Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Income Tax Expense (Benefit)
Johnson & Johnson, income tax expense (benefit), continuing operations
US$ in millions
Based on: 10-K (reporting date: 2024-12-29), 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).
| Item | Description | The company |
|---|---|---|
| Currently payable | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Johnson & Johnson currently payable increased from 2022 to 2023 but then decreased significantly from 2023 to 2024. |
| Deferred | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Johnson & Johnson deferred decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level. |
| Provision for taxes on income | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Johnson & Johnson provision for taxes on income decreased from 2022 to 2023 but then slightly increased from 2023 to 2024. |
Effective Income Tax Rate (EITR)
Johnson & Johnson, effective income tax rate (EITR) reconciliation
Based on: 10-K (reporting date: 2024-12-29), 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).
| Item | Description | The company |
|---|---|---|
| Effective tax rate | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Johnson & Johnson effective tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level. |
Components of Deferred Tax Assets and Liabilities
Johnson & Johnson, components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (reporting date: 2024-12-29), 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).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Johnson & Johnson deferred tax assets increased from 2022 to 2023 and from 2023 to 2024. |
| Deferred tax assets net of valuation allowances | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Johnson & Johnson deferred tax assets net of valuation allowances decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level. |
| Deferred income taxes | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Johnson & Johnson deferred income taxes increased from 2022 to 2023 and from 2023 to 2024. |
Deferred Tax Assets and Liabilities, Classification
Johnson & Johnson, deferred tax assets and liabilities, classification
US$ in millions
| Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Deferred tax assets | ||||||
| Deferred tax liabilities |
Based on: 10-K (reporting date: 2024-12-29), 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).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Johnson & Johnson deferred tax assets increased from 2022 to 2023 and from 2023 to 2024. |
| Deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Johnson & Johnson deferred tax liabilities decreased from 2022 to 2023 and from 2023 to 2024. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Johnson & Johnson, adjustments to financial statements
US$ in millions
Based on: 10-K (reporting date: 2024-12-29), 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).
Johnson & Johnson, Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Johnson & Johnson, adjusted financial ratios
Based on: 10-K (reporting date: 2024-12-29), 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).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Johnson & Johnson adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Johnson & Johnson adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Johnson & Johnson adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Johnson & Johnson adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Johnson & Johnson adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Johnson & Johnson, Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2024-12-29), 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).
2024 Calculations
1 Net profit margin = 100 × Net earnings ÷ Sales to customers
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings ÷ Sales to customers
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Johnson & Johnson adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2024-12-29), 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).
2024 Calculations
1 Total asset turnover = Sales to customers ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Sales to customers ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Johnson & Johnson adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2024-12-29), 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).
2024 Calculations
1 Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Johnson & Johnson adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024. |
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2024-12-29), 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).
2024 Calculations
1 ROE = 100 × Net earnings ÷ Shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ equity
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Johnson & Johnson adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2024-12-29), 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).
2024 Calculations
1 ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Johnson & Johnson adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |