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Financial Statement Analysis Case
Johnson & Johnson
Johnson & Johnson, the world’s leading and most diversified health care corporation, serves its customers through specialized worldwide franchises. Each of its franchises consists of a number of companies throughout the world that focus on a particular health care market, such as surgical sutures, consumer pharmaceuticals, or contact lenses. Information related to its property, plant, and equipment in its 2009 annual report is shown in the notes to the financial statements below.
Property, Plant and Equipment and Depreciation
Property, plant and equipment are stated at cost. The Company utilizes the straight-line method of depreciation over the estimated useful lives of the assets:
|Building and building equipment||20–40 years|
|Land and leasehold improvements||10–20 years|
|Machinery and equipment||2–13 years|
Property, Plant and Equipment
At the end of 2009 and 2008, property, plant and equipment at cost and accumulated depreciation were
|(dollars in millions)||2009||2008|
|Land and land improvements||$ 714||$ 886|
|Buildings and building equipment||8,863||7,720|
|Machinery and equipment||17,153||15,234|
|Construction in progress||2,521||3,552|
|Less accumulated depreciation||14,492||13,027|
The Company capitalizes interest expense as part of the cost of construction of facilities and equipment. Interest expense capitalized in 2009, 2008 and 2007 was $101 million, $147 million and $130 million, respectively.
Depreciation expense, including the amortization of capitalized interest in 2009, 2008 and 2007 was $2.1 billion, $2.0 billion and $1.9 billion, respectively.
Johnson & Johnson’s provided the following selected information in its 2009 cash flow statement.
|Johnson & Johnson|
2009 Annual Report
|Consolidated Financial Statements (excerpts)|
|Net cash flows from operating activities||$16,571|
|Cash flows from investing activities|
|Additions to property, plant and equipment||2,365|
|Proceeds from the disposal of assets||154|
|Acquisitions, net of cash acquired||2,470|
|Purchases of investments||10,040)|
|Sales of investments||7,232|
|Other (primarily intangibles)||109|
|Net cash used by investing activities||7,598|
|Cash flows from financing activities|
|Dividends to shareholders||5,327|
|Repurchase of common stock||2,130|
|Proceeds from short-term debt||9,484|
|Retirement of short-term debt||6,791|
|Proceeds from long-term debt||9|
|Retirement of long-term debt||219|
|Proceeds from the exercise of stock options/excess tax benefits||882|
|Net cash used by financing activities||4,092|
|Effect of exchange rate changes on cash and cash equivalents||161|
|Increase in cash and cash equivalents||5,042|
|Cash and cash equivalents, beginning of year (Note 1)||10,768|
|Cash and cash equivalents, end of year (Note 1)||$15,810|
|Supplemental cash flow data|
|Cash paid during the year for:|
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(a) What was the cost of buildings and building equipment at the end of 2009?
(b) Does Johnson & Johnson use a conservative or liberal method to depreciate its property, plant, and equipment?
(c) What was the actual interest expense incurred by the company in 2009?
(d) What is Johnson & Johnson’s free cash flow? From the information provided, comment on Johnson & Johnson’s financial flexibility
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