Analysis of Debt
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Johnson & Johnson pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Total Debt (Carrying Amount)
Johnson & Johnson, balance sheet: debt
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 29, 2019 | ||
|---|---|---|---|---|---|---|
| Loans and notes payable | ||||||
| Long-term debt, excluding current portion | ||||||
| Total borrowings (carrying amount) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29).
| Debt item | Description | The company |
|---|---|---|
| Total borrowings (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Johnson & Johnson total debt increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
Total Debt (Fair Value)
| Dec 31, 2023 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Long-term debt, including current portion | |
| Total borrowings (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2023-12-31).
Weighted-average Interest Rate on Debt
Weighted average effective rate on borrowings:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Johnson & Johnson, interest costs incurred
US$ in millions
| 12 months ended: | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 29, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense, net of portion capitalized | |||||||||||
| Interest expense capitalized | |||||||||||
| Interest costs incurred |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29).
| Debt item | Description | The company |
|---|---|---|
| Interest expense, net of portion capitalized | Amount of the cost of borrowed funds accounted for as interest expense for debt. | Johnson & Johnson interest expense, net of portion capitalized increased from 2021 to 2022 and from 2022 to 2023. |
| Interest expense capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | |
| Interest costs incurred | Total interest costs incurred during the period and either capitalized or charged against earnings. | Johnson & Johnson interest costs incurred increased from 2021 to 2022 and from 2022 to 2023. |
Adjusted Interest Coverage Ratio
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29).
2023 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of portion capitalized
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Johnson & Johnson adjusted interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |