Microsoft Excel LibreOffice Calc

Johnson & Johnson (NYSE:JNJ)

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Analysis of Debt

Advanced level


Total Debt (Carrying Amount)

Johnson & Johnson, balance sheet: debt

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Loans and notes payable
Long-term debt, excluding current portion
Total debt (carrying amount)

Based on: 10-K (filing date: 2020-02-18), 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).

Debt 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 decreased from 2017 to 2018 and from 2018 to 2019.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 29, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings
Long-term debt, including current portion
Total debt (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2020-02-18).


Weighted-average Interest Rate on Debt

Weighted average effective rate on debt:

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
Total

Based on: 10-K (filing date: 2020-02-18).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

Johnson & Johnson, interest costs incurred

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Interest expense, net of portion capitalized
Interest expense capitalized
Interest costs incurred

Based on: 10-K (filing date: 2020-02-18), 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).

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’s interest expense, net of portion capitalized increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Interest expense capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Johnson & Johnson’s interest expense capitalized decreased from 2017 to 2018 and from 2018 to 2019.
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 2017 to 2018 but then decreased significantly from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net earnings
Add: Income tax expense
Add: Interest expense, net of portion capitalized
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (filing date: 2020-02-18), 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).

2019 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’s adjusted interest coverage ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.