Stock Analysis on Net

Johnson & Johnson (NYSE:JNJ)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Johnson & Johnson, adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 29, 2019
As Reported
Current assets 53,495 55,294 60,979 51,237 45,274
Adjustments
Add: Allowances for doubtful accounts 166 203 230 293 226
After Adjustment
Adjusted current assets 53,661 55,497 61,209 51,530 45,500

Based on: 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), 10-K (reporting date: 2019-12-29).


Adjustments to Total Assets

Johnson & Johnson, adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 29, 2019
As Reported
Total assets 167,558 187,378 182,018 174,894 157,728
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowances for doubtful accounts 166 203 230 293 226
Less: Deferred tax assets2 9,279 9,123 10,223 8,534 7,819
After Adjustment
Adjusted total assets 158,445 178,458 172,025 166,653 150,135

Based on: 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), 10-K (reporting date: 2019-12-29).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets. See details »


Adjustments to Total Liabilities

Johnson & Johnson, adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 29, 2019
As Reported
Total liabilities 98,784 110,574 107,995 111,616 98,257
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities2 3,193 6,374 7,487 7,214 5,958
Less: Restructuring reserve 109 137 144 180
After Adjustment
Adjusted total liabilities 95,591 104,091 100,371 104,258 92,119

Based on: 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), 10-K (reporting date: 2019-12-29).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Johnson & Johnson, adjusted shareholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 29, 2019
As Reported
Shareholders’ equity 68,774 76,804 74,023 63,278 59,471
Adjustments
Less: Deferred income taxes1 6,086 2,749 2,736 1,319 1,861
Add: Allowances for doubtful accounts 166 203 230 293 226
Add: Restructuring reserve 109 137 144 180
After Adjustment
Adjusted shareholders’ equity 62,854 74,367 71,654 62,396 58,016

Based on: 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), 10-K (reporting date: 2019-12-29).

1 Deferred income taxes. See details »


Adjustments to Capitalization Table

Johnson & Johnson, adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 29, 2019
As Reported
Loans and notes payable 3,451 12,771 3,766 2,631 1,202
Long-term debt, excluding current portion 25,881 26,888 29,985 32,635 26,494
Total reported debt 29,332 39,659 33,751 35,266 27,696
Shareholders’ equity 68,774 76,804 74,023 63,278 59,471
Total reported capital 98,106 116,463 107,774 98,544 87,167
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liability2 1,100 1,300 1,000 1,100 985
Adjusted total debt 30,432 40,959 34,751 36,366 28,681
Adjustments to Equity
Less: Deferred income taxes3 6,086 2,749 2,736 1,319 1,861
Add: Allowances for doubtful accounts 166 203 230 293 226
Add: Restructuring reserve 109 137 144 180
Adjusted shareholders’ equity 62,854 74,367 71,654 62,396 58,016
After Adjustment
Adjusted total capital 93,286 115,326 106,405 98,762 86,697

Based on: 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), 10-K (reporting date: 2019-12-29).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Operating lease liability. See details »

3 Deferred income taxes. See details »


Adjustments to Reported Income

Johnson & Johnson, adjusted net earnings

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 29, 2019
As Reported
Net earnings 35,153 17,941 20,878 14,714 15,119
Adjustments
Add: Deferred income tax expense (benefit)1 (4,059) (1,663) (2,079) (1,141) (2,476)
Add: Increase (decrease) in allowances for doubtful accounts (3) (27) (63) 67 (22)
Add: Increase (decrease) in restructuring reserve (28) (7) (36) (62)
Less: Net earnings from discontinued operations, net of tax 21,827
Add: Other comprehensive income (loss), net of tax (4,741) 91 2,184 649 (669)
After Adjustment
Adjusted net earnings 4,523 16,314 20,913 14,253 11,890

Based on: 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), 10-K (reporting date: 2019-12-29).

1 Deferred income tax expense (benefit). See details »