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Johnson & Johnson (JNJ)
Analysis of Debt
Difficulty: Advanced
Total Debt (Carrying Amount)
Johnson & Johnson, Statement of Financial Position, Debt
USD $ in millions
| Dec 30, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 28, 2014 | ||
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| Loans and notes payable | |
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| Long-term debt, excluding current portion | |
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| Total debt (carrying amount) | |
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Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).
| Item | Description | The company |
|---|---|---|
| Total debt (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Johnson & Johnson’s total debt increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level. |
Total Debt (Fair Value)
| Dec 30, 2018 | |
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| Selected Financial Data (USD $ in millions) | |
| Short-term borrowings | |
| Long-term debt, including current portion | |
| Total debt (fair value) | |
| Ratio | |
| Debt, fair value to carrying amount | |
Based on: 10-K (filing date: 2019-02-20).
Weighted-average Interest Rate on Debt
Weighted average effective rate on debt:
| Interest Rate | Debt Amount1 | Interest Rate × Debt Amount | Weighted-average Interest Rate2 |
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Based on: 10-K (filing date: 2019-02-20).
1 USD $ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Johnson & Johnson
USD $ in millions
| 12 months ended | Dec 30, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 28, 2014 | ||||||
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| Interest expense, net of portion capitalized | |
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| Interest expense capitalized | |
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| Interest costs incurred | |
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Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).
| 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’s interest expense, net of portion capitalized increased from 2016 to 2017 and from 2017 to 2018. |
| Interest expense capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | Johnson & Johnson’s interest expense capitalized declined from 2016 to 2017 and from 2017 to 2018. |
| Interest costs incurred | Total interest costs incurred during the period and either capitalized or charged against earnings. | Johnson & Johnson’s interest costs incurred increased from 2016 to 2017 and from 2017 to 2018. |
Adjusted Interest Coverage Ratio
Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).
2018 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense, net of portion capitalized
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2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest costs incurred
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| Ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Johnson & Johnson’s adjusted interest coverage ratio deteriorated from 2016 to 2017 and from 2017 to 2018. |