<PAGE> 1
Exhibit 99(a)(iii)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
------------------------------
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the Fiscal Year Ended January 2, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
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)
<PAGE> 2
Item 4. Financial Statements and Exhibits
Report of Independent Accountants
Financial Statements:
Balance Sheets as of December 31, 1999 and 1998
Statements of Operations and Changes in Plan Equity
for the years ended December 31, 1999 and 1998
Notes to Financial Statements
Supplemental Schedules:
Schedule of Investments at December 31, 1999
Schedule of 5% Reportable Transactions for the year
ended December 31, 1999
Consent of PricewaterhouseCoopers LLP, dated June 23, 2000
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/ R. J. Darretta
------------------------------
R. J. Darretta
Chairman, Pension Committee
June 26, 2000
<PAGE> 3
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
-----------------
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 1999 AND 1998
<PAGE> 4
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
INDEX
Report of Independent Accountants 2
Financial Statements:
Statements of Net Assets Available for Benefits with
Fund Information as of December 31, 1999 and 1998 3-4
Statements of Changes in Net Assets Available for
Benefits with Fund Information for the Years Ended
December 31, 1999 and 1998 5-6
Notes to Financial Statements 7-13
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes
at December 31, 1999 14
Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1999 15
1
<PAGE> 5
REPORT OF INDEPENDENT ACCOUNTANTS
To the Pension and Benefits Committees of
Johnson & Johnson
In our opinion, the accompanying statements of net assets available for benefits
and the related statements 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") as of December 31, 1999 and 1998, and the changes in net assets
available for benefits for the years then ended in conformity with accounting
principles generally accepted in the United States. 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 auditing standards
generally accepted in the United States, which 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 the opinion expressed
above.
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
for investment purposes and schedule of reportable transactions are presented
for the purpose of additional analysis and are not a required part of the basic
financial statements but are 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. These supplemental
schedules are the responsibility of the Plan's management. The fund information
in the statements of net assets available for benefits and the statements of
changes in net assets available for benefits is presented for the purposes of
additional analysis rather than to present the net assets available for benefits
and changes in net assets available for benefits of each fund. The supplemental
schedules and fund information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
PricewaterhouseCoopers LLP
Florham Park, New Jersey
June 12, 2000
2
<PAGE> 6
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS with FUND INFORMATION
As of December 31, 1999
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------------
Fixed J&J Diversified Total
USGS Fund Interest Fund Stock Fund Equity Fund Savings Plan
--------- ------------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
-------
Deposits in Group Annuity Contracts (Note 2) $2,158,369 $ 2,158,369
Investments at Fair Value (Notes 2 and 5) $21,114,345 21,114,345
Investments in Master Trust (Notes 2 and 5) $1,067,057 $6,096,157 7,163,214
Accrued Dividends and Interest Receivable 5,108 11,678 4,660 21,446
--------- --------- ---------- --------- ----------
Total Assets 1,072,165 2,170,047 21,114,345 6,100,817 30,457,374
--------- --------- ---------- --------- ----------
LIABILITIES:
------------
Accrued Transfers 500 10,200 (8,500) (2,200)
---------- ---------- ----------- ---------- -----------
Net Assets Available for Benefits $1,071,665 $2,159,847 $21,122,845 $6,103,017 $30,457,374
========== ========== =========== ========== ===========
</TABLE>
See Notes to Financial Statements
3
<PAGE> 7
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS with FUND INFORMATION
As of December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------------------------------------
Fixed J&J Diversified Total
USGS Fund Interest Fund Stock Fund Equity Fund Savings Plan
--------- ------------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
-------
Deposits in Group Annuity Contracts (Note 2) $1,860,044 $ 1,860,044
Investments at Fair Value (Notes 2 and 5) $17,436,911 17,436,911
Investments in Master Trust (Notes 2 and 5) $1,008,405 $4,494,429 5,502,834
Accrued Dividends and Interest Receivable 4,297 10,121 214 25,069 39,701
---------- ---------- ------------ ----------- ------------
Total Assets 1,012,702 1,870,165 17,437,125 4,519,498 24,839,490
---------- ---------- ------------ ----------- ------------
LIABILITIES:
------------
Accrued Transfers 29,100 (4,801) (68,400) 44,101
---------- ---------- ------------ ----------- ------------
Net Assets Available for Benefits $ 983,602 $1,874,966 $ 17,505,525 $ 4,475,397 $ 24,839,490
========== ========== ============ =========== ============
</TABLE>
See Notes to Financial Statements
4
<PAGE> 8
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS with FUND INFORMATION
For The Year Ended December 31, 1999
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
---------------------------------------------------------------------------------
Fixed J&J Diversified Total
USGS Fund Interest Fund Stock Fund Equity Fund Savings Plan
--------- ------------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Employee Contributions (Note 3) $148,108 $291,978 $1,621,497 $766,490 $2,828,073
Employer Contributions (Note 3) 634,338 634,338
Interest 52,873 128,999 3,028 184,900
Dividends 236,370 64,005 300,375
--------- ---------- ----------- ---------- -----------
200,981 420,977 2,495,233 830,495 3,947,686
Additions to (Deductions from) Net Assets:
------------------------------------------
Payments to Participants (Note 4) (38,977) (58,285) (1,047,051) (247,632) (1,391,945)
Change in Unrealized Net Appreciation of Investments 1,107,538 455,063 1,562,601
Realized Net Gain on Sale of Investments 812,749 684,799 1,497,548
Realized Net Gain on Stock Distributed 177,916 177,916
Assets Transferred (Note 2) (67,300) (65,800) 194,400 (61,300)
Administrative Expenses (6,641) (12,011) (123,465) (33,805) (175,922)
--------- ---------- ----------- ---------- -----------
Net Increase 88,063 284,881 3,617,320 1,627,620 5,617,884
Net Assets Available for Benefits, Beginning of Year 983,602 1,874,966 17,505,525 4,475,397 24,839,490
--------- ---------- ----------- ---------- -----------
Net Assets Available for Benefits, End of Year $1,071,665 $2,159,847 $21,122,845 $6,103,017 $30,457,374
========== ========== =========== ========== ===========
</TABLE>
See Notes to Financial Statements
5
<PAGE> 9
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS with FUND INFORMATION
For The Year Ended December 31, 1998
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------------------------------------
Fixed J&J Diversified Total
USGS Fund Interest Fund Stock Fund Equity Fund Savings Plan
--------- ------------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Employee Contributions (Note 3) $177,832 $349,624 $1,528,145 $761,834 $ 2,817,435
Employer Contributions (Note 3) 610,149 610,149
Interest 52,839 112,154 2,929 167,922
Dividends 190,534 50,401 240,935
----------- ---------- ---------- --------- -----------
230,671 461,778 2,331,757 812,235 3,836,441
Additions to (Deductions from) Net Assets:
------------------------------------------
Payments to Participants (Note 4) (47,682) (104,718) (759,124) (162,697) (1,074,221)
Change in Unrealized Net Appreciation of Investment 3,262,162 395,659 3,657,821
Realized Net Gain on Sale of Investments 180,470 365,123 545,593
Realized Net Gain on Stock Distributed 32,455 32,455
Assets Transferred (Note 2) (116,300) (64,200) 176,000 4,500
Administrative Expenses (3,119) (5,291) (47,200) (12,902) (68,512)
----------- ---------- ---------- --------- -----------
Net Increase 63,570 287,569 5,176,520 1,401,918 6,929,577
Net Assets Available for Benefits, Beginning of Year 920,032 1,587,397 12,329,005 3,073,479 17,909,913
----------- ---------- ---------- --------- -----------
Net Assets Available for Benefits, End of Year $983,602 $1,874,966 $17,505,525 $4,475,397 $24,839,490
=========== ========== =========== ========== ===========
</TABLE>
See Notes to Financial Statements
6
<PAGE> 10
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
1. Organization:
The Johnson & Johnson Savings Plan for Union Represented Employees (the
"Plan") is a 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 assets of
the Plan are maintained in a Master Trust account ("Johnson & Johnson
Savings Plan Trust") and transactions therein are executed by the trustee,
Bankers Trust Company. The Johnson & Johnson Savings Plan Trust is
allocated based upon the total of each individual participant's share of
the Johnson & Johnson Savings Plan Trust.
2. Summary of Significant Accounting Policies:
Valuation of Investments:
Equity investments in the Johnson & Johnson Stock Fund, administered by
Bankers Trust Company, are valued at the average of the high and low
market price on the last business day of the year. The cost of equity
investments in the Johnson & Johnson Stock Fund are recorded at the
average market price of the stock transactions for the month during which
the contribution is made.
The investments in the US Government Securities ("USGS"), Fixed Interest
and Diversified Equity Funds represent the Plan's share of assets in the
Johnson & Johnson Savings Plan Trust. The USGS Fund consists of short-term
obligations that are issued or guaranteed by the US Government.
Investments are valued at cost, which approximates market value. Deposits
in group annuity contracts in the Fixed Interest Fund are recorded at
their contract value, which approximates fair value, because these
investments have fully benefit-responsive features. Contract value
represents contributions and reinvested income, less any withdrawals plus
accrued interest. Participants may direct the withdrawal or transfer of
all or a portion of their investment at contract value. However,
withdrawals influenced by employer initiated events, such as in connection
with the sale of a business, may result in a distribution at other than
contract value. There are no reserves against contract values for credit
risk of contract issuers or otherwise. The average yield and crediting
interest rate of the Fixed Interest Fund was 5.99% for 1999 and 6.62% for
1998. The crediting interest rate for the investment contracts is either
agreed-to in advance with the issuer or varies based on an agreed-to
formula, but cannot be less than zero.
7
<PAGE> 11
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS, Continued
2. Summary of Significant Accounting Policies (Continued):
Equity investments and corporate obligations in the Diversified Equity
Fund, managed by the Capital Guardian Trust Company and J.P. Morgan
Investment Management, Inc., are traded on a national securities exchange
and are valued at the last reported market sales price on the last
business day of the year. Investments in the Diversified Equity Fund are
purchased periodically by Capital Guardian Trust Company and J.P. Morgan
Investment Management, Inc. based on the prevailing market values of the
underlying investments.
Temporary cash investments are stated at redemption value which
approximates fair value.
Transfers:
Transfers among funds, which are made at the participant's election, have
been presented as assets transferred in the Statement of Changes in Net
Assets Available for Benefits.
Use of Estimates:
The preparation of the Plan's financial statements in conformity with
accounting principles generally accepted in the United States requires the
plan administrator 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, disclosure of contingent
assets and liabilities at the date of the financial statements. Actual
results could differ from those estimates.
Risks and Uncertainties:
The Plan provides for various participant investment options in funds
which can invest in any combination of stocks, bonds, fixed income
securities, mutual funds, and other investment securities. Investment
securities are exposed to various risks, such as interest rate, market and
credit. Due to the level of risk associated with certain investment
securities and the level of uncertainty related to changes in the value of
investment securities, it is at least reasonably possible that changes in
risks in the near term would materially affect participants' account
balances and the amounts reported in the statements of net assets
available for benefits and the statements of changes in net assets
available for benefits.
Other:
Interest and dividend income is recorded as earned on the accrual basis.
Purchases and sales of investment securities are reflected on a trade-date
basis. Gains and losses on sales of investment securities are determined
on the average cost method. Third party administrative expenses are paid
by the Plan, except costs of entering new investment vehicles which will
be paid primarily by Johnson & Johnson.
8
<PAGE> 12
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS, Continued
3. Contributions:
Participating employees may contribute a minimum of $0.16 per hour up to
a maximum of $1.60 per hour, depending on the negotiated contract rate,
of the first forty hours worked in each payroll week. All contributions
are on a pre-tax basis. Annual pre-tax contributions may not exceed
$10,000 in 1999 or 1998. The Company contributes to the Plan, out of
current or accumulated profits, an amount equal to 25% or 40% (depending
on the negotiated collective bargaining agreement) of the employee
directed contributions on the first $0.16 to $0.80 per hour directly into
J&J common stock.
Contributions are made to the Plan by participants through payroll
deductions and by the Company on behalf of the participants. Employee
contributions are to be invested in any of the four investment funds at
the direction of the participating employees. All Company contributions
are made to the J&J Stock Fund.
The number of participants invested in each fund at December 31, 1999 and
1998 was:
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
U.S. Government Securities Fund 506 542
Fixed Interest Fund 719 767
Johnson & Johnson Stock Fund 2,152 2,166
Diversified Equity Fund 1,172 1,171
</TABLE>
Participants may elect to invest in more than one fund and can change
their investment direction twice a year. A total of 2,154 and 2,167
active and former employees had investments in the Plan for 1999 and
1998, respectively.
4. Participant Accounts and Benefits:
All participants are fully vested in their contributions and the Company
match. The benefit to which a Plan participant is entitled is the amount
provided by contributions (Company and participant) and investment
earnings thereon (including net realized and unrealized investment gains
and losses) which have been allocated to such participant's account
balance. Allocations are based on participant's earnings or account
balances, as defined.
Participants may withdraw their after-tax contributions and earnings
thereon, at any time. Participants may withdraw before-tax contributions
only upon meeting certain hardship conditions.
9
<PAGE> 13
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS, Continued
5. Investments:
Investments held by the Plan as of December 31, 1999 are summarized as
follows:
<TABLE>
<CAPTION>
Johnson & Johnson
Stock Fund
Fair Value Cost
---------- --------------
<S> <C> <C>
Johnson & Johnson Common Stock $21,077,906 $11,491,030
Temporary Cash Investments 36,439 36,439
----------- -----------
$21,114,345 $11,527,469
=========== ===========
</TABLE>
The investments in the USGS, Fixed Interest, and the
Diversified Equity Funds reflected in the accompanying
Statement of Net Assets Available for Benefits represent the
Plan's share of investments (approximately 0.6% of fair
value) held by the Johnson & Johnson Savings Plan Trust.
Total investments held by the Savings Plan Trust on behalf
of the Plan and the Johnson & Johnson Savings Plan (for
salaried and non-union hourly employees of the Company) are
summarized as follows:
<TABLE>
<CAPTION>
Description Fair Value Cost
----------- -------------- --------------
<S> <C> <C>
USGS Fund:
U.S. Government Securities - Short Term $29,313,150 $29,313,150
Other* 142,201 142,201
Fixed Interest Fund:
Deposits in Group Annuity Contracts 621,653,591 621,653,591
Other* 3,363,553 3,363,553
Diversified Equity Fund:
Common Stocks 992,698,523 700,989,649
Other* 758,881 758,881
----------------- -----------------
$1,647,929,899 $1,356,221,025
================= =================
</TABLE>
* Other consists of interest and/or dividends receivable.
10
<PAGE> 14
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS, Continued
5. Investments (Continued):
<TABLE>
<CAPTION>
Investments held by the Plan as of December 31, 1998 are summarized as follows:
Johnson & Johnson
Stock Fund
-------------------------
Fair Value Cost
---------- -------------
<S> <C> <C>
Johnson & Johnson Common Stock $17,427,035 $8,947,697
Temporary Cash Investments 9,876 9,876
----------- ----------
$17,436,911 $8,957,573
=========== ==========
</TABLE>
The investments in the USGS, Fixed Interest, and the Diversified Equity
Funds reflected in the accompanying Statement of Net Assets Available for
Benefits represent the Plan's share of investments (approximately 0.5% of
fair value) held by the Johnson & Johnson Savings Plan Trust. Total
investments held by the Trust on behalf of the Plan and the Johnson &
Johnson Savings Plan (for salaried and non-union hourly employees of the
Company) are summarized as follows:
<TABLE>
<CAPTION>
Description Fair Value Cost
----------- ------------- --------------
<S> <C> <C>
USGS Fund:
U.S. Government Securities - Short Term $30,466,695 $30,466,695
Other* 138,992 138,992
Fixed Interest Fund:
Deposits in Group Annuity Contracts 634,215,282 634,215,282
Other* 3,286,951 3,286,951
Diversified Equity Fund:
Common Stocks 764,674,566 548,124,829
Other* 4,178,130 4,178,130
--------------- --------------
$1,436,960,616 $1,220,410,879
=============== ==============
</TABLE>
* Other consists of interest and/or dividends receivable.
Realized gains on investments sold and distributed during the years ended
December31, 1999 and 1998 are summarized as follows:
<TABLE>
<CAPTION>
J&J Stock Fund Diversified Equity Fund
----------------------------------- -----------------------------------
Book Value Proceeds Gain Book Value Proceeds Gain
---------- ---------- --------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
1999 $693,844 $1,684,509 $990,665 $3,803,034 $4,487,833 $684,799
1998 $321,078 $ 534,003 $212,925 $3,072,462 $3,437,585 $365,123
</TABLE>
11
<PAGE> 15
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS, Continued
6. Tax Status:
The Internal Revenue Service has determined and informed the Company by a
letter dated April 26, 1996, that the Plan and related trust are designed
in accordance with applicable sections of the Internal Revenue Code (IRC).
The Plan has been amended since receiving the determination letter.
However, the Plan administrator believes that the Plan is designed and is
currently being operated in compliance with applicable requirements of the
IRC.
7. Termination Priorities:
The Company has the right to terminate the Plan at any time and in the
event the Plan is terminated, subject to conditions set forth in ERISA,
the amount of each participant's account balance in the Plan is fully
vested.
8. Concentrations of Credit Risk:
Financial instruments which potentially subject the Plan to concentrations
of credit risk consist principally of the Fixed Interest Fund holdings in
fully benefit-responsive group annuity contracts with insurance and other
financial institutions.
The Fund places its fully benefit-responsive group annuity contracts with
high-credit quality institutions and, by policy, limits the amount of
credit exposure to any one financial institution. If any of the insurance
companies that the group annuity contracts are invested with fail to
perform according to the contract, the asset value of the Plan could be
impaired.
9. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31, December 31,
1999 1998
------------- ----------
<S> <C> <C>
Net Assets Available for Benefits
Per the Financial Statements $30,457,374 $24,839,490
Amounts Allocated to Withdrawing Participants (118,294) (52,942)
------------ ------------
Net Assets Available for Benefits Per the Form 5500 $30,339,080 $24,786,548
============ ============
</TABLE>
12
<PAGE> 16
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS, Continued
9. Reconciliation of Financial Statements to Form 5500 (Continued):
<TABLE>
<CAPTION>
Year Ended YearEnded
December 31, December31,
1999 1998
-------------- ---------
<S> <C> <C>
Benefits Paid to Participants Per the Financial Statements $1,391,945 $1,074,221
Add: Amounts Allocated to Withdrawing Participants at
December 31, 1999 and 1998 118,294 52,942
Less: Amounts Allocated to Withdrawing Participants
at December 31, 1998 and 1997 (52,942) (51,617)
---------- ---------
Benefits Paid to Participants Per the Form 5500 $1,457,297 $1,075,546
========== ==========
</TABLE>
Amounts allocated to the withdrawing participants are recorded on the Form
5500 for benefit claims that have been processed and approved for payment
prior to December 31, 1999 and 1998 but not yet paid as of that date.
13
<PAGE> 17
Supplemental Schedule
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
FACE AMOUNT
OR SHARES ISSUES COST FAIR VALUE
--------- ------ ----------- ----------
J&J STOCK FUND
--------------
Common Stock
------------
<S> <C> <C> <C>
224,831 shs. Johnson & Johnson $11,491,030 $21,077,906
<CAPTION>
Temporary Investments
---------------------
<S> <C> <C> <C>
36,439 BT Pyramid Directed
Account Cash Fund 36,439 36,439
----------- -----------
Total J&J Stock Fund $11,527,469 $21,114,345
=========== ===========
</TABLE>
14
<PAGE> 18
Supplemental Schedule
JOHNSON & JOHNSON SAVINGS PLAN
FOR UNION REPRESENTED EMPLOYEES
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
DISPOSED ACQUIRED
---------------------------------------------------------------------------
SECURITY/PARTY GAIN/
DESCRIPTION SALES COSTS PROCEEDS (LOSS) PURCHASES COSTS
----- ----- -------- ------ --------- -----
# of Transactions # of Transactions
<S> <C> <C> <C> <C> <C>
SERIES OF TRANSACTIONS:
BT Pyramid Directed
Account-Cash Fund (a) $2,160,655 $2,160,655 $ - (a) $2,164,054
Johnson & Johnson
Common Stock 154 $1,876,638
</TABLE>
(a) Trustee is unable to provide detailed information on the number of
transactions.
15
<PAGE> 19
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (File No. 33-52252) of Johnson & Johnson of our report
dated June 12, 2000 relating to the financial statements and financial statement
schedules of the Johnson & Johnson Savings Plan for Union Represented Employees,
which appears in this Form 11-K.
PricewaterhouseCoopers LLP
Florham Park, New Jersey
June 23, 2000
