v3.26.1
Johnson & Johnson Pension and Savings Plans Master Trust (Tables) - EBP 200
 12 Months Ended
Dec. 31, 2025
EBP, Master Trust [Line Items]  
Schedule of Master Trust Net Assets
The following table presents the net assets of the Master Trust and the Plan's interest in the net assets of the Master Trust as of December 31, 2025 and 2024.
Retirement Savings
Master TrustPlan's Interest in Master Trust
2025202420252024
ASSETS
Investments, at fair value
Short-term investment funds$837,401,795 $1,250,144,436 $5,351,471 $20,725,172 
Government and agency securities7,909,637,860 6,702,640,214 17,874,087 10,222,430 
Debt Instruments2,715,291,495 2,655,972,031 10,582,603 8,003,252 
Equity Securities15,823,220,308 15,780,859,727 290,411,342 249,370,553 
Common collective trusts18,002,382,609 14,649,283,090 258,307,493 191,321,884 
Limited Partnerships/Co-Investments4,067,712,231 3,623,532,368 — 1,329,496 
Other assets and liabilities, net(11,570,781)(101,772,978)110,375 89,514 
Total Investments at Fair Value$49,344,075,517 $44,560,658,888 $582,637,371 $481,062,301 
Other assets
Guaranteed and synthetic investment
   contracts at contract value$1,635,918,229 $1,768,181,421 $59,115,595 $60,070,908 
Receivable for investments sold1,178,126,254 409,180,700 275,432 718,043 
Interest receivables68,163,126 76,491,082 285,961 156,444 
Dividend receivables6,667,833 8,237,777 67,608 78,374 
Other receivables11,476,531 9,170,067 104,385 110,394 
Total Other Assets$2,900,351,973 $2,271,261,047 $59,848,981 $61,134,163 
Total Master Trust assets$52,244,427,490 $46,831,919,935 $642,486,352 $542,196,464 
LIABILITIES
Payables for investments purchased$(771,321,464)$(578,825,229)$(2,385,255)$(1,544,643)
All other payables(17,418,452)(62,778,061)(276,872)(212,541)
Total Liabilities$(788,739,916)$(641,603,290)$(2,662,127)$(1,757,184)
Net Master Trust assets$51,455,687,574 $46,190,316,645 $639,824,225 $540,439,280 


The following table presents the changes in net assets for the Master Trust for the year ended December 31, 2025
2025
Changes in Net Assets:
  Net appreciation (depreciation) in fair value of investments $6,680,997,213 
   Interest515,823,901 
   Dividends247,389,143 
        Total net investment income (loss)7,444,210,257 
Schedule of Master Trust Investments Measure at Fair Value 2025 Master Trust Investments Measured at Fair Value
Quoted market
prices inputs		Observable
inputs		Unobservable
inputs		Investments measured at Net Total Assets
December 31, 2025(Level 1)(Level 2)
(Level 3)
Asset Value
Short-term investment funds$— $837,401,795 $— $— $837,401,795 
Government and agency securities— 7,909,637,860 — — 7,909,637,860 
Debt instruments— 2,715,291,495 — — 2,715,291,495 
Equity Securities15,822,609,084 — 611,224 — 15,823,220,308 
Common collective trusts— — — 18,002,382,609 18,002,382,609 
Limited Partnerships/Co-Investments— — 101,370,032 3,966,342,199 4,067,712,231 
Other assets and liabilities, net(208,048)(11,362,733)— — (11,570,781)
Trust investments at fair value$15,822,401,036 $11,450,968,417 $101,981,256 $21,968,724,808 $49,344,075,517 
2024 Master Trust Investments Measured at Fair Value
Quoted market
prices inputs		Observable
inputs		Unobservable
inputs		Investments measured at Net Total Assets
December 31, 2024(Level 1)(Level 2)(Level 3) Asset Value
Short-term investment funds$— $1,250,144,436 $— $— $1,250,144,436 
Government and agency securities— 6,702,640,214 — — 6,702,640,214 
Debt instruments— 2,655,972,031 — — 2,655,972,031 
Equity securities15,780,859,727 — — — 15,780,859,727 
Common Collective Trusts— — 14,649,283,090 14,649,283,090 
Limited Partnerships/Co-Investments— — 96,720,580 3,526,811,788 3,623,532,368 
Other assets and liabilities, net(113,770,373)11,997,395 — — (101,772,978)
Trust investments at fair value$15,667,089,354 $10,620,754,076 $96,720,580 $18,176,094,878 $44,560,658,888 
Schedule of Fair Value of Derivatives
Presented in the following table is the fair value of derivatives within the Trust as of December 31, 2025 and 2024. The net unrealized appreciation/depreciation of these derivative instruments is included in the Interest in Johnson & Johnson Pension and Savings Plans Master Trust, at fair value in the Statements of Net Assets Available for Benefits. Derivatives are included in the Other assets and liabilities, net category in the Master Trust Table.
20252024
AssetLiabilityAssetLiability
Fair Value of Derivatives
Forward Foreign Exchange Contracts$— $581,001 $67,841 $— 
Futures— 2,436,559 — 4,059,383 
Interest Rate Swaps3,140,879 — 43,615 — 
Credit Default Swaps5,947,250 — — 3,726,186 
Options— 13,381 — 22,416 
Total Return Swaps— 19,169,900 — 33,848,570 
Total$9,088,129 $22,200,841 $111,456 $41,656,555 
The following table provides information on collateral pledged by and owed to the Trust as of December 31, 2025 and 2024.
20252024
Pledged/ (Owed)Pledged/ (Owed)
CashCash
Futures— — 
Swaps4,518,000 (9,440,000)
The following table provides the average notional value of derivatives held by the Trust as of December 31, 2025 and 2024.
Average Notional Value
20252024
Purchased Forward Foreign Exchange Contracts$13,870,511 $2,327,990 
Sold Forward Foreign Exchange Contracts33,333,526 10,323,692 
Purchased Futures Contracts1,567,406,214 2,415,846,358 
Sold Futures Contracts65,869,093 39,707,608 
Purchased Options Contracts— 250,000 
Written Options Contracts36,485,853 6,800,000 
Interest Rate Swaps645,053,267 602,893,898 
Written Credit Default Swaps159,491,117 182,271,163 
Total Return Swaps1,859,844,287 1,755,247,963 
For the written credit default swaps, the recourse provisions are determined either by the International Swaps and Derivatives Association ("ISDA") agreements or the exchange. Where the Trust is a seller of credit default swaps and if a credit event occurs due to the default of the underlying security or the underlying tranche, this would result in a net loss to the Trust. At December 31, 2025, the maximum payout for outstanding credit default swaps aggregated to $157,335,000 with terms as follows:
December 31, 2025
Number of ContractsMaturityTotal Value
131 Year$116,530,000 
42 Years8,275,000 
13 Years100,000 
24 Years1,300,000 
35 Years6,100,000 
26 Years9,200,000 
17 Years2,600,000 
28 Years1,300,000 
29 Years3,900,000 
110 Years8,030,000 

    At December 31, 2024, the maximum payout for outstanding credit default swaps aggregated to $162,305,000
with terms as follows:
December 31, 2024
Number of ContractsMaturityTotal Value
41 Year$5,600,000 
92 Years110,930,000 
43 Years8,275,000 
14 Years200,000 
35 Years10,700,000 
27 Years9,200,000 
28 Years8,100,000 
29 Years1,300,000 
110 Years8,000,000 
Schedule of Master Trust Investment Gains And Losses
The following table provides information on the investment gains/(losses) on derivatives within the Trust for the year ended December 31, 2025. These amounts are 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.
2025
Realized (Loss)/GainChange in Unrealized (Loss)/GainTotal Investment (Loss)/Gain
Forward Foreign Exchange Contracts$519,175 $(648,842)$(129,667)
Futures24,651,470 1,622,824 26,274,294 
Interest Rate Swaps(246,684)3,097,264 2,850,580 
Credit Default Swaps873,164 9,673,436 10,546,600 
Options260,241 9,035 269,276 
Total Return Swaps94,541,043 14,678,670 109,219,713 
Total$120,598,409 $28,432,387 $149,030,796