Street” or “Trustee”). The Plan’s interest in the Trust is
allocated to the Plan based upon the total of each participant’s share of the Trust. |
| This brief description of the Plan is provided for general information purposes only.
Participants should refer to the Plan document for complete information. |
| Contributions |
| In general, full-time employees represented by a collective bargaining unit participating in
the Plan with at least one year of eligible service can contribute to the Plan. |
| Contributions are made to the Plan by participants through payroll deductions and by the
Company on behalf of participants. Participating employees may contribute a minimum of
$0.16 per hour up to a maximum of $2.40 per hour of the first forty hours worked in each
payroll week, depending on the negotiated contract rate. All contributions are on a pre-tax
basis and may not exceed $15,000 in 2006. |
| Participant contributions are invested in any of the four investment funds offered by the
Plan at the direction of the participating employees. |
| Effective July 1, 2002, participants age 50 and over are eligible to contribute extra
pre-tax contributions (“catch-up contribution”) above the annual IRS limitations up to
$5,000 in 2006. Participants can elect an amount to be contributed from each paycheck as
their catch-up contribution. This amount will be in addition to the pre-tax cents per hour
contribution participants have elected. |
| After one year of eligible service, the Company contributes to the Plan an amount equal to
50% of the employee directed contributions on the first $0.20 to $1.20 per hour (depending
on the negotiated collective bargaining agreement), directly into the
Johnson & Johnson Stock Fund.
Participants have the option to elect that the Company matching contribution be invested in
the current investment fund mix chosen by the participant. |
| Investments |
| Participants may invest in one or more of the four investment funds offered by the Plan.
The investment mix chosen by the participant will apply to employee contributions while
Company matching contributions are invested in the Johnson & Johnson Stock Fund unless
participants elect to diversify. |
| In the third quarter of 1998, J&J incorporated a “dividend pass-through”
feature into the Plan. |

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

| Effective January 1, 2002, dividends are automatically reinvested in
the Johnson & Johnson Stock Fund unless specific elections are made to receive payment via check.
The 2006 dividend pass-through amount paid to participants of $5,302 is reflected as benefits paid to
participants in the Statement of Changes in Net Assets Available for Benefits. |
| --- |
| All dividend and interest income is reinvested by the Trustee. |
| Vesting |
| A participant’s plan account, including participant
contributions, Company contributions and
earnings thereon, is always fully vested. As a result, there are no forfeitures under the
Plan. |
| Payment of Benefits |
| Benefits are paid to participants upon termination, retirement, long-term disability or
death. Participants can elect to defer payment until age 65. Distributions are paid in a
lump sum payment for all fund balances. |
| A participant’s account may be distributed to his/her beneficiaries upon the participant’s
death in the same manner described for participants. |
| Participants may withdraw pre-tax contributions only upon meeting certain hardship
conditions. Participants are entitled to benefits provided by contributions (Company and
participant) and investment earnings thereon, including realized and unrealized gains and
losses, which have been allocated to the participant’s account balance. Participants have
the option of receiving all or part of their balance in the Johnson & Johnson Stock Fund as
either cash or in shares of Johnson & Johnson Common Stock (plus cash for fractional shares)
for distributions other than a hardship. |
| Administrative Expenses |
| All third party administrative expenses are paid by the Plan, unless otherwise provided for
by the Company. |
| Termination |
| Although it has not expressed an intent to do so, the Company has the right under the Plan
to discontinue its contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of a partial or full Plan termination, all Plan funds
must be used exclusively for the benefit of the Plan participants, in
that participants would receive the respective value in their account. |

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

| 2. |
| --- |
| Basis of Accounting |
| The financial statements of the Plan are prepared under the accrual method of accounting in
accordance with accounting principles generally accepted in the United States of America. |
| Investment Valuation and Income Recognition of the Trust |
| The Plan’s interest in the Trust is stated at fair
value. Securities traded on a national securities exchange are
valued at the last reported sales price on the last business day of the year. Securities
not traded on a national securities exchange are valued using
external pricing vendors. |
| As the investment funds contain various underlying assets such as stock and short-term
investments, the participant’s account balance is reported in units of participation, which
allows for immediate transfers in and out of the funds. The purchase or redemption price of
the units is determined by the Trustee, based on the current market value of the underlying
assets of the funds. Each fund’s net asset value is the value of a single unit, which is
computed by adding the value of the fund’s investments, cash and other assets, and
subtracting liabilities, then dividing the result by the number of units outstanding. |
| Purchases and sales of securities are recorded on a trade-date basis. Gains and losses on
the sale of investment securities are determined on the average cost method. Dividend
income is recorded on the ex-dividend date. Interest income is recorded as earned on an
accrual basis. |
| Net Appreciation (Depreciation) |
| The Plan presents, in the Statement of Changes in Net Assets
Available for Benefits, the
Plan’s interest in the net appreciation (depreciation) of the fair
value of investments held in the Trust, which consists of unrealized appreciation
(depreciation) of the underlying investments and realized gains and losses on sales of
investments. |
| Payment of Benefits |
| Benefits are recorded when paid. |
| Derivatives |
| The Trust will invest in securities from time to time that are denominated in currencies
other than the U.S. dollar. To hedge against adverse changes in foreign exchange rates
relating to non-U.S. dollar denominated investments, the Trust may enter into forward
foreign exchange contracts. Forward foreign exchange contracts qualify as a derivative
under Statement of Financial Accounting Standard, Accounting for Derivative Instruments and
Hedging Activities (“SFAS No. 133”). The holder is exposed to credit risk for
nonperformance and to market risk for changes in
interest and currency rates. Those instruments involve, to varying degrees, elements of
credit risk in excess of the amount recognized in the Statements of Net Assets Available For
Benefits. The Trust attempts to mitigate this credit risk by utilizing the same
policies in making commitments and conditional obligations as it does for on-balance sheet
instruments, and through structured trading with reputable parties and continual monitoring
procedures. Accordingly the Trust does not anticipate losses for nonperformance. The Trust
does not require collateral or other security to support forward foreign exchange contracts.
The Trust accounts for forward foreign exchange |

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

| contracts at fair value. The Trust has
forward exchange contracts outstanding at December 31, 2006 and 2005 in various currencies.
At December 31, 2006 and 2005, the notional amount outstanding for these contracts in the
Trust was $3,162,281 and $15,175,043, respectively, and the net currency (loss)/gain
recognized during 2006 and 2005 by the Trust was ($94,770) and ($155,355), respectively.
The Trust holds no other material derivative financial instruments at December 31, 2006 and
2005. |
| --- |
| Use of Estimates |
| The preparation of the Plan’s financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that affect the
reported amounts of net assets available for benefits at the date of the financial
statements and the changes in net assets available for benefits during the reporting period
and when applicable disclosures of contingent assets and liabilities at the date of the
financial statements. Actual results could differ from those estimates. |
| Risk and Uncertainties |
| The Plan provides for various investment options in funds which can invest in a combination
of equity and fixed income securities. Investments are exposed to various risks, such as
interest rate, market and credit. Due to the level of risk associated with certain
investments, it is at least reasonably possible that changes in risks in the near term could
materially affect participants’ account balances and the amounts reported in the Statements
of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available
for Benefits. |
| Reporting of Fully Benefit-Responsive Investment Contracts |
| On December 29, 2005, the Financial Accounting Standards Board (“FASB”) released FASB Staff
Position Nos. AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment
Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide
and Defined-Contribution Health and Welfare and Pension Plans (the “FSP”), which became
effective for the Plan on December 31, 2006. The FSP requires that investment contracts
held by a defined-contribution plan be reported at fair value. However, contract value is
the relevant measurement criteria for that portion of the net assets available for benefits
of a defined contribution plan attributable to fully benefit-responsive investment contracts
because contract value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the Plan. As required by
the FSP, the Statements
of Net Assets Available for Benefits present the fair value of the investment contracts as
well as the adjustment of the fully benefit-responsive investment contracts from fair value
to contract value. Prior year balances have been revised accordingly.
The Statement of Changes
in Net Assets Available for Benefits is prepared on a contract value basis. |

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

| 3. |
| --- |
| Effective January 1, 2003, the assets of the Plan are
maintained in the Johnson & Johnson Pension
and Savings Plans Master Trust. The Plan holds approximately 0.32% and 0.32%,
respectively, of the Trust’s net assets as of December 31,
2006 and 2005. The Plan’s sole investment is its interest in the Trust and therefore
is greater than 5% of Plan assets. |
| Net assets, income, and expenses are allocated to the Plan based on the total of each
participant’s share in the respective funds. |
| The following table represents the total value of investments in the Trust: |

	As of December 31, — 2006	2005
Investments at fair value
Short term investment funds	$ 538,645,020	$	525,961,309
U.S. Government and Agency securities	1,086,336,359		1,203,887,637
Corporate debt	489,780,887		384,540,272
Preferred stock	11,726,687		12,642,943
Commons stock	8,535,090,404		7,248,778,441
Equities and other	1,866,018,076		1,718,940,364
Deposits in group annuity contracts and synthetic GICs	1,063,517,625		1,033,318,956
Total Trust investments at fair value	13,591,115,058		12,128,069,922
Receivables	105,521,725		91,846,840
Liabilities	(308,776,008	)	(273,456,135	)
Adjustment from fair value to contract value for
fully benefit-responsive investment contracts	4,133,018		3,809,099
Net assets held in the Trust	$ 13,391,993,793	$	11,950,269,726

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

The net investment income of the Johnson & Johnson Pension and Savings Plans Master Trust was composed of the following:

	For the
	Year Ended
	December 31,
	2006
Net appreciation/(depreciation) in fair value of investments
Short term investment funds	$ 7,521,992
U.S. Government and Agency securities	(20,490,083	)
Corporate debt	12,121,276
Preferred stock	19,904,398
Common stock	841,356,587
Equities and other	322,188,937
	1,182,603,107
Interest	176,146,904
Dividends	196,561,170
Net
investment income	$ 1,555,311,181

| 4. |
| --- |
| The Trust holds investments in traditional and synthetic guaranteed investment contracts
(GICs). The weighted average insurance financial strength rating of the insurers for these
contracts is AA. These investments are recorded at their fair values. The traditional
GICs’ contract value represents contributions made under the contract and reinvested income,
less any withdrawals. The synthetic GICs are recorded at the wrapper contract value, which
represents the value of the underlying assets owned by the Trust plus the amount designed to
smooth the impact of normal market fluctuations on those assets. Both the traditional and
synthetic GICs are fully benefit-responsive. Participants may under most circumstances
direct the withdrawal or transfer of all or a portion of their investment at contract value.
Currently no reserves are needed against contract values for credit risk of the contract
issuers or otherwise. |
| The traditional GICs provide a fixed return on principal over a specified period of time
through fully benefit-responsive contracts issued by an insurance company which are backed
by the general account of that insurer. The contract value of the traditional GICs was
$690,625,785 and $677,597,725 at December 31, 2006 and 2005, respectively. The fair value of
the traditional GICs, as determined by using discounted cash flows, was $685,036,934 and
$671,345,300 at December 31, 2006 and 2005, respectively. |
| The synthetic GIC provides a return over a period of time through a fully benefit-responsive
contract, or wrapper contract, which is backed by the underlying assets owned by the Trust.
The portfolio of assets, overall of AA+ credit quality, underlying the synthetic GIC
includes mortgages, corporates, and United States Treasury Notes and Bonds. The contract
value of the
synthetic GIC was $377,024,858 and $359,530,330 at December 31, 2006 and 2005, respectively. |

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

| | The fair value of the synthetic GICs, as determined by using discounted cash flows, was
$378,480,691 and $361,973,656 at December 31, 2006 and 2005, respectively. |
| --- | --- |
| | The crediting interest rates for the synthetic GIC is calculated on a quarterly basis using
the contract value, and the market value, yield and duration of the underlying securities,
and cannot be less than zero. The crediting interest rates for the traditional GICs are
agreed to in advance with the issuer. The crediting interest rate for the contracts at
December 31, 2006 and 2005 was 4.53% and 4.37%, respectively. Effective April 2007, the
crediting rate is calculated on a monthly basis, and no longer on a quarterly basis. In the
event of extreme changes in interest rates, the crediting rate may be adjusted to reflect
current market condition |
| | Key factors that could influence future average interest crediting rates include, but are
not limited to: participant directed cash flows; changes in interest rates; total return
performance of the fair market value bond strategies underlying the synthetic GIC contract;
default or credit failures of any of the securities, investment contracts, or other
investments held in the Plan; the initiation of an extended termination (immunization) of
the synthetic GIC contract. |
| | The average market value yield of the contracts for 2006 and 2005 was 4.35% and 4.21%,
respectively (calculated by taking the average of the monthly market value weighted yields
of the investments). The average yield earned by the contracts that reflects the actual
interest credited to participants for 2006 and 2005 was 4.20% and 3.90%, respectively
(calculated by dividing annualized earnings credited to participants by the market value of
the Interest Income Fund). |
| | There are certain events not initiated by Plan participants that limit the ability of the
Plan to transact with the issuer of a GIC at its contract value. Specific coverage provided
by each traditional GIC and synthetic GIC may be different from each issuer, and can be
found in the individual traditional GIC or synthetic GIC contracts held by the Plan.
Examples of such events include: the Plan’s failure to qualify under the Internal Revenue
Code of 1986 as amended; full or partial termination of the Plan; involuntary termination of
employment as a result of a corporate merger, divestiture, spin-off, or other significant
business restructuring, which may include early retirement incentive programs or bankruptcy;
changes to the administration of the Plan which decreases employee or employer
contributions, the establishment of a competing Plan by the plan sponsor, the introduction
of a competing investment option, or other Plan amendment that has not been approved by the
contract issuers; dissemination of a participant communication that is designed to induce
participants to transfer assets from this investment option; events resulting in a material
and adverse financial impact on the contract issuer, including changes in the tax code, laws
or regulations. The Plan Fiduciaries do not believe that the occurrence of any of the
aforementioned events, which would limit the Plan’s ability to transact with the issuer of a
GIC at its contract value with participants, is probable. |
| 5. | Tax Status |
| | The Internal Revenue Service has determined and informed the Company by a letter dated
December 31, 2002, that the Plan and the Trust are in compliance with applicable sections of
the Internal Revenue Code (“IRC”). Although the Plan has been amended since receiving the
determination letter, the Plan administrator and the Plan’s tax counsel believe that the
Plan is currently designed and is currently being operated in compliance with the applicable
requirements of the IRC. |

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Johnson & Johnson Savings Plan for Union Represented Employees

Notes to Financial Statements

6.	Related Party Transactions
	Certain Plan investments are shares of institutional commingled funds managed by State
Street Global Advisors, a division of State Street. State Street is
the Trustee as defined
by the Plan and, therefore, these transactions qualify as party-in-interest transactions.
As of December 31, 2006 the total market value of investments for the Plan in the
institutional commingled funds managed by State Street was $2,128,171.
	The Plan also invests in shares of
the Company, which is managed by
State Street Global Advisors. The
Company is the plan sponsor and,
therefore, these transactions
qualify as party-in-interest
transactions. As of December 31,
2006 the market value of
investments in the Johnson &
Johnson Common Stock Fund managed
by State Street was
$28,970,156.
7.	Reconciliation of Financial Statements to Form 5500
	The net assets available for benefits per the December 31, 2006 and 2005 financial
statements, for the years respectively, is less than the amounts per the Form 5500 by $6,000
and $9,871, resulting from the adjustment of synthetic GIC values from contract value to
fair value. At December 31, 2006 and 2005, the net assets available for benefits per the
Form 5500 are $42,892,836 and $38,478,000 respectively.

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Johnson & Johnson Savings Plan for Union Represented Employees

Schedule H, line 4i – Schedule of Assets (Held at End of Year) December 31, 2006

	Description of Investment
	Including Maturity Date,
Identity of Issue, Borrower, Lessor,	Rate of Interest, Collateral,		Current
or Similar Party	Par or Maturity Value	Cost	Value
Plan’s interest in the Trust	Plan’s interest in the Johnson & Johnson
	Pension and Savings Plans Master Trust	—	$ 42,824,802

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