2012 06 11-K J&J 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, 2011 and December 31, 2010 and the changes in net assets available for benefits for the year ended December 31, 2011 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.



						2011			2010
Assets
	Interest in Johnson & Johnson Pension and Savings Plans Master Trust, at fair value					$	48,135,188		$	45,156,387
			Total investments			48,135,188			45,156,387
	Receivables
		Employee contributions				53,615			36,982
		Employer contributions				19,743			14,183
			Total receivables			73,358			51,165
				Total assets		48,208,546			45,207,552
Liabilities
	Accrued expenses					31,985			21,958
			Total liabilities			31,985			21,958
				Net assets available for benefits, at fair value		48,176,561			45,185,594
				Adjustment from fair value to contract value for fully benefit-responsive investment contracts		(263,762		)	(278,556		)
					Net assets available for benefits	$	47,912,799		$	44,907,038



Additions to net assets attributed to					2011
	Investment Income/Loss
		Plan's interest in the Johnson & Johnson Pension and Savings Plans Master Trust net investment income/loss			$	2,513,329
	Contributions
		Employee contributions			3,122,796
		Employer contributions			1,121,179
			Total additions		6,757,304
Deductions from net assets attributed to
	Benefits paid to participants				3,536,798
	Administrative expenses				214,745
			Total deductions		3,751,543
				Net increase/(decrease)	3,005,761
Net assets available for benefits
	Beginning of year				44,907,038
	End of year				$	47,912,799

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.

Contributions are made to the Plan by participants through payroll deductions and by the Company on behalf of the participants. Participating employees may contribute a minimum of $0.20 per hour up to a maximum of $6.00 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 $16,500 in 2011.

Participants age 50 and over are eligible to contribute extra pre-tax contributions (“catch-up contributions”) above the annual Internal Revenue Service ("IRS") limitations up to $5,500 in 2011. 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. The catch-up contribution is not eligible for the Company matching contribution.

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 $3.00 per hour of the participant’s contribution (depending on the negotiated collective bargaining agreement). The Company matching contribution is comprised of cash and invested in the current investment fund mix chosen by the participant.

Participants receive dividends on Johnson & Johnson Common Stock shares held in the Johnson & Johnson Stock Fund. The dividends are automatically reinvested in the Johnson & Johnson Stock Fund unless specific elections are made to receive a cash payment. The 2011 dividend pass-through amount paid to participants of $23,714 is reflected in benefits paid to participants in the Statement of Changes in Net Assets Available for Benefits. For all other funds the Trustee reinvests all dividend and interest income.

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 net realized and unrealized gains and losses, which have been allocated to the participant’s account balance.

Benefits are also paid to participants upon termination of employment, long-term disability or retirement. Participants can elect to defer payment until age 65. Distributions are paid in a lump sum payment for all fund balances. 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

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 each participant would receive the respective value in their account.

As the investment funds contain various underlying assets such as stocks 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 for a single unit 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.

The Plan presents, in the Statement of Changes in Net Assets Available for Benefits, the investment income/(loss) for the Plan's interest in the Trust which consists of the Plan’s allocated change in unrealized appreciation and depreciation of the underlying investments, realized gains and losses on sales of investments and investment income/(loss).

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. 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 contracts at fair value. Fair value for exchange contracts is determined by the present value of future cash flows converted to U.S. dollars at the current spot exchange rate.

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

The Plan provides for various investment options in funds which can invest in a combination of equity, fixed income securities and other investments. 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.

Fully benefit-responsive investment amounts are reported at fair value. 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. 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. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

The Plan’s valuation methodologies were applied to all of the Trust's investments carried at fair value. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon models that primarily use, as inputs, market-based or independently sourced market parameters, including yield curves, interest rates, volatilities, equity or debt prices, foreign exchange rates and credit curves.

In January 2010, the FASB issued Accounting Standards Update 2010-06, Improving Disclosures about Fair Value Measurements (ASU 2010-06). ASU 2010-06 amended Accounting Standards Codification (ASC) 820 to clarify certain existing fair value disclosures and require a number of additional disclosures. The guidance in ASU 2010-06 clarified that disclosures should be presented separately for each "class" of assets and liabilities measured at fair value and provided guidance on how to determine the appropriate classes of assets and liabilities to be presented. ASU 2010-06 also clarified the requirement for entities to disclose information about both the valuation techniques and inputs used in estimating Level 2 and Level 3 fair value measurements. In addition, ASU 2010-06 introduced new requirements to disclose the amounts (on a gross basis) and reasons for any significant transfers between Levels 1, 2 and 3 of the fair value hierarchy and present information regarding the purchases, sales, issuances and settlements of Level 3 assets and liabilities on a gross basis. With the exception of the requirement to present changes in Level 3 measurements on a gross basis, which is delayed until 2011, the guidance in ASU 2010-06 became effective for reporting periods beginning after December 15, 2009. Since ASU 2010-06 only affects fair value measurement disclosures, adoption of ASU 2010-06 did not affect the Plan's net assets available for benefits or its changes in net assets available for benefits.

In May 2011, the FASB issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS (ASU 2011-04). ASU 2011-04 amended ASC 820 to converge the fair value measurement guidance in US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). Some of the amendments clarify the application of existing fair value measurement requirements, while other amendments change a particular principle in ASC 820. In addition, ASU 2011-04 requires additional fair value disclosures although certain of these new disclosures will not be required for nonpublic entities. The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. Plan management is currently evaluating the effect that the provisions of ASU 2011-04 will have on the Plan's financial statements.

prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

•Short-term investments – Cash and quoted short-term instruments are valued at the closing price or the amount held on deposit by the custodian bank where quoted prices are available in an active market and are classified as Level 1. Other investments are through investment vehicles valued using the Net Asset Value ("NAV") provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The NAV is a quoted price in a market that is not active and classified as Level 2.

•U.S. government & agency issues – The assets are comprised of U.S. government and agency securities and U.S. Treasury Bills and Notes of varying maturities. Level 2 fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 3 U.S. government and agency issues are priced based on unobservable inputs, usually negotiated prices.

•Corporate debt - A limited number of these investments are valued at the closing price reported on the major market on which the individual securities are traded. Where quoted prices are available in an active market, the investments are classified as Level 1. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows and are classified as Level 2. Level 3 debt instruments are priced based on unobservable inputs, usually negotiated values agreed to by the interested parties.

•Common and preferred stocks - U.S. and International common stocks are valued at the closing price reported on the major market on which the individual securities are traded. Substantially all common and preferred stocks are classified within Level 1 of the valuation hierarchy. Level 3 common and preferred stocks are priced based on unobservable inputs, usually negotiated prices.

•Common Collective Trusts ("CCTs") – The fair market value of all CCT interests have been determined using NAV and are used for expedience purposes. The NAV is based on the value of the underlying assets owned by the funds, minus its liabilities, and then divided by the number of shares outstanding. CCTs that have a quoted market price in markets that are not active are classified as Level 2. A majority of the CCTs are used for liquidity purposes for both the defined benefit and defined contribution plans within the Trust. The CCTs are primarily passive funds that provide daily liquidity for the various Plan investment options. Participant directed purchases and sales are at the NAV. At December 31, 2011, approximately 71% of the CCTs are invested in passive strategies that mimic the indices and 29% are invested in U.S. Equity (20%) and Emerging Market Equity (9%) strategies. Any Plan Sponsor sales may be subject to gate keeping restrictions.

•Guaranteed Investment Contracts ("GICs") – Traditional GICs are valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations while considering the creditworthiness of the issuer, and are classified as Level 3. The fair value of the synthetic GIC is based on the underlying investments held in separate account portfolios. The underlying investments are primarily in U.S. government and agencies, Fixed Income and Asset-backed securities selected at the discretion of the investment managers, subject to the investment guidelines negotiated with the synthetic contract provider. The synthetic GIC and related investments are classified as Level 2. The synthetic GIC has a fair value of $804,700,000 and $768,700,000 at December 31, 2011 and 2010, respectively.

•Other assets - Other assets are represented primarily by Limited Partnerships ("LPs"), as well as commercial loans and mortgages that are not classified as corporate debt. Other assets, that are exchange listed and actively traded, are classified as Level 1 while inactively traded assets are classified as Level 2. The LPs and other assets valued using unobservable inputs are classified as Level 3. The fair market value of all LP interests has been determined using NAV and used for expedience purposes. At December 31, 2011, approximately 48% of the LP investments are in Emerging Market Equities with the remaining 52% in private equity investments.

At December 31, 2011 and 2010, the Trust had unfunded commitments of underlying funds of the LP investments of $77,818,548 and $30,892,683, respectively. These commitments are expected to be satisfied with new cash flows, distributions from existing funds, reinvestment of proceeds and /or from selling existing investments. The LP investments have target review dates ranging from 2011 through 2021 with renewal options available to the Plan. The Trust's investments in the LPs are not redeemable at any point in time.



	Quoted market prices inputs		Observable inputs		Unobservable inputs		Total Assets
December 31, 2011	(Level 1)		(Level 2)		(Level 3)
Short-term investment funds	$	16,652,475	$	979,937,209	$	—	$	996,589,684
U.S. government and agency securities	—		1,259,285,829		1,334,438		1,260,620,267
Corporate debt
S&P Rated AAA to BBB-	—		736,082,334		1,421,472		737,503,806
S&P Rated below BBB-	—		190,547,843		2,345,880		192,893,723
S&P Not Rated	—		63,251,013		6,379,921		69,630,934
Total Corporate Debt	—		989,881,190		10,147,273		1,000,028,463
Preferred stocks	—		—		—		—
Common stocks
U.S. Large Cap	5,674,340,235		—		—		5,674,340,235
U.S. Mid Cap	790,447,250		—		—		790,447,250
U.S. Small Cap	609,806,522		71,684		217		609,878,423
Total U.S. Common stocks	7,074,594,007		71,684		217		7,074,665,908
International Common stocks	2,343,743,948		—		4,568		2,343,748,516
Total Common stocks	9,418,337,955		71,684		4,785		9,418,414,424

Common Collective Trusts	—		2,754,095,371		—		2,754,095,371
Other assets and liabilities, net	—		205,264,882		106,174,568		311,439,450
Trust investments at fair value	9,434,990,430		6,188,536,165		117,661,064		15,741,187,659
Guaranteed/Synthetic investment contracts	—		804,700,000		1,210,111,168		2,014,811,168
Total Master Trust investments	$	9,434,990,430	$	6,993,236,165	$	1,327,772,232	$	17,755,998,827
Receivables							165,327,565
Payables							(186,208,236		)
Adjustment from fair value to contract value for fully responsive benefit contracts							(39,065,999		)
Net investment in Master Trust							$	17,696,052,157



	Quoted market prices inputs		Observable inputs		Unobservable inputs		Total Assets
December 31, 2010	(Level 1)		(Level 2)		(Level 3)
Short-term investment funds	$	24,716,015	$	754,226,191	$	—	$	778,942,206
U.S. government and agency securities	—		1,176,817,621		1,380,000		1,178,197,621
Corporate debt
S&P Rated AAA to BBB-	—		729,654,379		2,648,604		732,302,983
S&P Rated below BBB-	—		183,671,952		2,008,500		185,680,452
S&P Not Rated	—		58,914,017		7,452,656		66,366,673
Total Corporate Debt	—		972,240,348		12,109,760		984,350,108
Preferred stocks	22,886,424		—		—		22,886,424
Common stocks
U.S. Large Cap	5,528,226,540		—		—		5,528,226,540
U.S. Mid Cap	764,832,664		94,509		—		764,927,173
U.S. Small Cap	531,620,867		—		217		531,621,084
Total U.S. Common stocks	6,824,680,071		94,509		217		6,824,774,797
International Common stocks	2,563,735,478		—		41,965		2,563,777,443
Total Common stocks	9,388,415,549		94,509		42,182		9,388,552,240
Common Collective Trusts	—		2,688,650,522		—		2,688,650,522
Other assets and liabilities, net	56,640		235,167,654		134,354,940		369,579,234
Trust investments at fair value	9,436,074,628		5,827,196,845		147,886,882		15,411,158,355
Guaranteed/Synthetic investment contracts	—		768,700,000		1,068,215,023		1,836,915,023
Total Master Trust investments	$	9,436,074,628	$	6,595,896,845	$	1,216,101,905	$	17,248,073,378
Receivables							330,630,733
Payables							(437,758,066		)
Adjustment from fair value to contract value for fully responsive benefit contracts							(51,856,397		)
Net investment in Master Trust							$	17,089,089,648



	Government Securities			Corporate debt			Common stocks			Other assets			Guaranteed investment contracts			Totals
Balance December 31, 2010	$	1,380,000		$	12,109,760		$	42,182		$	134,354,940		$	1,068,215,023		$	1,216,101,905
Realized (losses) gains	—			38,928			(1,708,747		)	—			—			(1,669,819		)
Unrealized gains (losses) for assets still held at December 31, 2011	(11,785		)	1,087,087			1,677,426			(26,207,054		)	—			(23,454,326		)
Transfers in	—			—			—			—			—			—
Transfers out	—			—			—			—			—			—
Purchases	4,471			12,325,231			—			15,506,697			680,291,686			708,128,085
Sales	(38,248		)	(15,413,733		)	(6,076		)	(17,480,015		)	(518,285,488		)	(551,223,560		)
Change in adjustment from fair value to contract value	—			—			—			—			(20,110,053		)	(20,110,053		)
Balance December 31, 2011	$	1,334,438		$	10,147,273		$	4,785		$	106,174,568		$	1,210,111,168		$	1,327,772,232

The assets of the Plan are maintained in the Trust. The Plan holds approximately 0.3% and 0.3%, respectively, of the Trust’s net assets as of December 31, 2011 and 2010. 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.



	December 31,
	2011			2010
Net appreciation (depreciation ) in fair value of investments
Short term investment funds	$	(157,690	)	$	819,526
U.S. government and agency securities	210,373,815			48,335,149
Corporate debt	44,457			40,057,887
Preferred stocks	(1,767,256		)	6,034,048
Common stocks	(343,167,284		)	749,375,809
Common Collective Trusts	(41,195,426		)	421,262,159
Other assets	(57,869,571		)	10,377,871
Receivables and payables	52,820			(821,107		)
	(233,686,135		)	1,275,441,342
Interest	201,789,597			214,996,538
Dividends	242,325,936			198,937,807
Net investment income	$	210,429,398		$	1,689,375,687

The Trust holds investments in traditional and synthetic 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 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 $1,201,369,168 and $1,039,366,494 at December 31, 2011 and 2010, respectively. The fair value of the traditional GICs, as determined by using discounted cash flows, was $1,210,111,168 and $1,068,215,023 at December 31, 2011 and 2010, 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, corporate, and United States Treasury Notes and Bonds. The contract value of the synthetic GIC was $774,376,001 and $745,692,132 at December 31, 2011 and 2010, respectively. The fair value of the synthetic GIC is based on the fair value of the underlying pool of securities, and at December 31, 2011 and 2010 was $804,700,000 and $768,700,000, respectively.

The crediting interest rates for the synthetic GIC is calculated on a monthly 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, 2011 and 2010 was 3.25% and 4.29%, respectively. 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; default or credit failures of any of the securities, investment contracts, or other investments held in the Trust; and the initiation of an extended termination (immunization) of the synthetic GIC.

The average market value yield of the contracts for 2011 and 2010 was 2.73% and 4.10%, 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 2011 and 2010 was 2.73% and 3.70% , 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 and synthetic GIC may be different from each issuer, and can be found in the individual traditional or synthetic GICs held by the Plan. Examples of such events include: the Plan’s failure to qualify under the Internal Revenue Code ("IRC") 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.

The Trust had forward foreign exchange contracts outstanding at December 31, 2011 and 2010 in various currencies. At December 31, 2011 and 2010, the notional amount outstanding for these contracts in the Trust was $48,330,899 and $16,354,100, respectively, and is representative of activity during the year. The fair value of these derivative instruments is included in the Interest in Johnson & Johnson Pension and Savings Plans Master Trust at fair value in the Statements of Net Assets Available for Benefits. The net currency gain/loss recognized during 2011 and 2010 by the Trust was $265,359 and $20,254, respectively. This amount is included in the Plan’s Interest in the Johnson & Johnson Pension and Savings Plans Master Trust net investment income/loss on the Statement of Changes in Net Assets Available for Benefits. The Trust held no other material derivative financial instruments at December 31, 2011 and 2010.

The IRS 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 IRC. Although the Plan has been amended since receiving the determination letter, the Plan Administrator, Johnson & Johnson, 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.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2008.

Certain Plan investments are shares of CCTs and are 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, 2011 and 2010, the total market value of investments in the institutional commingled funds allocated to the Plan and managed by State Street was $2,806,419 and $2,602,295, respectively.

The Plan also invests in shares of the Company. The Company is the Plan sponsor and, therefore, these transactions qualify as party-in-interest transactions. As of December 31, 2011 and 2010, the market value of investments in Johnson & Johnson Common Stock was $23,202,771 and $23,360,990, respectively. During the year ended December 31, 2011, the Plan made purchases of $5,508,884 and sales of $7,175,642 of the Company’s common stock. The total dividend income received during 2011 was $845,027. The total realized and unrealized gains during 2011 were $1,898,525 and $5,821,439, respectively.



	JOHNSON & JOHNSON SAVINGS PLAN FOR UNION REPRESENTED EMPLOYEES

Date: June 26, 2012	By:	/s/ Peter Fasolo
		Peter Fasolo
		Chairman, Pension and Benefits Committee



	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 – 12



	December 31,
	2011		2010
Net assets available for benefits per the financial statements	$	47,912,799	$	44,907,038
Adjustment of synthetic GIC values from contract value to fair value	204,738		123,591
Net assets available for benefits per the Form 5500	$	48,117,537	$	45,030,629



	December 31, 2011
Total investment income per the financial statements	$	2,513,329
Net change in adjustment from contract value to fair value for synthetic GIC value	81,147
Total investment income per the Form 5500	$	2,594,476