Stock Analysis on Net

Johnson & Johnson (NYSE:JNJ)

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

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 29, 2019
Net earnings 35,153 17,941 20,878 14,714 15,119
Depreciation and amortization of property and intangibles 7,486 6,970 7,390 7,231 7,009
Stock based compensation 1,162 1,138 1,135 1,005 977
Asset write-downs 1,295 1,216 989 233 1,096
Charge for purchase of in-process research and development assets 483
Gain on Kenvue separation (20,984)
Contingent consideration reversal (1,148)
Net gain on sale of assets/businesses (117) (380) (617) (111) (2,154)
Deferred tax provision (4,194) (1,663) (2,079) (1,141) (2,476)
Credit losses and accounts receivable allowances (17) (48) 63 (20)
(Increase) decrease in accounts receivable (624) (1,290) (2,402) 774 (289)
(Increase) decrease in inventories (1,323) (2,527) (1,248) (265) (277)
Increase (decrease) in accounts payable and accrued liabilities 2,346 1,098 2,437 5,141 4,060
(Increase) decrease in other current and non-current assets (3,480) 687 (1,964) (3,704) (1,054)
Increase (decrease) in other current and non-current liabilities 5,588 (1,979) (1,061) 744 1,425
Changes in assets and liabilities, net of effects from acquisitions and divestitures 2,507 (4,011) (4,238) 2,690 3,865
Adjustments to reconcile net earnings to cash flows from operating activities (12,362) 3,253 2,532 8,822 8,297
Net cash flows from operating activities 22,791 21,194 23,410 23,536 23,416
Additions to property, plant and equipment (4,543) (4,009) (3,652) (3,347) (3,498)
Proceeds from the disposal of assets/businesses, net 358 543 711 305 3,265
Acquisitions, net of cash acquired (17,652) (60) (7,323) (5,810)
Purchases of in-process research and development assets (470)
Purchases of investments (10,906) (32,384) (30,394) (21,089) (3,920)
Sales of investments 19,390 41,609 25,006 12,137 3,387
Credit support agreements activity, net (2,963) (249) 214 (987) 338
Other, including capitalized licenses and milestones 12 (229) (508) (521) 44
Net cash (used by) from investing activities 878 (12,371) (8,683) (20,825) (6,194)
Dividends to shareholders (11,770) (11,682) (11,032) (10,481) (9,917)
Repurchase of common stock (5,054) (6,035) (3,456) (3,221) (6,746)
Proceeds from short-term debt 13,743 16,134 1,997 3,391 39
Repayment of short-term debt (22,973) (6,550) (1,190) (2,663) (100)
Proceeds from long-term debt, net of issuance costs 2 5 7,431 3
Repayment of long-term debt (1,551) (2,134) (1,802) (1,064) (2,823)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 1,094 1,329 1,036 1,114 954
Credit support agreements activity, net (219) (28) 281 (333) 100
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 (269) 93 114 (294) 475
Net cash used by financing activities (15,825) (8,871) (14,047) (6,120) (18,015)
Effect of exchange rate changes on cash and cash equivalents (112) (312) (178) 89 (9)
Increase (decrease) in cash and cash equivalents 7,732 (360) 502 (3,320) (802)
Cash and cash equivalents, beginning of year 14,127 14,487 13,985 17,305 18,107
Cash and cash equivalents, end of year 21,859 14,127 14,487 13,985 17,305

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).

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 decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
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 increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.