Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Johnson & Johnson, consolidated cash flow statement

US$ in millions

12 months ended:	Dec 29, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings	14,066)	35,153)	17,941)	20,878)	14,714)
Depreciation and amortization of property and intangibles	7,339)	7,486)	6,970)	7,390)	7,231)
Stock based compensation	1,176)	1,162)	1,138)	1,135)	1,005)
Asset write-downs	405)	1,295)	1,216)	989)	233)
Charges for acquired in-process research and development assets	1,841)	483)	—)	—)	—)
Gain on Kenvue separation	—)	(20,984)	—)	—)	—)
Contingent consideration reversal	—)	—)	—)	—)	(1,148)
Net gain on sale of assets/businesses	(226)	(117)	(380)	(617)	(111)
Deferred tax provision	(2,183)	(4,194)	(1,663)	(2,079)	(1,141)
Credit losses and accounts receivable allowances	11)	—)	(17)	(48)	63)
(Increase) decrease in accounts receivable	(406)	(624)	(1,290)	(2,402)	774)
(Increase) decrease in inventories	(1,128)	(1,323)	(2,527)	(1,248)	(265)
Increase (decrease) in accounts payable and accrued liabilities	1,621)	2,346)	1,098)	2,437)	5,141)
(Increase) decrease in other current and non-current assets	1,717)	(3,480)	687)	(1,964)	(3,704)
Increase (decrease) in other current and non-current liabilities	33)	5,588)	(1,979)	(1,061)	744)
Changes in assets and liabilities, net of effects from acquisitions and divestitures	1,837)	2,507)	(4,011)	(4,238)	2,690)
Adjustments to reconcile net earnings to cash flows from operating activities	10,200)	(12,362)	3,253)	2,532)	8,822)
Net cash flows from operating activities	24,266)	22,791)	21,194)	23,410)	23,536)
Additions to property, plant and equipment	(4,424)	(4,543)	(4,009)	(3,652)	(3,347)
Proceeds from the disposal of assets/businesses, net	675)	358)	543)	711)	305)
Acquisitions, net of cash acquired	(15,146)	—)	(17,652)	(60)	(7,323)
Acquired in-process research and development assets	(1,783)	(470)	—)	—)	—)
Purchases of investments	(1,726)	(10,906)	(32,384)	(30,394)	(21,089)
Sales of investments	2,462)	19,390)	41,609)	25,006)	12,137)
Credit support agreements activity, net	1,517)	(2,963)	(249)	214)	(987)
Other, including capitalized licenses and milestones	(174)	12)	(229)	(508)	(521)
Net cash (used by) from investing activities	(18,599)	878)	(12,371)	(8,683)	(20,825)
Dividends to shareholders	(11,823)	(11,770)	(11,682)	(11,032)	(10,481)
Repurchase of common stock	(2,432)	(5,054)	(6,035)	(3,456)	(3,221)
Proceeds from short-term debt	15,277)	13,743)	16,134)	1,997)	3,391)
Repayment of short-term debt	(9,463)	(22,973)	(6,550)	(1,190)	(2,663)
Proceeds from long-term debt, net of issuance costs	6,660)	—)	2)	5)	7,431)
Repayment of long-term debt	(1,453)	(1,551)	(2,134)	(1,802)	(1,064)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net	838)	1,094)	1,329)	1,036)	1,114)
Credit support agreements activity, net	272)	(219)	(28)	281)	(333)
Settlement of convertible debt acquired from Shockwave	(970)	—)	—)	—)	—)
Proceeds of short and long-term debt, net of issuance cost, related to the debt that transferred to Kenvue at separation	—)	8,047)	—)	—)	—)
Proceeds from Kenvue initial public offering	—)	4,241)	—)	—)	—)
Cash transferred to Kenvue at separation	—)	(1,114)	—)	—)	—)
Other	(38)	(269)	93)	114)	(294)
Net cash used by financing activities	(3,132)	(15,825)	(8,871)	(14,047)	(6,120)
Effect of exchange rate changes on cash and cash equivalents	(289)	(112)	(312)	(178)	89)
Increase (decrease) in cash and cash equivalents	2,246)	7,732)	(360)	502)	(3,320)
Cash and cash equivalents, beginning of year	21,859)	14,127)	14,487)	13,985)	17,305)
Cash and cash equivalents, end of year	24,105)	21,859)	14,127)	14,487)	13,985)

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).

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Cash flow statement item	Description	The company
Net cash flows from operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Johnson & Johnson net cash flows from operating activities increased from 2022 to 2023 and from 2023 to 2024.
Net cash (used by) from investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Johnson & Johnson net cash (used by) from investing activities increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Net cash used by financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Johnson & Johnson net cash used by financing activities decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Johnson & Johnson (NYSE:JNJ)

Cash Flow Statement