Common-Size Balance Sheet: Assets
Johnson & Johnson, common-size consolidated balance sheet: assets
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).
- Cash and cash equivalents
- There is a marked increase in cash and cash equivalents as a percentage of total assets from 8% in 2020 to over 13% by the end of 2023 and 2024. This indicates a growing liquidity position over the analyzed periods.
- Marketable securities
- The proportion of marketable securities relative to total assets displays a significant decline, dropping sharply from 9.41% in 2021 to below 1% by 2023 and further reducing in 2024. This suggests a strategic reallocation or liquidation of these assets.
- Accounts receivable trade, less allowances
- Accounts receivable as a share of total assets shows a gradual increase from 7.76% in 2020, peaking at 8.88% in 2023, before slightly decreasing to 8.24% in 2024. The trend points to a relatively stable but slightly increasing credit extended to customers over time.
- Inventories
- Inventory levels consistently rise, from 5.34% in 2020 to close to 6.91% in 2024. This steady increase may indicate either stockpiling or growing production/business operations.
- Prepaid expenses and other receivables
- After a moderate increase from 1.79% in 2020 to 2.03% in 2021, there is some fluctuation, with a high of 2.69% in 2023, followed by a slight decrease to 2.27% in 2024, suggesting variable short-term assets not directly tied to inventory or receivables.
- Current assets
- Current assets as a percentage of total assets rise from 29.3% in 2020 to a peak of 33.5% in 2021, then decline to roughly 31% in the last two years. This indicates a shift toward a higher liquidity position early on, followed by a partial rebalancing with non-current assets.
- Property, plant and equipment, net
- Net property, plant, and equipment percentages stay relatively stable with a slight upward trend, increasing from 10.73% in 2020 to 11.88% in 2023, and then slightly decreasing to 11.39% in 2024. This suggests consistent investment or maintenance in tangible fixed assets.
- Intangible assets, net
- Intangible assets as a portion of total assets decrease noticeably from 30.53% in 2020 to around 20.4% by 2023, remaining near that level in 2024. This decline could reflect amortization or impairment of intangible assets or a strategic shift away from intangible-heavy asset structures.
- Goodwill
- Goodwill fluctuates but remains a significant part of the asset base, with an initial decrease from 20.81% in 2020 to 19.36% in 2021, increasing sharply to 24.14% in 2022, dipping to 21.82% in 2023, and rebounding to 24.54% in 2024. This variability may relate to acquisitions and goodwill impairments or adjustments.
- Deferred taxes on income
- Deferred taxes show an overall increasing trend from 4.88% in 2020 to 5.81% in 2024, indicating changes in tax liabilities or timing differences in recognizing income and expenses.
- Other assets
- Other assets exhibit growth from 3.75% in 2020 to 8.45% in 2023 before decreasing to 6.34% in 2024. This suggests increasing diversification or reclassification of asset categories, with some normalization after peak growth.
- Non-current assets
- The share of non-current assets in total assets decreases from 70.7% in 2020 to 66.5% in 2021, then rises again to about 69% in 2023 and 2024. This pattern indicates shifts between long-term and current asset structures, ultimately favoring non-current assets toward the end of the period.